Nigeria’s economy posts 3.89% growth as non-oil sectors lead
Nigeria’s economy saw a 3.89% real growth in the first quarter of 2026, according to the National Bureau of Statistics. This growth was mainly driven by agriculture, telecommunications, financial services, construction, and trade, despite a drop in crude oil production. The non-oil sector continued to dominate economic activity, contributing over 96% to real GDP. The World Bank revised its growth forecast for Nigeria, citing global uncertainties and volatility in energy markets.
What we know
- The country’s GDP grew by 3.89% in real terms in Q1 2026, up from 3.13% in Q1 2025, as per the National Bureau of Statistics.
- Agriculture grew by 3.15% during Q1 2026, compared to 0.07% in Q1 2025; industry and services also posted positive growth.
- Average daily oil production dropped to 1.55 million barrels per day in Q1 2026, down from 1.62 million in Q1 2025.
- The non-oil sector contributed 96.08% to real GDP in Q1 2026, with trade, crop production, and real estate among the top contributors.
- The World Bank’s April 2026 report downgraded Nigeria’s growth forecast to 4.1% for 2026 and 4.2% for 2027, citing global risks and oil market instability.
