Nigeria's economy grew 3.89% year-on-year in the first quarter of 2026, falling short of the 4% market expectation. The non-oil sector, particularly services, was the primary driver, accounting for 96% of GDP, while oil production saw a slight decrease.
The slightly missed GDP growth figure indicates potential headwinds for Nigeria's economy, impacting investor sentiment and government revenue projections, particularly given the reliance on the non-oil sector.
Nigeria's economy expanded by 3.89% year-on-year in the first quarter of 2026, a rate slightly below the 4% anticipated by market analysts. The oil sector's output averaged 1.55 million barrels per day during the quarter, a decrease from the 1.58 million barrels per day seen in the fourth quarter of 2025. Despite this, the non-oil sector was the primary driver of economic activity, accounting for 96% of the total GDP. The services sector was particularly strong, growing by 5.2% year-on-year and contributing 40% to the overall GDP, with agriculture and industry also supporting the non-oil sector's performance.
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