Nigeria's Economic Growth Remains Strong Amid Steady Oil Output

Nigeria's economic growth remains strong, according to the Organisation of Petroleum Exporting Countries (OPEC). The country's economy expanded by 3.9 per cent year-on-year in the first quarter of 2026, with a slight decrease from the previous quarter's 4.0 per cent.

The non-oil sector continues to drive growth, led by agriculture, manufacturing, construction, trade, finance, and insurance. Higher oil output has improved fiscal revenues, foreign exchange inflows, and external buffers.

OPEC notes that the Stanbic IBTC Bank Nigeria Purchasing Managers' Index eased to 52.5 in July, but still signals a sixth consecutive monthly improvement in private-sector conditions. Firms reported increased new orders due to improved customer demand, better pricing, and new product launches.

The Dangote Petroleum Refinery has become a major source of locally refined petroleum products, reducing some import-related pressures. OPEC expects improved fuel availability to support energy supply while easing some import-related pressures.