The Gross Domestic Product (GDP) in Nigeria contracted 5 percent in the second quarter of 2020 over the previous quarter.

GDP Growth Rate in Nigeria averaged 0.63 percent from 2010 until 2020, reaching an all time high of 10.59 percent in the third quarter of 2010 and a record low of -14.30 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 2020. source: National Bureau Of Statistics, Nigeria

GDP Growth Rate in Nigeria is expected to be -2.70 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Growth Rate in Nigeria to stand at 4.00 in 12 months time. In the long-term, the Nigeria GDP Growth Rate is projected to trend around 5.10 percent in 2021 and 6.30 percent in 2022, according to our econometric models.

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Nigeria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-5.00 -14.30 10.59 -14.30 2010 - 2020 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-11-22 08:00 AM Q3 9.23% 3.02% 6%
2020-02-24 07:30 AM Q4 5.59% 9.23% 6.3%
2020-05-25 08:00 AM Q1 -14.3% 5.59% -18%
2020-08-24 07:30 AM Q2 -5% -14.3% -20%
2020-11-23 08:00 AM Q3 -5% -2.7%

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.