May 26 (THEWILL) — Nigeria’s economy grew by 3.89 percent in real terms in the first quarter of 2026, according to the latest Gross Domestic Product (GDP) report released by the National Bureau of Statistics (NBS) on Monday.
The latest figure represents a marginal decline from the 4.07 percent growth recorded in the fourth quarter of 2025.
However, it remains higher than the 3.13 percent growth posted in the corresponding period of 2025, indicating sustained economic expansion despite prevailing macroeconomic pressures.
The NBS report highlighted improved performance in the agricultural sector during the quarter under review.
Agriculture grew by 3.15 percent, a sharp increase from the 0.07 percent recorded in the first quarter of 2025.
Analysts say the rebound may reflect improved farming activities and increased government focus on food production and rural development.
The industry sector also posted moderate growth, expanding by 3.50 percent compared to 3.42 percent in the same period last year.
Meanwhile, the services sector, which remained the biggest driver of the economy, recorded a growth rate of 4.31 percent, slightly below the 4.33 percent achieved in the first quarter of 2025.
According to the bureau, the services sector contributed 57.73 per cent to Nigeria’s total GDP in Q1 2026, marginally higher than the 57.5 percent contribution recorded in the corresponding quarter of 2025.
In nominal terms, aggregate GDP rose significantly to N110.78 trillion during the quarter, compared to N94 trillion recorded in Q1 2025, representing a year-on-year nominal growth of 17.79 percent.
The report further revealed that Nigeria’s real GDP stood at N51.26 trillion in the first quarter of 2026.
Ogochukwu Onwaeze is a writer specializing in business and economic journalism. At THEWILL News Media, she translates market trends, financial developments, and policy shifts into clear and engaging stories.
