By Kofoworola Fakeye, JKNewsMedia Reporter
GROSS DOMESTIC Product (GDP) growth rate in Nigeria slowed to 3.89 percent year-on-year in real terms in first quarter 2026 as the National Bureau of Statistics (NBS) released its latest GDP report on Monday.
JKNewsMedia.com reports that NBS notes the figure marks a decline from 4.07 percent recorded in fourth quarter 2025 but stands above 3.13 percent in first quarter 2025.
“The National Bureau of Statistics said agriculture grew by 3.15%, an improvement from the 0.07% recorded in the corresponding quarter of 2025,” the NBS said.
“The growth of the industry sector stood at 3.50% from 3.42% recorded in the first quarter of 2025, while the services sector recorded a growth of 4.31% from 4.33% in the same quarter of 2025.”
NBS also notes that the services sector contributed 57.73 percent to aggregate GDP in first quarter 2026, compared with 57.5 percent in the corresponding quarter of 2025 and added that aggregate GDP stood at N110.78 trillion in nominal terms during the period under review.
The NBS further said this is higher than N94 trillion recorded in first quarter 2025, reflecting a nominal growth of 17.79 percent.
Real GDP was reported at N51.26 trillion in first quarter 2026 noting that average daily oil production stood at 1.55 million barrels per day in first quarter 2026.
This is lower than the daily average output of 1.62 mbpd by 0.06 mbpd and also below fourth quarter 2025 production of 1.58 mbpd by 0.03 mbpd, the NBS said.
“The real growth of the oil sector was 2.57 (year on year) in first quarter 2026, indicating an increase of 0.70% points relative to the rate recorded in the corresponding quarter of 2025 (1.87%),” the NBS said.
“Growth decreased by 4.22% points when compared to fourth quarter 2025, which was 6.79%. On a quarter on quarter basis, the oil sector recorded a growth rate of 9.31% in first quarter 2026.”
According to NBS, the report shows the oil sector contributed 3.92 percent to total real GDP in first quarter 2026, down from 3.97 percent in the corresponding period of 2025 and up from 2.87 percent in fourth quarter 2025.
The non oil sector contributed 96.08 percent to GDP in real terms during the review period. This compares with 96.03 percent in first quarter 2025 and 97.13 percent in fourth quarter 2025.
“The non oil sector grew by 3.94 percent in real terms during the reference quarter (first quarter 2026),” the NBS report reads. “This rate was higher by 0.75% points compared to the rate recorded in the same quarter of 2025, which was 3.19%, and lower than the 3.99% recorded in the fourth quarter of 2025.”
JKNewsMedia.com also reports that the bureau said growth in the non-oil sector was driven mainly by information and communication telecommunications, agriculture crop production, trade33, manufacturing cement, financial and insurance financial institutions, real estate, construction, and transportation and storage road transport.
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