Q1 2026 GDP Report: Economy Continues Gradual Recovery — CPPE

By Gabriel Ewepu

The Centre for the Promotion of Private Enterprises (CPPE) has commented on the National Bureau of Statistics’ (NBS) Q1 2026 Gross Domestic Product (GDP) report, which shows a year‑on‑year real GDP growth of 3.89 %. CPPE says the economy is continuing on a gradual recovery path.

In a statement signed by CPPE Chief Executive Officer Dr Muda Yusuf, the organisation noted that the 3.89 % growth figure is slightly lower than the 4.0 % recorded in Q4 2025 and higher than the 3.13 % growth reported in Q1 2025. “We view the report with cautious optimism,” Yusuf said.

CPPE highlighted that the Q1 2026 data reflect a resilient services sector, growth in digital activities, trade, construction and an expanding domestic refining capacity. However, the report also reveals structural weaknesses, particularly in power supply, industrial productivity and export competitiveness.

“The next phase of economic reform should focus more deliberately on productivity enhancement, industrialisation, power sector reforms, export competitiveness and inclusive growth,” Yusuf added. “These remain the critical foundations for sustainable economic transformation and improved welfare outcomes for Nigerians.”

Yusuf said the performance indicates continued macro‑economic stabilization, rising business confidence and the resilience of key non‑oil sectors. He noted that a moderation relative to the preceding quarter is not unusual, as first‑quarter activity is typically softer because of seasonal and business‑cycle factors. “Overall, the economy remains on a gradual recovery path,” he said.

“The GDP numbers are encouraging from a macroeconomic standpoint, but concerns remain regarding the quality, inclusiveness and welfare impact of growth,” Yusuf added. He warned that weak electricity supply, modest industrial contribution, fragile oil output and high operating costs continue to constrain employment generation, productivity and household welfare.

“Economic growth must ultimately translate into improved living conditions, stronger purchasing power and better welfare outcomes for citizens. Growth without inclusion delivers limited economic and social dividends,” he said.

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