The economy of Nigeria advanced 9.23 percent on quarter in the third quarter of 2019, accelerating from an upwardly revised 3.02 percent growth in the preceding quarter. It was the fastest quarterly expansion since the third quarter of 2012.

GDP Growth Rate in Nigeria averaged 1.26 percent from 2010 until 2019, reaching an all time high of 10.59 percent in the third quarter of 2010 and a record low of -13.97 percent in the first quarter of 2016. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. source: National Bureau Of Statistics, Nigeria

GDP Growth Rate in Nigeria is expected to be 6.30 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 9.40 in 12 months time. In the long-term, the Nigeria GDP Growth Rate is projected to trend around 6.70 percent in 2020, according to our econometric models.

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Nigeria GDP Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
9.23 3.02 10.59 -13.97 2010 - 2019 percent Quarterly

Calendar GMT Actual Previous Consensus TEForecast
2019-02-12 07:30 AM Q4 5.3% 9.5% 5%
2019-05-20 07:30 AM Q1 -13.8% 5.3% -13%
2019-09-03 08:00 AM Q2 2.85% -13.69% 2%
2019-11-22 08:00 AM Q3 9.23% 3.02% 6%
2020-02-24 08:00 AM Q4 6.3%


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 GDP Last Previous Highest Lowest Unit
GDP Growth Rate 9.23 3.02 10.59 -13.97 percent [+]
GDP Annual Growth Rate 2.28 2.12 19.17 -7.81 percent [+]
GDP 397.30 375.70 568.50 4.20 USD Billion [+]
GDP Constant Prices 18697323.82 17047418.43 19277641.99 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2798505.79 2799691.71 2876293.11 17236.65 NGN Million [+]
GDP per capita 2396.30 2412.40 2563.90 1145.80 USD [+]
GDP per capita PPP 5315.82 5351.44 5687.59 2991.83 USD [+]
GDP From Agriculture 5408978.92 3857705.59 5408978.92 2594759.86 NGN Million [+]
GDP From Construction 557147.53 752833.66 752833.66 369190.91 NGN Million [+]
GDP From Manufacturing 1616584.66 1537522.17 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1806746.96 1491129.02 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 367755.38 367112.43 614330.87 307550.32 NGN Millions [+]
GDP From Services 6517283.97 6259209.21 7196009.75 4564086.31 NGN Millions [+]
GDP From Transport 261809.92 233705.81 288637.00 144848.60 NGN Millions [+]
GDP From Utilities 117091.44 64825.41 127728.46 51342.43 NGN Million [+]