Nigeria economic growth slows slightly in first quarter

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May 25, 2026 9:40 AM EDT

A drone view of the Marina in Lagos, Nigeria, December 2, 2025. REUTERS/Sodiq Adelakun

ABUJA, May 25 (Reuters) - ‌Nigeria's economy ​grew ​3.89% year-on-year in the first quarter of 2026, down slightly from the final ‌quarter of last year's 4.07% growth rate, ⁠official data showed on Monday.

• Growth slowed in both ‌the oil and non-oil ‌sectors when compared with the fourth quarter of 2025, the National Bureau of Statistics said ​in a report.

• Since taking office in 2023, President Bola Tinubu has scrapped costly fuel ⁠and power subsidies, devalued the naira currency and overhauled the tax ​system to try to strengthen public finances and boost growth in Africa's most ​populous nation.

• The economy has ‌started to pick up pace, with growth reaching 3.87% in real terms ⁠in 2025 from 3.38% in 2024, but it is still well short of the 7% annual growth ⁠rate that Tinubu has targeted for 2027.

• Tinubu will seek ​a second and final four-year presidential term at an election in January next year.

• Nigeria's average daily oil ‌production stood at 1.55 million barrels per day in the first three ‌months of this year, versus 1.58 million in ⁠the fourth quarter of ‌2025, statistics agency ​data showed.

(Reporting by Elisha Bala-Gbogbo and Shamsuddin Md;Editing by Alexander Winning and Toby ‌Chopra)


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