Nigeria’s latest Gross Domestic Product, GDP, report has triggered fresh debate among economists and financial analysts over the country’s worsening cost of living crisis.
The National Bureau of Statistics, NBS, announced that Nigeria GDP growth 2026 rose to 3.89 percent in the first quarter of the year, compared to 3.13 percent recorded during the same period in 2025.
NBS reports economic growth in Q1 2026
According to the NBS, the service sector remained the biggest contributor to the economy with 57.73 percent of total GDP.
Agriculture contributed 23.16 percent, while the industrial sector accounted for 19.11 percent.
The report also showed that nominal GDP stood at N110.79 trillion, while real GDP was valued at N51.36 trillion.
The non-oil sector contributed 96.08 percent to the economy, while the oil sector accounted for 3.92 percent.
Economists question impact of GDP growth
Despite the positive figures, several economists said Nigeria GDP growth 2026 has not improved the daily realities of ordinary Nigerians.
Former President and Chairman of the Chartered Institute of Bankers of Nigeria Council, Mazi Okechukwu Unegbu, said rising inflation and energy costs have reduced the value of the reported growth.
According to him, many Nigerians are still struggling with high prices of fuel, cooking gas and transportation.
He explained that economic growth should reflect in the lives of traders, artisans, students and low-income earners.
Rising prices worsen economic hardship
The debate comes as Nigerians continue to battle increasing living expenses across the country.
Cooking gas currently sells above N1,500 per kilogram in several cities, while petrol prices hover around N1,400 per litre.
Diesel prices have also remained high, crossing N2,000 per litre in some locations.
Economists said the rising costs have weakened purchasing power despite the reported economic expansion.
Calls for review of GDP measurement
Unegbu stated that economists are considering ways to review GDP calculations to better reflect the realities facing citizens.
He argued that market conditions and household spending should be part of measurements used to assess economic progress.
According to him, Nigeria GDP growth 2026 should not only focus on statistics but also on the welfare of citizens.
Nigerians yet to feel economic improvement
President of the Bank Customers’ Association of Nigeria, Dr Uju Ogunbunka, also questioned the relevance of the latest GDP figures to ordinary Nigerians.
He said the current economic hardship does not match the positive statistics released by the NBS.
According to Ogunbunka, millions of Nigerians are still battling inflation, expensive food items and rising utility bills.
He added that the reality in markets across the country shows that living conditions remain difficult for many households.