As had been predicted by economists and other development experts, Nigeria’s Gross Domestic Product (GDP) grew by 3.89% year-on-year in real terms in Q1’26, compared to 4.07% in Q4’25, representing an improvement from 3.13% growth recorded in the same period of 2025.
The National Bureau Of Statistics (NBS), in its GDP Report For Q1 2026’ released on Monday, disclosed, however, that in nominal terms, the nation’s aggregate GDP stood at N110.79 trillion in Q1’26, down from N122.81 trillion in Q4’25, but an improvement from N94.05 trillion in Q1 2025.
According to the GDP report, the oil sector recorded a modest year-on-year growth of 2.57% in Q1’26, a sharp slowdown from the 6.79% expansion in Q4’25.
The statistics agency attributed the deceleration mainly to reduced crude oil production, which averaged 1.55 million barrels per day, a 4.3% decline from 1.62 million barrels per day in Q1’25.
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On sectoral performance, the Bureau reported that the Oil sector contributed 3.92% to the total GDP in the quarter under review while the non-oil sector accounted for 96.08% of total GDP
The data showed that the non-oil sector grew by 3.94% year-on-year, remaining broadly stable when analyzed with its performance in the preceding quarter.
A further analysis of the non-oil sector performance reflected that Agriculture grew by 3.15% in Q1’26, up from 0.07% in Q1’25; while Industries expanded by 3.50% in the quarter under review, from 3.42% in Q1’25, just as the Services sector grew by 4.31% in Q1’26 from 4.33% in Q1’25.
