February 27, 2026/CSL Update

• The National Bureau of Statistics (NBS) has released the Q4 2025 Gross Domestic Product (GDP) report, showing that the Nigerian economy expanded by 4.1% year-on-year (y/y), up from 4.0% y/y in the previous quarter.
• On a sectoral basis, the oil sector growth grew by 6.8% y/y in Q4, marginally higher than the 5.8% y/y outturn in Q3.
• Meanwhile, growth in the non-oil sector expanded by 4.0% y/y in Q4, up from 3.9% y/y the prior quarter.
• Growth in the non-oil sector was largely driven by the performance of the agriculture and services sub-sector, which advanced by 4.0% y/y and 4.2%, respectively in Q4. It was higher than the 3.8% y/y and the same as the 4.2% y/y growth recorded in Q3, respectively.