Nigeria: GDP Growth Moderates to 3.9% in Q1.

Nigeria's economy expanded by 3.89% year-on-year in Q1 2026, moderating from a 4.07% advance in the previous three-month period. Growth slowed sharply in the all-important oil sector (2.57% vs 6.79% in Q4). The average daily crude oil production reached 1.55 million barrels per day in Q4, lower than 1.62 million bpd in the same period last year and 1.58 million bpd in Q4 2025, attributed to several factors including aged facilities and oil theft. The non-oil sector rose 3.94%, slightly easing from 3.99% in Q4 but maintaining a robust pace, supported by services (4.31%), industry (3.50%) and agriculture (3.15%). Within services, the strongest gains were recorded in information & communication (10.98%), financial & insurance (8.54%), transportation & storage (7.41%), real estate (2.29%) and trade (2.08%). Manufacturing (3.29%) also contributed positively, with oil refining surging 37.46% and cement production jumping 11.53%.