May 26 (THEWILL) — Nigeria’s trade sector accounted for 17.89 percent of the country’s Gross Domestic Product (GDP) in the first quarter of 2026, reinforcing its position as one of the largest drivers of economic activity despite persistent macroeconomic pressures on businesses and consumers.
This is according to the latest GDP report released by the National Bureau of Statistics (NBS).
The report showed that the sector’s contribution was slightly lower than the 18.21 percent recorded in the corresponding period of 2025 but higher than the 16.84 percent posted in the fourth quarter of 2025, indicating gradual recovery in commercial activities.
According to the NBS, the trade sector recorded a real year-on-year growth rate of 2.08 percent in Q1 2026, compared to 1.78 percent in Q1 2025 and 2.00 percent in the preceding quarter.
However, quarter-on-quarter growth contracted by 14.85 percent, reflecting slower trading activities relative to the strong commercial performance recorded during the final quarter of 2025.
In nominal terms, the sector recorded a year-on-year growth rate of 38.15 percent, significantly higher than the 9.13 percent growth reported in Q1 2025 and the 17.05 percent growth achieved in Q4 2025.
The NBS also disclosed that trade contributed 18.20 percent to nominal GDP during the review period, up from 15.52 percent recorded a year earlier.
Nigeria’s broader economy expanded by 3.89 percent year-on-year in Q1 2026, with aggregate nominal GDP rising to ₦110.79 trillion from ₦94.05 trillion in the corresponding period of 2025.
The trade sector remains a critical pillar of Nigeria’s non-oil economy, supporting employment, supply chains, retail distribution, and wholesale commercial activities nationwide.
Recent trade data also showed Nigeria recorded a ₦1.71 trillion trade surplus in Q4 2025 despite declining exports, as imports rose and total merchandise trade remained under pressure from weak global demand and currency-related challenges.
