Nigeria’s GDP growth slows to 3.89% in Q1, led by the services sector.

• Non‑oil sector contributed 96.08 %, oil 3.92 %

• Oil production dropped to 1.55 million barrels per day

The country’s Gross Domestic Product (GDP) growth rate fell to 3.89 percent in the first quarter of 2026 (Q1 2026) compared with 4.07 percent in the previous quarter, the National Bureau of Statistics (NBS) reported yesterday.

Year‑on‑year, however, GDP was higher than the 3.13 percent recorded in Q1 2025.

Growth was driven by the services sector, which accounted for 57.73 percent of the economy, up from 57.50 percent in the same quarter of 2025.

According to the NBS’s Q1 2026 GDP report, aggregate GDP at basic price reached N110.78 trillion in nominal terms, compared with N94.05 trillion in Q1 2025. Real GDP stood at N51.26 trillion.

In the review quarter, the non‑oil sector contributed 96.08 percent of real GDP, down from 97.13 percent in Q4 2025 but higher than 96.03 percent in the corresponding quarter of the previous year.

The oil sector contributed 3.92 percent to real GDP in Q1, up from 2.87 percent in the preceding quarter and 3.97 percent in Q1 2025.

Average daily oil production fell to 1.55 million barrels per day (mbpd), compared with 1.58 mbpd in Q4 2025 and 1.62 mbpd in the same quarter of 2025.

According to the NBS, agriculture contributed 23.16 percent to aggregate real GDP in Q1, down from 28.66 percent in the preceding quarter and 23.33 percent in the corresponding period of 2025.

Manufacturing added 9.57 percent to growth, versus 7.40 percent in Q4 2025 and 9.62 percent in Q1 2025.

Trade’s contribution to GDP was 17.89 percent in Q1, compared with 16.84 percent in the preceding quarter and 18.21 percent in Q1 2025.

Finance and insurance added 3.76 percent to growth in the review period, compared with 2.56 percent in the preceding quarter and 3.60 percent in Q1 2025.