The Gross Domestic Product (GDP) in Nigeria contracted 13.90 percent in the first quarter of 2021 over the previous quarter. source: National Bureau Of Statistics, Nigeria

GDP Growth Rate in Nigeria averaged 0.77 percent from 2010 until 2021, reaching an all time high of 12.12 percent in the third quarter of 2020 and a record low of -14.27 percent in the first quarter of 2020. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on October of 2021.

GDP Growth Rate in Nigeria is expected to be 9.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria GDP Growth Rate is projected to trend around 4.00 percent in 2022 and 6.00 percent in 2023, according to our econometric models.

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Nigeria GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2020-11-23 08:00 AM Q3 12.1% -5% -2.7%
2021-02-18 01:00 PM Q4 9.7% 12.1% 3%
2021-05-23 05:00 PM Q1 -13.9% 9.7% -14.6%
2021-08-26 07:30 AM Q2 -0.8% -13.9% -2.5%
2021-11-24 08:00 AM Q3 -0.8% 9%

Nigeria GDP Growth Rate
Nigeria is one of the most developed countries in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP.

Nigeria Last Unit Reference Previous Highest Lowest
GDP Growth Rate -13.90 percent Mar/21 -0.80 12.12 -14.27
GDP Annual Growth Rate 5.00 percent Jun/21 0.51 6.88 -6.10
GDP Constant Prices 16694666.15 NGN Million Jun/21 16826890.29 19550147.90 12583478.33
Gross Fixed Capital Formation 2944319.35 NGN Million Dec/20 2396979.75 3108123.30 17236.65
GDP From Utilities 183591.69 NGN Million Jun/21 71340.47 183591.69 51342.43
GDP From Transport 209788.41 NGN Millions Jun/21 231805.43 296779.23 118654.96
GDP From Services 6694697.46 NGN Millions Jun/21 6514172.17 7707176.57 4564086.31
GDP From Public Administration 368209.62 NGN Millions Jun/21 278241.06 614330.87 278241.06
GDP From Mining 1239461.07 NGN Million Jun/21 1556073.55 2406675.90 1147137.70
GDP From Manufacturing 1451511.22 NGN Million Jun/21 1670393.69 1718985.30 875408.17
GDP From Construction 532693.68 NGN Million Jun/21 692520.88 752833.66 369190.91
GDP From Agriculture 3969697.16 NGN Million Jun/21 3760880.60 5484063.93 2594759.86