Nigeria’s GDP Growth Slips to 3.89% in Q1 2026 as Oil Output Drops
By Aboki Forex —
Nigeria’s economy grew 3.89% year-on-year in the first quarter of 2026, official data showed on Monday. That is a slight slowdown from the 4.07% growth recorded in the final quarter of 2025.
The National Bureau of Statistics said growth slowed in both the oil and non-oil sectors compared with the previous quarter.
Since taking office in 2023, President Bola Tinubu has scrapped costly fuel and power subsidies, devalued the naira, and overhauled the tax system. The goal is to strengthen public finances and boost growth in Africa’s most populous nation.
The economy has picked up pace. Real GDP growth hit 3.87% in 2025, up from 3.38% in 2024. But that is still far below the 7% annual growth target Tinubu has set for 2027.
Tinubu will seek a second and final four-year term at the presidential election in January 2027.
Average daily oil production stood at 1.55 million barrels per day in the first three months of 2026. That is down from 1.58 million barrels per day in the fourth quarter of 2025, according to the statistics agency.