Nigeria’s economy grew by 3.89 per cent year-on-year in real terms in the first quarter of 2026, according to figures released by the National Bureau of Statistics (NBS). The performance represents an improvement over the 3.13 per cent recorded in the corresponding period of 2025.
The report shows that agriculture recorded the strongest rebound, expanding by 3.15 per cent in Q1 2026 compared with a marginal 0.07 per cent growth in Q1 2025. The industrial sector also posted steady gains, growing by 3.50 per cent, slightly above the 3.42 per cent recorded a year earlier. However, the services sector slowed marginally to 4.31 per cent from 4.33 per cent in Q1 2025, though it still contributed the largest share to GDP at 57.73 per cent.
Overall nominal GDP stood at N110.79 trillion, reflecting a 17.79 per cent year-on-year increase from N94.05 trillion in Q1 2025. The economy also recorded an average daily oil production of 1.55 million barrels per day, down from 1.62 million barrels in the same period last year.
The oil sector grew by 2.57 per cent year-on-year, while its contribution to real GDP fell slightly to 3.92 per cent. In contrast, the non-oil sector expanded by 3.94 per cent and continued to dominate economic output, accounting for 96.08 per cent of real GDP.
Growth in the non-oil economy was driven mainly by telecommunications, crop production, trade, manufacturing, financial services, real estate, construction and transport. The Mining and Quarrying sector also showed mixed performance, with crude petroleum remaining its largest contributor.
Overall, the data indicates a modest but broad-based expansion of economic activity, supported more strongly by non-oil sectors despite fluctuations in oil output and global market pressures.