Nigeria's Economy Grows 3.89% in Q1 2026 Despite Oil Decline

Nigeria's economy expanded by 3.89% in real terms during the first quarter of 2026, as reported by the National Bureau of Statistics (NBS). This growth occurred despite a decline in crude oil production, which averaged 1.55 million barrels per day, lower than the 1.62 million barrels per day recorded in Q1 2025.

The overall GDP in nominal terms rose to ₦110.79 trillion, reflecting a year-on-year growth of 17.79%. The agricultural sector grew by 3.15%, while the industrial sector recorded a growth rate of 3.50%.

The services sector grew by 4.31%, contributing 57.73% to the GDP. The non-oil sector showed robust performance, growing by 3.94% and accounting for 96.08% of the real GDP.

Key contributors to this growth included telecommunications, crop production, and trade, with the trade sector being the largest contributor at 17.89% of the GDP.