BY FRONTLINE REPORTERS
Nigeria’s economy recorded a 3.89 per cent growth in the first quarter of 2026, reflecting stronger economic activity across key sectors, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics.
The report, titled “National Gross Domestic Product Q1 2026,” showed that the growth rate surpassed the 3.13 per cent recorded in the corresponding period of 2025, signalling continued economic recovery despite persistent challenges in the oil sector.
According to the NBS, agriculture grew by 3.15 per cent during the quarter under review, representing an improvement over the 0.07 per cent growth recorded in the same period of 2025.
“Gross Domestic Product (GDP) grew by 3.89% year-on-year in real terms in the first quarter of 2026, higher than the 3.13% recorded in the first quarter of 2025,” the report stated.
The statistics agency further disclosed that the industry sector grew by 3.50 per cent, slightly higher than the 3.42 per cent recorded in Q1 2025, while the services sector expanded by 4.31 per cent, maintaining its position as the largest contributor to the economy.
The services sector accounted for 57.73 per cent of aggregate GDP in Q1 2026, up from 57.50 per cent in the corresponding period of 2025.
In nominal terms, Nigeria’s aggregate GDP at basic prices stood at ₦110.79 trillion in the first quarter of 2026, compared to ₦94.05 trillion recorded in Q1 2025, reflecting a year-on-year nominal growth of 17.79 per cent.
Oil Sector Contribution Rises
Despite a decline in crude oil production, the oil sector posted improved contribution figures during the quarter.
The NBS said Nigeria recorded an average daily crude oil production of 1.55 million barrels per day in Q1 2026, lower than the 1.62 million barrels per day recorded in the same period of 2025 and slightly below the 1.58 million barrels per day achieved in Q4 2025.
However, the sector’s real growth stood at 2.57 per cent year-on-year, higher than the 1.87 per cent recorded in Q1 2025.
The oil sector contributed 3.92 per cent to total real GDP in Q1 2026, compared to 3.97 per cent in the corresponding quarter of 2025 and a notable increase from 2.87 per cent recorded in Q4 2025.
Agriculture Maintains Momentum
The report identified crop production as the major driver of agricultural growth, accounting for 66.76 per cent of the sector’s nominal value in Q1 2026.
According to the NBS, the agricultural sector contributed 23.16 per cent to aggregate real GDP during the quarter, though lower than the contributions recorded in Q1 and Q4 of 2025.
Manufacturing Sector Improves
The manufacturing sector also posted moderate gains, recording a real GDP growth of 3.29 per cent year-on-year in Q1 2026.
The sector contributed 9.57 per cent to real GDP during the quarter, slightly lower than the 9.62 per cent recorded in the corresponding period of 2025 but significantly higher than the 7.40 per cent contribution in Q4 2025.
The NBS noted that the manufacturing sector comprises major activities including oil refining, cement production, food and beverages, textiles, chemicals and pharmaceuticals, plastics and rubber products, motor vehicle assembly, and other industrial production lines.
Overall, the latest GDP figures suggest a steady expansion of economic activities across agriculture, industry, and services, even as Nigeria continues to grapple with fluctuating oil production levels and broader macroeconomic pressures.
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2026-05-25