THE National Bureau of Statistics (NBS) has said that Nigeria’s economy expanded by only 3.89 per cent at N51.26 year-on-year in real terms in the first quarter of 2026, reflecting a slight slowdown in growth.
The figures were released in the bureau’s latest GDP report published on Monday, May 25. It noted that the Q1 2026 growth rate was lower than the 4.07 per cent recorded in the fourth quarter of 2025, but higher than the 3.13 per cent posted in the same period last year.
“During the quarter under review, agriculture grew by 3.15 per cent, an improvement from the 0.07 per cent recorded in the corresponding quarter of 2025. The growth of the industry sector stood at 3.50 per cent from 3.42 per cent recorded in the first quarter of 2025, while the services sector recorded a growth of 4.31 per cent from 4.33 per cent in the same quarter of 2025,” the NBS said.
According to the bureau, the services sector accounted for a larger share of Nigeria’s GDP in the first quarter of 2026, contributing 57.73 per cent to the aggregate economy, compared with 57.5 per cent in the corresponding period of 2025. It added that aggregate GDP for the quarter stood at N110.78 trillion in nominal terms.
“The real growth of the oil sector was 2.57 (year-on-year) in Q1 2026, indicating an increase of 0.70 per cent points relative to the rate recorded in the corresponding quarter of 2025 (1.87 per cent). Growth decreased by 4.22 per cent points when compared to Q4 2025, which was 6.79 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31 per cent in Q1 2026,” the NBS said.
This performance, the organisation said, was higher when compared to the first quarter of 2025, which recorded an aggregate GDP of N94 trillion, indicating a year-on-year nominal growth of 17.79 per cent.
The report also showed a decline in oil production as Nigeria recorded an average daily crude oil output of 1.55 million barrels per day (mbpd) in Q1 2026, lower than the 1.62 mbpd produced in the same quarter of 2025, and below the 1.58 mbpd recorded in Q4 2025.
Despite the drop in production, the oil sector grew by 2.57 per cent year-on-year in real terms, an improvement from the 1.87 per cent growth recorded in Q1 2025. However, this was lower than the 6.79 per cent growth posted in the previous quarter, meaning that the sector recorded a growth rate of 9.31 per cent on a quarter-on-quarter basis.
The oil sector contributed 3.92 per cent to total real GDP in Q1 2026, slightly lower than the 3.97 per cent contribution recorded in the same period of 2025, but higher than the 2.87 per cent contribution in Q4 2025.
Meanwhile, the non-oil sector continued to dominate the economy, contributing 96.08 per cent to GDP during the quarter, slightly above the 96.03 per cent share recorded in Q1 2025, though below the 97.13 per cent recorded in Q4 2025.
The NBS said the non-oil sector grew by 3.94 per cent in real terms, compared with 3.19 per cent in the corresponding quarter of 2025 and 3.99 per cent in the preceding quarter.
“The non-oil sector grew by 3.94 per cent in real terms during the reference quarter (Q1 2026)”
The bureau added that growth in the non-oil economy was largely driven by telecommunications, crop production, trade, cement manufacturing, financial institutions, real estate, construction, and road transportation activities.
“This rate was higher by 0.75 per cent points compared to the rate recorded in the same quarter of 2025, which was 3.19 per cent, and lower than the 3.99 per cent recorded in the fourth quarter of 2025,” it added.
