The National Bureau of Statistics (NBS) has reported that Nigeria’s economy recorded a real GDP growth rate of 3.89 percent year-on-year in the first quarter of 2026, showing a slight slowdown compared to the previous quarter.
According to the report released by National Bureau of Statistics, the growth reflects mixed performance across key sectors of the economy, with services continuing to dominate national output.
The data showed that growth declined marginally from 4.07 percent in Q4 2025, even though it remained higher than the 3.13 percent recorded in Q1 2025, indicating a modest year-on-year improvement.
The services sector remained the strongest driver of the economy, contributing 57.73 percent to total GDP, with telecommunications, finance, real estate, trade, and transport among the major contributors.
However, the oil sector recorded a slowdown, with growth falling to 2.57 percent in Q1 2026, down significantly from the previous quarter. This was linked to a drop in average daily crude production, which stood at 1.55 million barrels per day, slightly lower than previous periods.
Despite its slowdown, oil still contributed 3.92 percent to total GDP, while the non-oil sector continued to dominate with 96.08 percent contribution, reinforcing Nigeria’s heavy reliance on non-oil economic activities.
The report also highlighted steady expansion in sectors such as agriculture, manufacturing, construction, ICT, financial services, and transportation, which helped sustain overall economic growth.
While the figures suggest gradual progress, the slight dip in quarterly growth points to continued pressure on key sectors, especially oil production, as Nigeria works to stabilise its macroeconomic environment.