GDP grew by 3.89% Q1 2026 –NBS

From Isaac Anumihe, Abuja

Gross Domestic Product (GDP) grew by 3.89 per (year-on-year) in real terms in the first quarter of 2026, higher than the 3.13 per cent recorded in the first quarter of 2025.

During the quarter under review, agriculture grew by 3.15 per cent, an improvement from the 0.07 per cent recorded in the corresponding quarter of 2025. The growth of the industry sector stood at 3.50 per cent from 3.42 per cent recorded in the first quarter of 2025, while the services sector recorded a growth of 4.31 per cent from 4.33 per cent in the same quarter of 2025.

In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2026 at 57.73 per cent compared to the corresponding quarter of 2025 at 57.50 per cent.

According to the document obtained from NBS website, during the quarter under review, aggregate GDP at basic price stood at N110,786,347.01 million in nominal terms.

“This performance is higher when compared to the first quarter of 2025, which recorded an aggregate GDP of N94,051,733.20 million, indicating a year-on-year nominal growth of 17.79 per cent . For better clarity, the Nigerian economy has been classified broadly into the oil and non-oil sectors” NBS said.

Meanwhile, the nation in 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 the same quarter of 2025 by 0.06 mbpd and lower than the fourth quarter of 2025 production volume of 1.58 mbpd by 0.03 mbpd.

The real growth of the oil sector, the document, said, was 2.57 (year-on-year) in Q1 2026, indicating an increase of 0.70 per cent points relative to the rate recorded in the corresponding quarter of 2025 (1.87 per cent). Growth decreased by 4.22% points when compared to Q4 2025, which was 6.79%.

“On a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31% in Q1 2026. The Oil sector contributed 3.92% to the total real GDP in Q1 2026, down from the figure recorded in the corresponding period of 2025 at 3.97% and up from the preceding quarter, where it contributed 2.87%,” the document said.

On the agriculture sector, four sub-activities make up the sector: Crop production, livestock, forestry, and fishing. The sector, grew by 9.93% year-on-year in nominal terms in Q1 2026, showing a decrease of 0.11% points from the same quarter of 2025.

“Looking at the preceding quarter’s growth rate of 6.82%, there was an increase of 3.11% points. Crop production remained the major driver of the sector. This is evident as it accounts for 66.76% of the overall nominal value of the sector in the first quarter of 2026.

‘Quarter-on-quarter growth stood at -36.37% in the first quarter of 2026. Agriculture contributed 18.11% to nominal GDP in the first quarter of 2026. This figure was lower than the rate recorded in the first quarter of 2025 and lower than the fourth quarter of 2025, which recorded 19.40% and 25.67%, respectively.

“The agricultural sector in the first quarter of 2026 grew by 3.15 per cent (year-on-year) in real terms, an increase of 3.08 per cent points from the corresponding period of 2025, and a decrease of 0.85% points from the preceding quarter, which recorded a growth rate of 4.00%. It grew on a quarter-on-quarter basis at -35.24%.

“However, the sector contributed 23.16% to aggregate GDP in real terms in Q1 2026, lower than the contribution in the first quarter of 2025 and lower than the contribution in the fourth quarter of 2025,” NBS said.