Nigeria’s economy expanded by 3.89 per cent in real terms in the first quarter of 2026, according to the National Bureau of Statistics, NBS, marking its strongest quarterly performance in four consecutive quarters and an improvement from the 3.13 per cent recorded in Q1 2025.
The figures were contained in the bureau’s Gross Domestic Product report for Q1 2026, released on Monday, May 25, and obtained by First Daily.
The report showed that nominal GDP stood at ₦110.79 trillion, up from ₦94.05 trillion in the same period of 2025, representing a year-on-year nominal growth of 17.79 per cent. In real terms, output was valued at ₦51.26 trillion at 2019 constant prices.
The services sector remained the backbone of the economy, contributing 57.73 per cent to real GDP. It grew by 4.31 per cent, slightly below the 4.33 per cent recorded a year earlier.
Agriculture posted the sharpest rebound among major sectors, expanding by 3.15 per cent compared to 0.07 per cent in Q1 2025.
It accounted for 23.16 per cent of real GDP, driven largely by crop production, which made up 66.76 per cent of the sector’s nominal value.
Industry grew by 3.50 per cent, a slight increase from 3.42 per cent in the same period of 2025, contributing 19.11 per cent to real GDP.
The non-oil economy continued to dominate, expanding by 3.94 per cent and accounting for 96.08 per cent of total output.
READ ALSO: Tinubu’s $1trn Economy Drive Demands 12% Growth— Finance Ministry
Key growth drivers included telecommunications, crop production, trade, cement manufacturing, finance, real estate, construction, and transport services.
Oil production, however, declined to 1.55 million barrels per day, down from 1.62 million barrels per day in Q1 2025.
Despite the drop, the oil sector grew by 2.57 per cent, improving from 1.87 per cent a year earlier, and contributing 3.92 per cent to GDP.
Among leading contributors, trade led with 17.89 per cent, followed by crop production at 17.38 per cent, real estate at 13.10 per cent, and telecommunications at 9.19 per cent.
The telecoms and information services sector stood out, growing by 10.98 per cent and contributing 11.31 per cent to GDP — its highest share on record.
According to the NBS, Finance and insurance recorded strong nominal growth of 46.91 per cent, although real growth slowed to 8.54 per cent.
Electricity, gas, steam and air conditioning supply contracted sharply by 15.30 per cent, reversing previous gains and highlighting ongoing power challenges. Education also remained weak, growing by just 1.22 per cent.
Overall, the economy has maintained a gradual recovery trend, rising from 0.95 per cent in 2021 to 3.87 per cent in 2025, reflecting a steady but uneven growth path.