The National Bureau of Statistics (NBS) says Nigeria’s gross domestic product (GDP) growth rate slowed to 3.89 percent year-on-year in real terms in the first quarter (Q1) of 2026.
The bureau announced the development in its latest GDP
report for Q1 2026 on Monday.
The record represents a decrease compared to the 4.07
percent recorded in the fourth quarter (Q4) 2025, but higher than the 3.13
percent recorded in Q1 2025.
“During the quarter under review, agriculture grew by 3.15%,
an improvement from the 0.07% recorded in the corresponding quarter of 2025,”
the NBS said
“The growth of the industry sector stood at 3.50% from 3.42%
recorded in the first quarter of 2025, while the services sector recorded a
growth of 4.31% from 4.33% in the same quarter of 2025.”
In terms of share of the GDP, the statistics body said the
services sector contributed more to the aggregate GDP in Q1 of 2026 at 57.73
percent compared to the corresponding quarter of 2025 at 57.5 percent.
The NBS said aggregate GDP stood at N110.78 trillion in
nominal terms in the quarter under review.
This performance, according to the agency, is higher when
compared to the first quarter of 2025, which recorded an aggregate GDP of N94
trillion, indicating a year-on-year nominal growth of 17.79 percent.
On the other hand, Nigeria’s real GDP stood at N51.26
trillion in Q1 2026, the NBS report said.
OIL PRODUCTION DROPPED TO 1.55 MILLION in Q1
The bureau further said the country recorded an average
daily oil production of 1.55 million barrels per day (mbpd) in Q1 2026.
The reported drilling performance is lower than the daily
average output of 1.62 mbpd by 0.06 mbpd and lower than the fourth quarter of
2025 production volume of 1.58 mbpd by 0.03 mbpd.
“The real growth of the oil sector was 2.57 (year-on-year)
in Q1 2026, indicating an increase of 0.70% points relative to the rate
recorded in the corresponding quarter of 2025 (1.87%),” the NBS said.
“Growth decreased by 4.22% points when compared to Q4 2025,
which was 6.79%. On a quarter-on-quarter basis, the oil sector recorded a
growth rate of 9.31% in Q1 2026.”
The report also said the oil sector contributed 3.92 percent
to the total real GDP in Q1 2026, down from the figure recorded in the
corresponding period of 2025 at 3.97 percent and up
from the preceding quarter, where it contributed 2.87
percent.
NON-OIL SECTOR CONTRIBUTED 96% TO GDP IN Q1
According to NBS, in real terms, the non-oil sector
contributed 96.08 percent to the nation’s GDP in the review quarter.
This, the bureau said, is higher than the share recorded in
Q1 2025, which was 96.03 percent and lower than the 97.13 percent recorded in
Q4 2025.
“The non-oil sector grew by 3.94 percent in real terms
during the reference quarter (Q1 2026),” the NBS report reads.
“This rate was higher by 0.75% points compared to the rate
recorded in the same quarter of 2025, which was 3.19%, and lower than the 3.99%
recorded in the fourth quarter of 2025.”
The data bureau further said the non-oil sector was driven
in Q1 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”.
Advertise on NigerianEye.com to reach thousands of our daily users
No comments
Post a Comment
Kindly drop a comment below.
(Comments are moderated. Clean comments will be approved immediately)
Advert Enquires - Reach out to us at NigerianEye@gmail.com