Nigeria’s Economy Grows 3.89% In Q1

Nigeria’s economy expanded by 3.89 per cent in real terms in the first quarter of 2026, up from 3.13 per cent recorded in the corresponding period of 2025, according to new data released on Monday by the National Bureau of Statistics.

The latest Gross Domestic Product (GDP) report showed improved performance across major sectors of the economy, particularly agriculture and the non-oil sector, despite a decline in crude oil production during the quarter.

The statistics office said the agriculture sector grew by 3.15 per cent in Q1 2026, compared with 0.07 per cent in the same period of 2025. Industry growth also rose slightly to 3.50 per cent from 3.42 per cent, while the services sector recorded 4.31 per cent growth against 4.33 per cent a year earlier.

According to the report, the services sector remained the largest contributor to the economy, accounting for 57.73 per cent of aggregate GDP in the review period, compared with 57.50 per cent in the first quarter of 2025.

In nominal terms, aggregate GDP at basic prices stood at N110.79 trillion in Q1 2026, representing a 17.79 per cent increase from N94.05 trillion recorded in the corresponding period of last year.

The report showed that Nigeria’s average daily crude oil production declined to 1.55 million barrels per day in the first quarter of 2026, from 1.62 million barrels per day in Q1 2025 and 1.58 million barrels per day in the fourth quarter of 2025.

Despite the lower production volume, the oil sector posted a real growth rate of 2.57 per cent year-on-year, higher than the 1.87 per cent recorded in the same period of 2025. However, the figure represented a slowdown compared with the 6.79 per cent growth recorded in the preceding quarter.

The oil sector contributed 3.92 per cent to total real GDP in Q1 2026, slightly below the 3.97 per cent contribution recorded in the corresponding quarter of 2025.

Meanwhile, the non-oil sector grew by 3.94 per cent in real terms, compared with 3.19 per cent in Q1 2025. The NBS attributed the growth mainly to strong performance in telecommunications, agriculture, trade, cement manufacturing, financial institutions, real estate, construction, and road transportation.