Nigeria's Economy Grows 3.9% in H1-2026 Amid Challenges
According to the H1-2026 State of the Economy Report released by the Nigerian Economic Summit Group (NESG), Nigeria's economy maintained a steady growth trajectory in the first half of 2026, achieving a GDP expansion of 3.9% in Q1-2026, up from 3.1% in Q1-2025. The non-oil sector was the primary driver, contributing 96.1% of real GDP, with key sectors including ICT (11.0%), agriculture (3.2%), manufacturing (3.3%), finance and insurance (8.5%), and construction (6.4%).
The oil sector also saw growth, expanding by 2.6%. Despite these gains, headline inflation averaged 15.5% in H1-2026, rising from 15.1% in January to 15.9% in June due to increased fuel and food prices, with petrol prices reaching N1,596.3 per litre in May.
Government revenue rose to 2.8% of GDP in Q1-2026, but high expenditure resulted in a budget deficit of 4.3%. Public debt increased to N159.4 trillion, with domestic borrowing making up 54.8%.
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