Nigeria’s economy recorded a modest slowdown in the first quarter of 2026, growing by 3.89 per cent year-on-year compared to the 4.07 per cent growth posted in the last quarter of 2025, according to new data released by the country’s statistics office on Monday.
The latest figures indicate that both the oil and non-oil sectors expanded at a slower pace during the January-to-March period, reflecting ongoing economic pressures despite recent reforms introduced by the Federal Government.
Data from the National Bureau of Statistics showed that Nigeria’s oil production also declined slightly in the first three months of the year.
Average daily crude oil output stood at 1.55 million barrels per day, lower than the 1.58 million barrels recorded in the fourth quarter of 2025.
Since assuming office in 2023, President Bola Ahmed Tinubu has implemented a series of major economic reforms aimed at stabilising public finances and driving long-term growth.
The measures include the removal of fuel and electricity subsidies, reforms to the tax system, and the devaluation of the naira.
Economic analysts say the reforms have begun to show gradual results, with Nigeria’s annual real GDP growth improving from 3.38 per cent in 2024 to 3.87 per cent in 2025.
However, the growth rate still remains below the Federal Government’s target of achieving 7 per cent annual expansion by 2027.
The latest growth report comes as political attention gradually shifts toward the 2027 general elections, where Tinubu is expected to seek a second and final term in office.
Despite the slight slowdown, experts believe continued reforms, improved oil output, and stronger investor confidence will play key roles in determining the country’s economic direction for the rest of the year.
