James Emejo in Abuja
The country’s Gross Domestic Product (GDP) growth rate declined to 3.89 per cent in the first quarter of the year (Q1 2026) compared to 4.07 per cent in the preceding quarter, the National Bureau of Statistics (NBS) said Monday.
Growth was led by the services sector which contributed 57.73 per cent to the economy compared to 57.50 per cent in the corresponding quarter of 2025.
According to the GDP Q1 2026 Report, released by the statistical agency, aggregate GDP at basic price stood at N110.78 trillion in nominal terms compared to N94.05 trillion in Q1 2025.
In the review quarter, non-oil sector contributed 96.08 per cent in real terms, lower than 97.13 per cent in Q4 2025 but higher than 96.03 per cent in the corresponding quarter of last year.
On the other hand, the oil sector contributed 3.92 per cent to real GDP in Q1, compared to 2.87 per cent the preceding quarter, and 3.97 per cent in Q1 2025.
Details later…