Nigeria GDP Annual Growth Rate2021 Data | 2022 Forecast | 2011-2020 Historical

The economy of Nigeria advanced 5% yoy in the Q2 of 2021, much faster than a 0.51% rise in the prior period. It is the third consecutive quarterly growth since Nigeria’s economy dipped into recession in the Q3 of 2020 and the strongest since the last quarter of 2014, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions. The expansion was driven by the non-oil sector which grew 6.7% (vs 0.8% in Q1), with main positive contributions from trade, information and communication, transportation, electricity, agriculture and manufacturing. Conversely, the oil sector shrank 12.65%, reflecting lower oil output as the average daily crude oil production stood at 1.61 million barrels per day, down from 1.72 mbps in Q4 and 1.81 mbps a year ago. On a quarterly basis, the GDP decreased 0.8%.

The economy of Nigeria advanced 0.51% yoy in the Q1 of 2021, slightly faster than a 0.11% rise in the prior period. It is the second consecutive quarterly growth since Nigeria’s economy dipped into recession in the Q3 of 2020, helped by easing Covid-19 restrictions and higher oil prices. The non-oil sector grew 0.8% (vs 1.7% in Q4), driven mainly by information & communication (6.3%); agriculture (2.3%); the manufacture of food, beverage & tobacco (7.1%); real estate (1.8%); construction (1.4%) and human health & social services (4.7%). Conversely, the oil sector shrank 2.2%, following a 19.8% plunge in the previous period. In the first quarter of the year, average daily crude oil production stood at 1.72 million barrels per day, up from 1.56 mbps in Q4 but below 2.07 mbps a year ago. On a quarterly basis, the GDP declined 13.9%, after expanding 9.7% in the previous quarter, reflecting a generally slower pace of economic activities at the start of the year.

The economy of Nigeria advanced 0.1% yoy in the Q4 of 2020, following a 3.6% contraction in the previous period. It marks the first positive quarterly growth in the last three quarters, reflecting the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters. The non-oil sector grew 1.7%, recovering modestly from a 2.5% decline in Q3, boosted by telecommunications & information services (17.6% vs 17.4%). Other important contributions came from agriculture (3.4% vs 1.4%) and real estate (2.8% vs -13.4%). Meanwhile, the oil sector plunged 19.8%, following a 13.9% slump, amid lower crude oil production (1.56 million barrels per day, down from 1.67 mbps in Q3 and 2 mbps a year ago). On a quarterly basis, the GDP grew 9.7%, after increasing 12.1% in the previous quarter. In 2020, the economy shrank 1.9%, compared with a 2.3% expansion in 2019.

The economy of Nigeria shrank 3.6% yoy in the third quarter of 2020, following a 6.1% plunge in the previous period. It marks the second recession in the country in four years, amid still-subdued oil prices and lingering effects of the restrictions implemented across the country in early Q2 in response to the COVID-19. The oil sector declined 13.9%, following a 6.6% slump in the second quarter, amid lower crude oil production (1.67 million barrels per day, down from 1.81 mbps in Q2 and 2.04 mbps a year ago). Meanwhile, the non-oil sector shrank 2.5%, less than 6.1% in the Q2 amid softer declines in transportation & storage (-43% vs -49%); accommodation & food service (-22.6% vs -40.2%); trade (-12.1% vs -17%) and manufacturing (-1.5% vs -8.8%). Meantime, the information & communication continued to grow notably (14.6% vs 16.5%). On a quarterly basis, the GDP grew 12.1%, the most since at least the Q2 of 2010, recovering sharply from a 5% contraction in the previous quarter.