Nigeria Q1 2026 GDP Growth at 3.89% — Non-Oil Sector Drives 96% of Economy

The National Bureau of Statistics (NBS) released Nigeria's Q1 2026 GDP figures on May 25, showing real year-on-year growth of 3.89% — up significantly from 3.13% in Q1 2025 but slightly below the 4.07% recorded in Q4 2025. The nominal GDP for Q1 2026 was valued at N110.79 trillion. The non-oil sector drove an overwhelming 96% of GDP, reflecting the structural shift in Nigeria's economy since the 2023 subsidy removal, with agriculture, services, and manufacturing leading growth. Agriculture rebounded to 3.15% growth after a challenging prior year. The ICT and financial services sectors continued to outperform, with fintech in particular continuing to expand. The IMF's April 2026 forecast of 4.1% real growth for the full year 2026 remains achievable but analysts noted headwinds from persistent food inflation (16.06% in April) and electricity sector constraints. The Q1 data was broadly welcomed by the Tinubu administration as evidence that economic reforms — particularly naira unification and subsidy removal — are bearing fruit, though opposition and labour groups noted ordinary Nigerians continue to feel squeezed by high costs.