Nigeria’s economic gains collide with a kidnapping boom

School items belonging to abducted students of Baptist Nursery and Primary School sit inside an empty classroom in Oyo State, Nigeria, June 2, 2026. Credit: REUTERS/Sodiq Adelakun

The Nigerian economy is on a hot streak. New data published on Monday showed a 4.4% year-over-year expansion in the second quarter of 2026, up from 3.9% in the first. Oil production rose from 1.6 million to 1.7 million barrels per day, while fuel exports climbed amid higher prices and global demand fueled by the Iran war. But the non-oil economy, which accounts for the majority of Nigeria’s real GDP, also accelerated, led by services, agriculture, information and communication, growing 4.3%, up from 3.9% in the previous quarter. Together, they helped deliver Nigeria’s fastest growth in five years.‍ ‍Read more