Nigeria's economy experienced a deceleration in growth during the first quarter of 2026, with the Gross Domestic Product (GDP) expanding by 3.89% year-on-year in real terms, according to the latest report from the National Bureau of Statistics (NBS) released on Monday. This marks a slowdown from the 4.07% growth recorded in the fourth quarter of 2025, but remains an improvement over the 3.13% growth seen in the first quarter of 2025.
Agricultural Sector Shows Strong Improvement
The NBS highlighted that the agricultural sector demonstrated notable progress during the quarter under review. Agriculture grew by 3.15%, a significant increase compared to the mere 0.07% growth recorded in the corresponding quarter of 2025. This improvement underscores the sector's resilience and potential contribution to the broader economy.
Industry and Services Sector Performance
The industry sector recorded a growth rate of 3.50%, up from 3.42% in the first quarter of 2025. Meanwhile, the services sector, which remains the largest contributor to the economy, posted a growth of 4.31%, slightly down from 4.33% in the same quarter of the previous year. The services sector accounted for 57.73% of total GDP in Q1 2026, compared to 57.5% in Q1 2025.
Nominal GDP Rises to N110.78 Trillion
In nominal terms, aggregate GDP reached N110.78 trillion during the quarter, a significant increase from N94 trillion recorded in the first quarter of 2025. This represents a year-on-year nominal growth of 17.79%. The NBS also reported that Nigeria's real GDP stood at N51.26 trillion in the first quarter of 2026.
The data reflects a mixed economic picture, with slower overall growth but notable gains in key sectors. The NBS continues to monitor economic trends, providing critical insights for policymakers and stakeholders.
