It's really exciting to see that Nokia is actually taking initiatives to update their low-end Smartphone to the latest Android OS.
A month back, HMD Global CEO Arto Nummela said "What we are now committing (to) is that whenever a consumer buys a device, two years from that we will do the updates" and that's something really great!
That said, Nokia will be pushing the Android 7.1.1 Nougat globally for the Nokia 3. We will notify you once the update is out!
Update 1: Android 7.1.1 Nougat update for Nokia 3 got approved and will start rolling out in a few days. - Chief Product Officer of HMD Global, Juho Sarvikas.