By OKEOGHENE AKUBUIKE

The National Bureau of Statistics (NBS), says Nigeria’s Gross Domestic Product (GDP) rate in real terms grew by 3.89 per cent in the first quarter of 2026 on a year-on-year basis.

The NBS stated this In the Nigerian Gross Domestic Product Report Q1 2026 released in Abuja on Monday.

The report said the growth rate was higher than the 3.13 per cent recorded in the first quarter of 2025.

However, it was lower than the 4.07 per cent recorded in quarter four of 2025.

It said the agriculture sector grew by 3.15 per cent in the first quarter of 2026, an increase from the 0.07 per cent recorded in the first quarter of 2025.

The report said the Industry sector witnessed a growth rate of 3.50 per cent in Q1 2026, an improvement from the 3.42 per cent recorded in the first quarter of 2025.

It said the Services sector recorded a growth rate of 4.31 per cent, a decrease from the 4.33 per cent recorded in Q1 2025.

The NBS said In terms of share of the GDP, the services sector contributed more to the aggregate GDP in Q1 2026 at 57.73 per cent compared to the 57.50 per cent recorded in Q1 2025.

The report ’aid in Q1 2026, aggregate GDP at basic price stood at N110.79 trillion in nominal terms.

“This performance is higher when compared to the first quarter of 2025 which recorded aggregate GDP of N94.051 trillion, indicating a year-on-year nominal growth of 17.79 per cent,” the NBS said.

The report said the oil sector witnessed a growth rate of 2.57 per cent in Q1 2026 on a year-on-year basis, showing an increase of 0.07 percentage points compared to the 1.87 per cent recorded in Q1 2025.

“However, growth decreased in the oil sector by 4.22 percentage points when compared to the 6.79 per cent recorded in Q4 2025.”

It said on a quarter-on-quarter basis, the oil sector recorded a growth rate of 9.31 per cent in Q1 2026.

The report said the oil sector contributed 3.92 per cent to the total real GDP in Q1 2026, a decrease from the 3.97 per cent recorded in Q1 2025 and an increase from the 2.87 per cent it contributed in Q4 2025.

It said that Q1 2026 recorded an average daily oil production of 1.55 million barrels per day (mbpd), lower than the daily average production of 1.62 mbpd recorded in Q1 2025 by 0.06 mbpd.

“Also the production volume for Q1 2026 was lower than Q4 2025, which recorded 1.58 mbpd by 0.03 mbpd.”

The report said the non-oil sector contributed 96.08 per cent to the GDP in Q1 2026 in real terms.

“This shows an increase from the contribution recorded in Q1 2025 at 96.03 per cent and a decrease in Q4 2025 recorded at 97.13 per cent,” it said.

The report said the non-oil sector in Q1 2026 was driven mainly by information and communication (telecommunication), agriculture (crop production); trade; manufacturing (cement); finance and insurance (financial institutions).

Others were real estate, construction and transportation and storage (road transport), all accounting for positive GDP growth. (NAN)

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