Nigeria's economy grew 3.89% year-on-year in the first quarter of 2026, slightly down from 4.07% in the previous quarter, official data showed.
Growth slowed in both oil and non-oil sectors compared to Q4 2025, according to the National Bureau of Statistics.
Since taking office in 2023, President Bola Tinubu has scrapped costly fuel and power subsidies, devalued the naira, and overhauled the tax system to strengthen public finances and boost growth in Africa's most populous nation.
The economy has picked up pace, with real growth reaching 3.87% in 2025 from 3.38% in 2024, but still far from Tinubu's 7% annual target for 2027.
Tinubu will seek a second and final four-year term in elections next January.
Nigeria's average daily oil production stood at 1.55 million barrels per day in Q1 2026, versus 1.58 million in Q4 2025.
