Oil output, reforms sustain Nigeria’s economic growth – OPEC

Nigeria's economic growth remains robust, according to the Organisation of the Petroleum Exporting Countries (OPEC). In the first quarter of 2026, the country's economy expanded by 3.9% year-on-year, slightly below the 4.0% growth rate recorded in the fourth quarter of 2025. The non-oil sector continues to be the primary driver of this expansion, with contributions from agriculture, manufacturing, construction, trade, finance, and insurance.

OPEC's assessment highlights that increased oil output has bolstered fiscal revenues, foreign exchange inflows, and external buffers. Despite a slight decline in the purchasing managers' index, indicating a moderating momentum in private-sector activity, firms reported higher new orders driven by improved customer demand, better pricing, and new product launches.

The Dangote Petroleum Refinery, with a capacity of 650,000 barrels per day, is playing a crucial role in enhancing domestic refining capacity and reducing reliance on petroleum imports.

Brief written by urgent.news from Punch Nigeria's own syndicated text. Machine-written — may contain errors; check the original before relying on it.