Nigeria’s economy recorded a slower growth rate of 3.89 percent year-on-year in real terms in the first quarter of 2026, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS).
The figure shows a decline compared to the 4.07 percent growth recorded in the fourth quarter of 2025, although it remains higher than the 3.13 percent posted in the corresponding period of 2025.
The NBS data indicates that economic activity continued to expand across key sectors, with agriculture posting a notable rebound during the review period.
Brandspur Economy News reports that the agricultural sector grew by 3.15 percent in Q1 2026, marking a strong recovery from the marginal 0.07 percent growth recorded in the same period of 2025.
The industrial sector also recorded moderate expansion, rising to 3.50 percent from 3.42 percent year-on-year, reflecting gradual improvements in production activities and output levels.
However, the services sector remained the dominant driver of economic performance, contributing 57.73 percent to total GDP, slightly higher than its 57.5 percent share in Q1 2025.
According to the report, Nigeria’s nominal GDP rose significantly to N110.78 trillion during the quarter, compared to N94 trillion recorded in the same period of the previous year, representing a 17.79 percent year-on-year increase.
The statistical agency also confirmed that real GDP for the period stood at N51.26 trillion, highlighting continued expansion despite slower growth momentum.
Economic analysts say the latest figures reflect a mixed macroeconomic environment where improvements in agriculture and industry are being offset by broader structural pressures within the economy.
The latest GDP report provides fresh insight into Nigeria’s economic trajectory as policymakers continue efforts to stabilize growth, manage inflation, and strengthen key productive sectors.
