The latest figures released by the National Bureau of Statistics (NBS) mark an improvement over the 3.13 per cent recorded in the corresponding period of 2025.
Nigeria’s economy stepped into 2026 with renewed traction, as fresh data from the National Bureau of Statistics painted a picture of gradual but steady recovery across key sectors.
The economy recorded a real Gross Domestic Product (GDP) growth of 3.89 per cent year-on-year in the first quarter of 2026.
The latest figures released by the NBS mark an improvement over the 3.13 per cent recorded in the corresponding period of 2025.
Agriculture emerged as the most improved performer during the period under review, growing by 3.15 per cent in Q1 2026, a significant rebound from the marginal 0.07 per cent growth recorded in Q1 2025.
The growth of the industry sector stood at 3.50 per cent from 3.42 per cent recorded in the first quarter of 2025, while the services sector recorded a growth of 4.31 per cent from 4.33 per cent in the same quarter of 2025.
In terms of share of the GDP, the services sector contributed more to the aggregate GDP in the first quarter of 2026 at 57.73 per cent compared to the corresponding quarter of 2025 at 57.50 per cent. In the quarter under review, aggregate GDP at basic price stood at N110,786,347.01 million in nominal terms.
This performance is higher when compared to the first quarter of 2025, which recorded an aggregate GDP of N94,051,733.20 million, indicating a year-on-year nominal growth of 17.79 per cent.
The nation in the first quarter of 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in the same quarter of 2025 by 0.06 mbpd and lower than the fourth quarter of 2025 production volume of 1.58 mbpd by 0.03 mbpd.
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The real growth of the oil sector was 2.57 (year-on-year) in Q1 2026, indicating an increase of 0.70 per cent points relative to the rate recorded in the corresponding quarter of 2025 (1.87 per cent).
Growth decreased by 4.22 per cent points when compared to Q4 2025, which was 6.79 per cent. On a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31 per cent in Q1 2026.
The Oil sector contributed 3.92 per cent to the total real GDP in Q1 2026, down from the figure recorded in the corresponding period of 2025 at 3.97 per cent. and up from the preceding quarter, where it contributed 2.87per cent.
Oil
The non-oil sector grew by 3.94 per cent in real terms during the reference quarter (Q1 2026). This rate was higher by 0.75 per cent points compared to the rate recorded in the same quarter of 2025, which was 3.19 per cent, and lower than the 3.99 per cent recorded in the fourth quarter of 2025.
This sector was driven in the first quarter of 2026 mainly by Information and Communication (Telecommunications); Agriculture (Crop production); Trade; Manufacturing (Cement); Financial & Insurance (Financial Institutions); Real Estate; Construction; and Transportation and Storage (Road Transport), accounting for positive GDP growth.
In real terms, the non-oil sector contributed 96.08 per cent to the nation’s GDP in the first quarter of 2026, higher than the share recorded in the first quarter of 2025, which was 96.03 per cent, and lower than the fourth quarter of 2025, recorded as 97.13 per cent.
The Mining & Quarrying sector consists of Crude Petroleum and Natural Gas, Coal Mining, Metal ores and Quarrying, and Other Minerals sub-activities. This sector grew nominally by 13.92 per cent (year-on-year) in Q1 2026.
Crude oil activity exhibited the highest growth rate of all the sub-activities at 16.37 per cent, followed by Quarrying & Other Minerals at 14.55 per cent. Crude Petroleum and Natural gas were the main contributors to the sector with a weight of 91.08 per cent in Q1 2026.
Comparing Q1 2026’s rate of growth relative to Q1 2025 and Q4 2025 growth rates, there was an increase of 19.25 per cent points and an increase of 41.95 per cent points, respectively.
Nigerian Stock Market
The mining and quarrying sector contributed 4.23 per cent to the overall GDP in the first quarter of 2026, lower than the contribution recorded in the 2025 first quarter at 4.38 per cent and higher than the previous quarter at 2.15 per cent.
In real terms, the Mining and Quarrying sector grew by 1.89 per cent (year-on-year) in the first quarter of 2026. Compared to the same quarter of 2025 and the fourth quarter of 2025, it was lower by 1.08 per cent points and lower by 7.01 per cent points, respectively.
Quarter-on-quarter, the growth rate was 4.79 per cent in Q1 2026. The contribution of Mining and Quarrying to Real GDP in the quarter under review stood at 4.14 per cent, lower than the rate of 4.22 per cent recorded in the corresponding quarter of 2025 and higher than the 3.16 recorded in the fourth quarter of 2025.
