The economy of Nigeria advanced 1.87% year-on-year in the first quarter of 2020 compared to a 2.55% growth in the previous period, against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade. It was the slowest pace of economic expansion since the third quarter of 2018, reflecting the earliest effects of the disruption, mainly in the non-oil sector (1.55% vs 2.27% in Q4), amid declines in internal trade (-2.82% vs -0.58%); accommodation & food services (-2.99% vs 2.05%); public administration (-8.72% vs 0.06%); administrative & support services (-1.9% vs 1.27%). Also, output grew less in manufacturing (0.43% vs 1.24%) and agriculture (2.20% vs 2.31%). At the same time, the all-important oil sector lost steam (5.06% vs 6.36%). On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period.
GDP Annual Growth Rate in Nigeria averaged 3.79 percent from 1982 until 2020, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on July of 2020. source: National Bureau of Statistics, Nigeria
GDP Annual Growth Rate in Nigeria is expected to be -4.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 0.60 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 1.70 percent in 2021 and 2.30 percent in 2022, according to our econometric models.