According to the National Bureau of Statistics (NBS), Nigeria’s economy grew by 3.89% y/y in Q1-26, down from 4.07% y/y in Q4-25. This print came in 1bps below Cordros’ estimate of +3.90% y/y for the quarter.

Based on the Gross Domestic Product (GDP) breakdown provided, the oil sector grew slowly by 2.57% y/y in Q1-26 (Q4-25: +6.79% y/y), primarily due to lower crude oil production. Specifically, oil production averaged 1.55 mb/d in Q1-26, a 4.3% y/y decline from the 1.62 mb/d recorded in Q1-25. The sector’s contribution to GDP stood at 3.92% (Q4-25: 2.87%). 

Meanwhile, the non-oil sector expanded by 3.94% y/y (Q4-25: +3.99% y/y), with its contribution to GDP at 96.08% (vs Q4-25: 97.13%).

For the broader economy, Services expanded by 4.31% y/y (Q4-25: +4.15% y/y), while the Industries GDP growth moderated slightly to 3.50% y/y (Q4-25: +3.88% y/y). The Agriculture GDP also grew slowly by 3.15% y/y (Q4-25: +4.00% y/y).

By Share of GDP, Services, Agriculture, and Industries accounted for 57.73%, 23.16%, and 19.11% of the overall GDP, respectively (vs Q4-25: 55.92%, 28.66%, and 15.42%, respectively)