NIGERIA’s economy recorded a real Gross Domestic Product (GDP) growth of 3.89% year-on-year in the first quarter of 2026.
News Point Nigeria reports that the latest figures released by the National Bureau of Statistics (NBS) mark an improvement over the 3.13% recorded in the corresponding period of 2025.
Agriculture emerged as the most improved performer during the period under review, growing by 3.15% in Q1 2026, a significant rebound from the marginal 0.07% growth recorded in Q1 2025.
The growth of the industry sector stood at 3.50% from 3.42% recorded in the first quarter of 2025, while the services sector recorded a growth of 4.31% from 4.33% 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% compared to the corresponding quarter of 2025 at 57.50%. In 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%.
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 was 2.57 (year-on-year) in Q1 2026, indicating an increase of 0.70% points relative to the rate recorded in the corresponding quarter of 2025 (1.87%).
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 non-oil sector grew by 3.94% in real terms during the reference quarter (Q1 2026). This rate was higher by 0.75% points compared to the rate recorded in the same quarter of 2025, which was 3.19%, and lower than the 3.99% recorded in the fourth quarter of 2025.
This sector was driven in the first quarter of 2026 mainly by Information and Communication (Telecommunications); Agriculture (Crop production); Trade; Manufacturing (Cement); Financial & Insurance (Financial Institutions); Real Estate; Construction; and Transportation and Storage (Road Transport), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 96.08% to the nation’s GDP in the first quarter of 2026, higher than the share recorded in the first quarter of 2025, which was 96.03%, and lower than the fourth quarter of 2025, recorded as 97.13%.
The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ores and Quarrying, and Other Minerals sub-activities. This sector grew nominally by 13.92% (year-on-year) in Q1 2026.
Crude oil activity exhibited the highest growth rate of all the sub-activities at 16.37%, followed by Quarrying & Other Minerals at 14.55%. Crude Petroleum and Natural gas were the main contributors to the sector with a weight of 91.08% in Q1 2026.
Comparing Q1 2026’s rate of growth relative to Q1 2025 and Q4 2025 growth rates, there was an increase of 19.25% points and an increase of 41.95% points, respectively.
The Mining & Quarrying sector contributed 4.23% to the overall GDP in the first quarter of 2026, lower than the contribution recorded in the 2025 first quarter at 4.38% and higher than the previous quarter at 2.15%.
In real terms, the Mining and Quarrying sector grew by 1.89% (year-on-year) in the first quarter of 2026. Compared to the same quarter of 2025 and the fourth quarter of 2025, it was lower by 1.08% points and lower by 7.01% points, respectively.
Quarter-on-quarter, the growth rate was 4.79% in Q1 2026. The contribution of Mining and Quarrying to Real GDP in the quarter under review stood at 4.14%, lower than the rate of 4.22% recorded in the corresponding quarter of 2025 and higher than the 3.16 recorded in the fourth quarter of 2025.