By Abiodun Folarin
WorldStage– Nigeria’s Gross Domestic Product (GDP) grew by 3.89 per cent year-on-year in real terms in the first quarter of 2026, representing an improvement over the 3.13 per cent recorded in the corresponding period of 2025.
The National Bureau of Statistics (NBS) in its latest GDP report on Monday, disclosed that the growth was driven largely by stronger performances in agriculture, industry and services sectors, according to the latest GDP report.
According to the report the agriculture sector recorded a growth rate of 3.15 percent in Q1 2026, a significant rise from the 0.07 percent posted in the same quarter of 2025.
Similarly, the industry sector expanded by 3.50 per cent, slightly above the 3.42 per cent growth recorded in the first quarter of 2025.
NBS said the services sector maintained its dominance in the economy, growing by 4.31 per cent in Q1 2026 compared to 4.33 per cent in the corresponding quarter of 2025.
In terms of contribution to aggregate GDP, the services sector accounted for 57.73 per cent in Q1 2026, higher than the 57.50 per cent contribution recorded in Q1 2025.
The report further showed that aggregate GDP at basic price stood at N110.79 trillion in nominal terms during the quarter under review, compared to N94.05 trillion in the first quarter of 2025, reflecting a year-on-year nominal growth of 17.79 per cent.
Oil Sector Performance
Nigeria recorded an average daily crude oil production of 1.55 million barrels per day (mbpd) in Q1 2026, lower than the 1.62 mbpd recorded in the corresponding period of 2025 and also below the 1.58 mbpd produced in the fourth quarter of 2025.
Meanwhile, despite the decline in production volume, the oil sector recorded a real growth rate of 2.57 per cent year-on-year in Q1 2026, higher than the 1.87 per cent growth posted in Q1 2025.
However, the sector’s growth slowed when compared with the 6.79 per cent growth recorded in the fourth quarter of 2025.
On a quarter-on-quarter basis, the oil sector grew by 9.31 per cent in Q1 2026.
The oil sector contributed 3.92 per cent to total real GDP in the first quarter of 2026, slightly lower than the 3.97 per cent contribution recorded in Q1 2025, but higher than the 2.87 per cent recorded in the preceding quarter.
Non-Oil Sector
Meanwhile, the non-oil sector grew by 3.94 per cent in real terms in Q1 2026, exceeding the 3.19 per cent growth recorded in the same quarter of 2025, though marginally below the 3.99 per cent growth posted in Q4 2025.
The bureau, noted that the sector’s performance was driven mainly by Information and Communication (Telecommunications), agriculture particularly crop production, trade, cement manufacturing, financial and insurance institutions, real estate, construction, transportation and storage, especially road transport.
The non-oil sector accounted for 96.08 per cent of the nation’s GDP in real terms during the quarter under review, slightly higher than the 96.03 per cent recorded in Q1 2025, but lower than the 97.13 per cent posted in Q4 2025.
