Q2 2026 Trade and GDP numbers plus Earnings

So if you take a look at the first slide we're sharing with you, the numbers look fantastic.

Uh, real GDP, real basically means if you strip away inflation, was up four point four three, right? Up four point four three.

Not bad.

Nominal GDP, about 111 trillion.

Again, large numbers there.

We had a trade surplus.

A trade surplus is always good.

I mean, that's what Trump is fighting for, right? It basically means that we are exporting and we're earning more foreign exchange than we are importing.

So on the surface, this is a fantastic, uh, trade report.

Trade has gone up.

GDP real growth is positive.

We're no longer in a depression or a recession.

The economy is growing and nominal GDP looks very, very good.

Where-- Are there any buts? Are there any things in this report that should give us pause? Yes, there are, and that's essentially what we want to go into detail and sort of analyze and see what we can learn and pick, uh, from this.

Let's now look at the GDP numbers more in detail and just to reference them with what we had in prior, um, quarters and of course, in prior years.

Again, the numbers again still look good here.

If you compare four point four percent GDP that Nigeria posted quarter two, 2026, it's better than what we posted the same quarter, i.e. quarter one, and it's also better than what we posted a year ago.

If you look at nominal growth, nominal growth, this is just nor- numbers, right? It's also better, 18% better than what we had nominal growth, um, uh, should we say the last nom-no-numbers we're looking at.

When you look at half year 2026 growth, then the picture does-- you start to see some, okay, what's going on here? Uh, we're just growing by f- last, uh, half year was four point one six.

We've grown by four point four three.

Not a lot of growth there.

Nigeria wants to achieve a $1 trillion GDP number, so we've got to be growing at the minimum five, six, even eight to achieve that number.

This is a quarterly growth, right? This is a, this is a half year growth.

We're looking at about 4%.

To put it in perspective for you guys, right? The highest growth that we have achieved in Nigeria in terms of GDP from say 2015 till, till date, the highest growth we have achieved Has not matched the lowest GDP growth Nigeria has achieved from, say, um, what's a good number? From, say, the year 2000 till the year 2014.