Nigeria's Oil Sector Contributes 3.92% to Q1 2026 GDP

In the first quarter of 2026, Nigeria's oil sector contributed 3.92% to the nation's total real Gross Domestic Product (GDP), indicating a slight decline compared to the same period in 2025, despite improved growth in the sector. According to the latest figures released by the National Bureau of Statistics on May 25, 2026, Nigeria's economy recorded a real GDP growth of 3.13%, marking an improvement from the previous year.

The oil sector experienced stronger year-on-year growth in Q1 2026 compared to the same period last year; however, its performance slowed when compared to the previous quarter. The report indicated that the sector's contribution to the country's real GDP declined slightly on a year-on-year basis, although it showed improvement compared to the preceding quarter.

Nigeria recorded an average daily oil production of 1.55 million barrels per day in Q1 2026, down from 1.62 million barrels per day in Q1 2025 and below the 1.58 million barrels per day produced in Q4 2025. The non-oil sector maintained its dominance, contributing 96.08% to real GDP, driven mainly by telecommunications, crop production, trade, manufacturing, financial institutions, real estate, construction, and transport.