The Centre for the Promotion of Private Enterprise (CPPE) has welcomed Nigeria’s latest GDP performance, describing it as a strong signal that the economy is regaining momentum. Real GDP growth accelerated to 4.43 per cent in the second quarter of 2026, up from 3.89 per cent in the first quarter and 4.23 per cent in the same period of 2025. According to CPPE, this marks the strongest quarterly growth in five years and reflects the impact of improved oil production, greater stability in the foreign exchange market, stronger investor confidence and better corporate performance.
https://www.digital.zenithbank.com/ZEQ/ZEQ-jan-2026/index.html#p=1The organisation noted that the expansion was broad-based, with agriculture, mining, construction, trade, refining, financial services, real estate and ICT all recording gains. Oil-sector growth rose sharply to 7.31 per cent, supported by higher crude output, while the non-oil economy strengthened to 4.31 per cent. Services grew by 4.60 per cent and accounted for more than half of real GDP. Domestic refining remained a major growth pole, expanding by 43.94 per cent, while cement, chemicals, pharmaceuticals, accommodation, food services and entertainment also posted strong results.
Dr. Muda Yusuf, Chief Executive Officer of CPPE, explained that the GDP report is an encouraging affirmation that the economy is gaining traction. He stressed that the priority now is to broaden these gains, strengthen employment-intensive sectors, and ensure that improvements in output translate into better living standards for Nigerians. He cautioned against abrupt policy reversals, warning that such moves could undermine confidence and reverse fiscal and foreign-exchange gains.
CPPE highlighted the resilience of manufacturing, which remained in positive territory despite pressures from energy, finance and logistics costs. Transport and storage also maintained strong growth, while ICT remained one of the economy’s most dynamic sectors. However, the organisation pointed out that electricity, textiles, and automotive assembly remain weak spots that require focused policy support. A turnaround in the power sector, it argued, would significantly lower production costs across industries and reinforce competitiveness.
Looking ahead, CPPE urged the government to consolidate macroeconomic stabilisation and translate it into productivity gains, lower inflation, declining interest rates, more reliable energy and efficient logistics. It recommended targeted industrial and employment strategies focused on value chains with high job multipliers, including agro-processing, textiles, pharmaceuticals, automotive components and light manufacturing. Agriculture’s improved performance was described as especially encouraging, with CPPE calling for stronger support in areas such as irrigation, mechanisation, storage and credit guarantees.
The organisation also emphasised the importance of inclusive growth, urging the government to ensure that the benefits of stabilisation and recovery reach households and MSMEs. It recommended publishing an “inclusive-growth dashboard” alongside quarterly GDP reports to track employment, wages, MSME performance, agricultural yields, manufacturing value added, electricity supply and private investment.
In conclusion, CPPE stated that the Q2 2026 GDP report is a strong and positive signal, confirming that both oil and non-oil activities are contributing to recovery. With consistent policies, focused implementation and inclusive reforms, Nigeria can progressively raise growth towards six to seven per cent, led by sectors with strong employment and domestic value-chain multipliers.
