The National Bureau of Statistics (NBS) has released the Q1 2026 Gross Domestic Product (GDP) report, showing that the Nigerian economy expanded by 3.9% year-on-year (y/y), higher than the 3.1% y/y recorded in the corresponding period of 2025, although slightly lower than the 4.1% y/y growth recorded in Q4 2025.
On a sectoral basis, the oil sector grew by 2.6% y/y in Q1 2026, improving from the 1.9% y/y growth recorded in Q1 2025 but moderating from the 6.8% y/y growth recorded in Q4 2025. Average crude oil production declined to 1.55 million barrels per day (mbpd), compared to 1.62 mbpd in Q1 2025 and 1.58 mbpd in Q4 2025.
Meanwhile, the non-oil sector expanded by 3.94% y/y in Q1 2026, higher than the 3.19% y/y growth recorded in Q1 2025, though marginally lower than the 3.99% y/y growth posted in the preceding quarter.
Growth in the non-oil sector was primarily driven by the performance of the Information and Communication sector, Agriculture, Trade, Manufacturing, Financial and Insurance Services, Real Estate, and Construction. Specifically, the agriculture sector grew by 3.2% y/y, improving significantly from 0.1% y/y in Q1 2025, while the services sector expanded by 4.3% y/y, broadly in line with the 4.3% y/y growth recorded in the corresponding quarter of 2025.
