Odimmegwa Johnpeter/Abuja
The National Bureau of Statistics (NBS) has revealed in its latest report that Nigeria’s Gross Domestic Product (GDP) grew by 3.89 per cent in real terms in the first quarter of 2026.
The growth rate represents an improvement from the 3.13 per cent recorded in the corresponding period of 2025, driven largely by stronger performance in agriculture, construction, telecommunications, finance, and trade.
The report showed that the services sector remained the biggest contributor to the economy, accounting for 57.73 per cent of total GDP in Q1 2026, compared to 57.50 per cent in the same period last year.
Agriculture contributed 23.16 per cent, while the oil sector accounted for 3.92 per cent of real GDP during the quarter.
In nominal terms, aggregate GDP stood at N110.79 trillion in the quarter under review, representing a 17.79 per cent increase from the N94.05 trillion recorded in Q1 2025.
The NBS stated that the non-oil sector remained the main driver of economic growth, expanding by 3.94 per cent in real terms, higher than the 3.19 per cent recorded in the corresponding quarter of 2025.
The bureau attributed the performance to growth in telecommunications, crop production, trade, cement manufacturing, financial institutions, real estate, construction, and road transport.
contributed 96.08 per cent to Nigeria’s GDP in Q1 2026, slightly above the 96.03 per cent recorded in the same quarter of 2025.
Despite improved growth, oil production declined during the period. Average daily crude oil production stood at 1.55 million barrels per day in Q1 2026, lower than the 1.62 million barrels per day recorded in the corresponding quarter of 2025 and the 1.58 million barrels per day recorded in Q4 2025.
However, the oil sector still recorded a real growth rate of 2.57 per cent year-on-year, an increase from the 1.87 per cent posted in Q1 2025.
Sectoral Analysis
Sectoral analysis showed mixed performance across key areas of the economy.
The agriculture sector grew by 3.15 per cent in real terms, up from 0.07 per cent in the first quarter of 2025, with crop production remaining the dominant activity within the sector.
Manufacturing also improved, recording a real growth rate of 3.29 per cent compared to 1.69 per cent in the same quarter last year.
The information and communication sector emerged as one of the strongest-performing sectors, growing by 10.98 per cent in real terms and contributing 11.31 per cent to total real GDP.
Telecommunications and information services remained the major drivers of the sector’s performance.
Similarly, the finance and insurance sector recorded an 8.54 per cent real growth rate in Q1 2026, while construction expanded by 6.38 per cent year-on-year.
Trade, which contributed the largest share to GDP at 17.89 per cent, grew modestly by 2.08 per cent in real terms during the quarter.
On the downside, the electricity, gas, steam, and air conditioning supply sector contracted by 15.30 per cent in real terms, reflecting continued challenges in Nigeria’s power sector.
The NBS noted that the quarterly GDP estimates were compiled using data obtained from its Quarterly Establishment Survey and are based on the 2019 constant price benchmark.
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