Nigeria’s GDP Slows to 3.89% in Q1, Driven By Services Sector

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

• Oil production drops to 1.55 million barrels per day

James Emejo in Abuja

The country’s Gross Domestic Product (GDP) growth rate declined to 3.89 per cent in the first quarter of the year (Q1 2026) compared to 4.07 per cent in the preceding quarter, the National Bureau of Statistics (NBS) revealed yesterday.

However, year-on-year, GDP was higher than the 3.13 per cent recorded in Q1 2025.

Growth was led by the services sector which contributed 57.73 per cent to the economy compared to 57.50 per cent in the corresponding quarter of 2025.

According to the GDP Q1 2026 Report, released by the statistical agency, aggregate GDP at basic price stood at N110.78 trillion in nominal terms compared to N94.05 trillion in Q1 2025. Real GDP stood at N51.26 trillion.

In the review quarter, non-oil sector contributed 96.08 per cent in real terms, lower than 97.13 per cent in Q4 2025 but higher than 96.03 per cent in the corresponding quarter of last year.

On the other hand, the oil sector contributed 3.92 per cent to real GDP in Q1, compared to 2.87 per cent the preceding quarter, and 3.97 per cent in Q1 2025.

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

According to the NBS, agriculture contributed 23.16 per cent to aggregate GDP in real in Q1, lower than 28.66 per cent in the preceding quarter, and 23.33 per cent in the corresponding period of 2025.

Manufacturing contributed to 9.57 per cent to growth, compared to the 7.40 per cent in Q4 2025 and 9.62 per cent in Q1 2025.

In addition, trade’s contribution to GDP stood at 17.89 per cent in Q1, compared to 16.84 per cent in the preceding quarter and 18.21 per cent in Q1 2025.

Finance and insurance added 3.76 per cent to growth in the review period compared to 2.56 per cent in the preceding quarter and 3.60 per cent in Q1 2025.