Nigeria's economy expanded by 4.2% in the first quarter of 2026, the fastest growth rate since before the COVID-19 pandemic, according to figures released by the National Bureau of Statistics on Thursday.

The NBS report shows that services — which now constitute the largest share of the economy at 55% of GDP — grew 5.8% year-on-year, led by information and communication technology (up 14.2%), financial services (up 8.6%), and trade (up 4.9%).

Agriculture outperforms

Agriculture grew 3.7% — its strongest performance in four years — as improved access to fertiliser subsidies and better weather conditions boosted output across the north. Rice production reached 9.2 million metric tonnes, reducing import dependence for the first time in a decade.

The oil sector contracted 1.2% as production averaged 1.72 million barrels per day, below the budget benchmark of 2.06 million, due to ongoing pipeline maintenance in the Niger Delta. However, the Finance Ministry said higher oil prices partially offset the volume shortfall in revenue terms.

"These numbers show that the painful reforms of 2023 and 2024 are bearing fruit. Nigeria is growing again — and this time, the growth is broad-based." — Finance Minister Wale Edun