Nigeria's GDP grows 4.4% in Q2, NBS says
By Aboki Forex —
Nigeria's economy expanded by 4.4% in the second quarter, according to the National Bureau of Statistics (NBS). Growth strengthened across both the oil and non-oil sectors compared with the first quarter.
The figure, though an improvement, remains below President Bola Tinubu's target. It shows the economy is gaining momentum but still has room to accelerate.
Oil and non-oil sectors drive expansion
The NBS data shows real GDP expanded by 4.4% year-on-year in Q2. That is faster than the pace recorded in the first quarter. Both oil and non-oil activities contributed to the uptick.
Nigeria's economy has been recovering gradually from earlier slowdowns. The latest numbers point to sustained domestic demand and improved output in key sectors.
Domestic momentum despite global headwinds
Karim Noujaim, managing partner at Skykapital Europe, said Nigeria's expansion is being supported by domestic economic momentum even as global conditions remain challenging. He expects large-scale capital investment and structural reforms to improve business connectivity and worker productivity over time.
His comments suggest that investors are watching policy direction closely. The government has promised reforms aimed at stabilising the economy and attracting long-term capital.
What this means for Nigerian businesses
For businesses, the 4.4% growth signals a more active economy, but the gap from the president's target means the pace is still not enough to create jobs rapidly. The naira and consumer prices remain under pressure, and businesses will need to see faster, more inclusive growth before the gains translate into broader relief.