LAGOS, May 25 – Nigeria’s economic expansion moderated during the first quarter of the year as weaker performance in the oil industry reduced the pace of growth despite continued strength across broader segments of the economy.
New figures released by National Bureau of Statistics showed that gross domestic product grew by 3.89% year-on-year in the three months ending March, lower than the 4.07% growth recorded in the previous quarter.
The latest data suggests that while economic activity remained positive, momentum slowed as the energy sector lost some strength after earlier improvements.
The non-oil economy continued to provide support to overall growth, reflecting activity across sectors including services, trade, telecommunications and other domestic industries.
However, softer output from the oil industry weighed on headline growth and reduced the contribution of one of the country’s major export and revenue-generating sectors.
Nigeria has recently pursued reforms aimed at improving economic performance, attracting investment and increasing productivity across key sectors of the economy.
The country has also been seeking to strengthen crude production and improve energy-sector efficiency as part of broader efforts to support long-term growth.
The first-quarter figures highlight the continuing importance of economic diversification as policymakers increasingly depend on non-oil industries to reduce exposure to fluctuations within the energy market.
Investors and analysts are expected to closely monitor future economic indicators to assess whether growth momentum strengthens in the coming quarters amid evolving domestic and global conditions.
