The National Bureau of Statistics (NBS) says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.89 per cent in the first quarter of 2026 on a year-on-year basis.
The NBS made this known via the Nigerian GDP Report Q1 2026 released on Monday, May 25.
The bureau said the growth rate was higher than the 3.13 per cent recorded in the first quarter of 2025.
However, it was lower than the 4.07 per cent recorded in quarter four of 2025.
The NBS said the agriculture sector grew by 3.15 per cent in the first quarter of 2026, an increase from the 0.07 per cent recorded in the first quarter of 2025.
The NBS said the Industry sector witnessed a growth rate of 3.50 per cent in Q1 2026, an improvement from the 3.42 per cent recorded in the first quarter of 2025.
It stated that the Services sector recorded a growth rate of 4.31 per cent, a decrease from the 4.33 per cent recorded in Q1 2025.
The NBS said in terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73 per cent compared to the 57.50 per cent recorded in Q1 2025.
The NBS said the aggregate GDP at basic price in Q1 2026 stood at N110.79 trillion in nominal terms.
“This performance is higher when compared to the first quarter of 2025 which recorded aggregate GDP of N94.051 trillion, indicating a year-on-year nominal growth of 17.79 per cent,” the bureau noted.
It said the oil sector witnessed a growth rate of 2.57 per cent in Q1 2026 on a year-on-year basis, showing an increase of 0.07 percentage points compared to the 1.87 per cent recorded in Q1 2025.
“However, growth decreased in the oil sector by 4.22 percentage points when compared to the 6.79 per cent recorded in Q4 2025,” the NBS stated.
Oil prices slip as US, Iran move closer to peace deal
It said on a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31 per cent in Q1 2026.
The NBS said the oil sector contributed 3.92 per cent to the total real GDP in Q1 2026, a decrease from the 3.97 per cent recorded in the first quarter of 2025 and an increase from the 2.87 per cent it contributed in fourth quarter of 2025.
The bureau stated that the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in Q1 2025 by 0.06 mbpd.
“Also the production volume for Q1 2026 was lower than Q4 2025, which recorded 1.58 mbpd by 0.03 mbpd,” the NBS said, adding that the non-oil sector contributed 96.08 per cent to the GDP in the first quarter of 2026 in real terms.
“This shows an increase from the contribution recorded in Q1 2025 at 96.03 per cent and a decrease in Q4 2025 recorded at 97.13 per cent,” it said.
The bureau disclosed that the non-oil sector in the first quarter of 2026 was driven mainly by information and communication (telecommunication), agriculture (crop production), trade, manufacturing (cement), finance and insurance (financial institutions).
Others were real estate, construction, and transportation and storage (road transport), all accounting for positive GDP growth.
Former presidential spokesman Laolu Akande has rejected allegations by former Secretary to the Government of…
A former spokesman to ex-Vice President Yemi Osinbajo, Laolu Akande, has dismissed recent claims by…
The Oyo State Police Command has rescued a one-month-old baby girl allegedly sold by her…
US President Donald Trump’s newly appointed press secretary, Katie Zacharia, has left the White House…
An angry mob has set a Bus Rapid Transit bus ablaze at Ogolonto Bus Stop…
The troops of Joint Task Force North West, Operation FANSAN YAMMA, have neutralised two terrorists…
This website uses cookies.