By Eshioromeh Sebastian
President Bola Ahmed Tinubu has welcomed the latest Gross Domestic Product figures released by the National Bureau of Statistics, which show that Nigeria’s economy grew by 4.43 per cent in the second quarter of 2026, up from 4.23 per cent recorded in the same period last year.
The President described the report as confirmation that his administration’s reform agenda is delivering tangible results, and he assured Nigerians that the government is now focused on translating macroeconomic gains into better outcomes at the household level.
According to the NBS report, the country’s aggregate GDP in nominal terms stood at N119.27 trillion in Q2 2026, reflecting an 18.43 per cent increase from N100.7 trillion recorded in Q2 2025. The services sector continued to dominate the economy in terms of contribution to aggregate GDP, while agriculture, manufacturing, and the oil and gas sector also recorded growth.
Oil production averaged 1.72 million barrels per day during the quarter, the highest since 2022, providing a significant boost to overall output.
President Tinubu said the positive data arrives at a crucial time, as opposition figures have been attempting to undermine public confidence in the administration’s efforts since May 2023. He noted that some have even promised to reverse the reforms if given the opportunity by voters.
Reflecting on the past three years, the President acknowledged that the reforms were difficult but necessary to stabilise the economy. He emphasised that the goal was never to create hardship but to build a foundation for shared prosperity.
“In the past three years, we tried to do the hard part by implementing the necessary reforms to stabilise the economy. Now the economy is stabilised, and we have laid the foundation for a prosperous nation. We didn’t do the reforms to create challenges, but to ensure prosperity reaches all our people,” President Tinubu stated.
He pointed to several indicators that confirm the economy is on the right track, including trade surpluses, foreign reserves at their highest level in 17 years, an improved credit rating, ongoing infrastructure projects such as roads, railways and superhighways, returning investors, rising oil and gas production, and a stable university academic calendar free from strikes.
He also highlighted the impact of student loans through NELFUND and affordable credit for civil servants through Creditcorp.
Looking ahead, President Tinubu announced that in the coming weeks, his administration will roll out relief programmes targeting vulnerable populations, including cheaper transport options and measures to ramp up food production.
“Under our watch, the economy is on the irreversible path to experience even more growth that all homes will feel at the dining table and in their pockets. We are not resting on our oars. We are fully committed to translating consistent, stronger economic performance into better microeconomic outcomes for our citizens,” the President stated.
While the headline growth figure shows improvement, economists note that the sharp slowdown in industrial output from 7.46 per cent to 3.96 per cent signals an uneven recovery that could pose challenges to long-term economic transformation. The manufacturing sector grew by only 3.24 per cent, and its share of real GDP declined slightly to 7.72 per cent.
Nevertheless, the Q2 acceleration suggests that the recovery is gaining momentum, supported by higher oil output and stronger activity in agriculture and services.
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