Services Sector Drives Nigeria Economy To 3.89% GDP In Q1

The Nigeria economy recorded a real Gross Domestic Product (GDP) growth of 3.89 per cent year-on-year in the first quarter of 2026, reflecting an improvement over the 3.13 per cent growth posted in the corresponding period of 2025.

The latest figures indicate stronger economic activity across key sectors, particularly agriculture and industry, despite global and domestic economic pressures.

The agriculture sector grew by 3.15 per cent during the quarter under review, a sharp increase from the marginal 0.07 per cent growth recorded in the first quarter of 2025.

Similarly, the industry sector expanded by 3.50 per cent, slightly above the 3.42 per cent recorded in the same period last year.

The services sector, which remained the largest contributor to the economy, recorded a growth of 4.31 per cent, compared with 4.33 per cent in the first quarter of 2025.

In terms of contribution to the economy, the services sector accounted for 57.73 per cent of aggregate GDP in Q1 2026, higher than the 57.50 per cent contribution recorded in the corresponding quarter of 2025, reinforcing its dominant role in economic activities.

Aggregate GDP at basic prices stood at N110.79 trillion in nominal terms during the first quarter of 2026, representing a 17.79 per cent year-on-year increase from the N94.05 trillion recorded in Q1 2025.

However, the latest figure is lower than the 4.07 percent from the previous quarter.