Nigeria’s trade sector records 17.89% GDP contribution in Q1 2026

Nigeria’s trade sector contributed 17.89% to the country’s Gross Domestic Product (GDP) in the first quarter of 2026.

This is according to the latest data released by the National Bureau of Statistics (NBS).

The latest figures demonstrate the continued importance of trade as one of the largest contributors to Nigeria’s economic output despite persistent macroeconomic pressures affecting businesses, imports, and consumer spending.

The NBS GDP report showed that the sector’s contribution in Q1 2026 was slightly lower than the 18.21% recorded in the corresponding quarter of 2025 but higher than the 16.84% posted in the fourth quarter of 2025.

What the report is saying 

The latest NBS figures showed that the trade sector recorded moderate year-on-year growth during the review period despite weaker quarter-on-quarter performance.

• The trade sector recorded a year-on-year real growth rate of 2.08% in Q1 2026, compared to 1.78% in Q1 2025 and 2.00% in Q4 2025.
• Quarter-on-quarter growth stood at negative 14.85%, reflecting a slowdown in trading activities compared to the final quarter of 2025.
• In nominal terms, the sector recorded year-on-year growth of 38.15%, significantly above the 9.13% growth recorded in Q1 2025 and the 17.05% growth posted in the preceding quarter.

The NBS stated:

• “Trade’s year-on-year growth stood at 2.08% in the first quarter of 2026, which was 0.29 percentage points higher than the rate recorded in the previous year at 1.78%, and 0.08 percentage points higher than in the preceding quarter at 2.00% growth rate.” 
• “Quarter-on-quarter growth stood at -14.85%.” 

The report also noted that trade contributed 18.20% to nominal GDP in Q1 2026, compared to 15.52% in Q1 2025 and 19.10% in Q4 2025.

What you should know

Nigeria’s economy recorded overall real GDP growth of 3.89% year-on-year in Q1 2026, indicating gradual economic expansion despite lingering structural challenges.

• Aggregate nominal GDP at basic prices rose to N110.79 trillion in Q1 2026 from N94.05 trillion recorded in the corresponding quarter of 2025.
• The trade sector remains one of the most important segments of Nigeria’s non-oil economy, contributing significantly to employment, commercial activities, and distribution networks nationwide.

Nigeria recorded a trade surplus of N1.71 trillion in the fourth quarter of 2025, even as exports declined during the period.

Exports accounted for 52.36% of Nigeria’s total trade in Q4 2025, valued at N18.96 trillion.

• Total merchandise trade declined 1.07% year-on-year and 8.94% quarter-on-quarter.
• Exports fell 5.25% from N20.01 trillion in Q4 2024 and 16.88% from N22.81 trillion in Q3 2025.
• Imports increased to N17.25 trillion, up 3.98% from Q4 2024 and 1.73% from Q3 2025.

Nairametrics reports that Nigeria’s total merchandise trade rose to N38.9 trillion in the third quarter of 2025.