Nigeria’s Economy Records 3.89% GDP Growth in Q1 2026 — NBS

Nigeria’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89 per cent in the first quarter of 2026, according to fresh figures released by the National Bureau of Statistics (NBS).

The latest performance represents an improvement over the 3.13 per cent growth recorded in the corresponding period of 2025, indicating continued expansion across key sectors of the economy despite prevailing fiscal and monetary pressures.

Data released by the NBS showed that agriculture emerged as one of the strongest-performing sectors during the quarter under review, growing by 3.15 per cent compared to the marginal 0.07 per cent growth recorded in the first quarter of 2025.

The industry sector also improved slightly, recording a growth rate of 3.50 per cent against 3.42 per cent in the same period last year, while the services sector grew by 4.31 per cent. According to the report, the services sector remained the largest contributor to Nigeria’s GDP, accounting for 57.73 per cent of total economic output in Q1 2026, slightly higher than the 57.50 per cent recorded a year earlier.

The NBS stated that aggregate GDP at basic prices stood at ₦110.79 trillion in nominal terms during the period, compared to ₦94.05 trillion in Q1 2025, reflecting a nominal year-on-year growth of 17.79 per cent. Despite the overall economic expansion, Nigeria’s average daily crude oil production declined to 1.55 million barrels per day during the quarter, lower than the 1.62 million barrels recorded in the same period of 2025.

The oil sector recorded a real growth of 2.57 per cent year-on-year, slightly higher than the 1.87 per cent recorded in Q1 2025 but significantly lower than the 6.79 per cent growth posted in the fourth quarter of 2025. The sector contributed 3.92 per cent to total real GDP during the quarter.

Meanwhile, the non-oil sector remained the major driver of economic activity, growing by 3.94 per cent in real terms and contributing 96.08 per cent to Nigeria’s GDP.

The NBS identified telecommunications, crop production, trade, cement manufacturing, financial services, real estate, transportation and construction as major contributors to the positive economic performance recorded during the quarter.

The Mining and Quarrying sector also posted improvements, driven largely by crude petroleum and natural gas activities, although its overall contribution to GDP declined marginally compared to the previous year.

Economic analysts say the latest figures reflect moderate resilience in Nigeria’s economy amid ongoing reforms, exchange rate adjustments and efforts to diversify revenue sources beyond crude oil.