LAGOS – Nigeria’s Gross Domestic Product grew by 3.89% year-on-year in real terms in the first quarter of 2026, driven by a dominant services sector, the National Bureau of Statistics (NBS) reported on Monday.
The economic expansion reflects a significant acceleration from the 3.13% growth recorded in the corresponding quarter of 2025, though it shows a marginal deceleration from the 4.07% performance in the preceding quarter.
According to the bureau’s data, the aggregate nominal value of the economy reached ₦110.79 trillion ($80.69 billion) during the three-month period under review, while real GDP stood at ₦51.26 trillion.
The services sector sustained its status as the primary engine of national economic output, contributing a commanding 57.73% share to the total aggregate GDP in the first quarter of the year.
The strong quarterly start builds directly onto the positive growth trajectory observed throughout last year, where full-year economic growth concluded at a resilient 3.87%, up from 3.38% recorded in 2024.
However, the quarter’s positive growth trajectory collided with a severe global energy price shock triggered by the escalation of the U.S.–Iran conflict, which severely disrupted domestic price stability.
The geopolitical confrontation pushed global Brent crude prices to average an elevated $100 per barrel for 11 consecutive weeks, triggering a sharp domestic fuel price shock across Nigeria.
“The growth numbers demonstrate structural resilience in the non-oil economy, particularly telecommunications and financial services,” an NBS official stated during the report’s presentation in Abuja.
The sudden energy crisis effectively ended an 11-month streak of declining inflation, forcing a sharp trend reversal as domestic transportation and logistics costs surged by 16.9% in March alone.
Economic analysts maintain that sustaining this momentum requires stronger non-oil productivity and structural fiscal interventions, particularly as high consumer prices and foreign exchange volatility continue to test domestic purchasing power.
