Nigeria’s GDP growth slows to 3.89% in Q1 2026 — NBS

The National Bureau of Statistics (NBS) has said Nigeria’s Gross Domestic Product (GDP) growth rate in real terms slowed to 3.89 percent in the first quarter of 2026, down from 4.07 percent recorded in the fourth quarter of 2025.

The Bureau disclosed this in its latest GDP report released for Q1 2026, noting that while the economy continued to expand year-on-year, the pace of growth weakened compared to the previous quarter.

According to the report, GDP grew by 3.89 percent year-on-year in Q1 2026, higher than the 3.13 percent recorded in the corresponding period of 2025.

The NBS said the services sector remained the largest contributor to economic activity, accounting for 57.73 percent of total GDP during the period under review.

The oil sector recorded a real growth rate of 2.57 percent in Q1 2026, representing a decline of 4.22 percentage points compared to 6.79 percent in the previous quarter. The Bureau attributed the slowdown to lower crude oil production levels, with average output at 1.55 million barrels per day, compared to higher production in both Q1 2025 and Q4 2025.

It added that the oil sector contributed 3.92 percent to total GDP in Q1 2026, slightly below the 3.97 percent recorded in the same period of 2025 but higher than the 2.87 percent recorded in the previous quarter.

The non-oil sector also recorded a slight slowdown, growing by 3.94 percent in Q1 2026 compared to 3.99 percent in Q4 2025. Key drivers of growth included telecommunications, agriculture, trade, manufacturing (cement), financial services, real estate, construction, and transportation.

The non-oil sector contributed 96.08 percent to total GDP in Q1 2026, marginally higher than 96.03 percent recorded in Q1 2025 but lower than 97.13 percent in Q4 2025.