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 Nigerian 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 National Bureau of Statistics report showed that 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% from the previous quarter.
According to the report, the Agricultural sector, made up of Crop Production, Livestock, Forestry, and Fishing, grew by 9.93% year-on-year in nominal terms in Q1 2026, showing a decrease of 0.11% points from the same quarter of 2025.
“Looking at the preceding quarter’s growth rate of 6.82%, there was an increase of 3.11% points. Crop production remained the major driver of the sector. This is evident as it accounts for 66.76% of the overall nominal value of the sector in the first quarter of 2026. Quarter-on-quarter growth stood at -36.37% in the first quarter of 2026. Agriculture contributed 18.11% to nominal GDP in the first quarter of 2026. This figure was lower than the rate recorded in the first quarter of 2025 and lower than the fourth quarter of 2025, which recorded 19.40% and 25.67%, respectively.
“The agricultural sector in the first quarter of 2026 grew by 3.15% (year-on-year) in real terms, an increase of 3.08% points from the corresponding period of 2025, and a decrease of 0.85% points from the preceding quarter, which recorded a growth rate of 4.00%. It grew on a quarter-on-quarter basis at -35.24%. However, the sector contributed 23.16% to aggregate GDP in real terms in Q1 2026, lower than the contribution in the first quarter of 2025 and lower than the contribution in the fourth quarter of 2025, which stood at 23.33% and 28.66%, respectively,” said the NBS.
A look at the oil sector’s contribution to the GDP indicated that, during the period under review, the average daily oil production stood at 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 by 0.06 mbpd and lower than the fourth quarter of 2025 production volume of 1.58 mbpd by 0.03 mbpd.
“The real growth of the oil sector was 2.57 (year-on-year) in Q1 2026, indicating an increase of 0.70% points relative to the rate recorded in the corresponding quarter of 2025 (1.87%). Growth decreased by 4.22% points when compared to Q4 2025, which was 6.79%. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31% in Q1 2026. The Oil sector contributed 3.92% to the total real GDP in Q1 2026, down from the figure recorded in the corresponding period of 2025 at 3.97%. and up from the preceding quarter, where it contributed 2.87%,” the national statistics bureau added.
The non-oil sector grew by 3.94% in real terms during Q1 2026, higher by 0.75% points compared to the rate recorded in the same quarter of 2025, which was 3.19%, and lower than the 3.99% recorded in the fourth quarter of 2025.
“This sector was driven in the first quarter of 2026 mainly by Information and Communication (Telecommunications); Agriculture (Crop production); Trade; Manufacturing (Cement); Financial & Insurance (Financial Institutions); Real Estate; Construction; and Transportation and Storage (Road Transport), accounting for positive GDP growth. In real terms, the non-oil sector contributed 96.08% to the nation’s GDP in the first quarter of 2026, higher than the share recorded in the first quarter of 2025, which was 96.03%, and lower than the fourth quarter of 2025, recorded as 97.13%,” the NBS added.
