Nigeria's GDP Growth Declines to 3.89% in Q1 2026

Nigeria's gross domestic product (GDP) growth rate slowed to 3.89% in the first quarter of 2026 (Q1 2026), compared to 4.07% in the preceding quarter, according to a report released by the National Bureau of Statistics (NBS). The service sector was a significant contributor, accounting for 57.73% of the economy, slightly up from 57.50% in the corresponding quarter of 2025.

The aggregate GDP at basic prices stood at ₦110.78 trillion in nominal terms, compared to ₦94.05 trillion in Q1 2025. The non-oil sector contributed 96.08% to real GDP, which was lower than the 97.13% contribution in Q4 2025 but higher than the 96.03% in the same quarter last year.

The oil sector's contribution to real GDP in Q1 2026 was 3.92%, an increase from 2.87% in the previous quarter but a decrease from 3.97% in Q1 2025.