The economy of Nigeria advanced 2.4 percent year-on-year in the last quarter of 2018, following a 1.8 percent expansion in the previous period and beating market expectations of a 2.1 percent gain. It was the highest growth rate since the third quarter of 2015, as the non-oil sector increased further and the oil sector contracted less. On a quarterly basis, the economy expanded 5.3 percent, lower than a 9.5 percent in the prior quarter. GDP Annual Growth Rate in Nigeria averaged 3.84 percent from 1982 until 2018, 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.
GDP Annual Growth Rate in Nigeria is expected to be 2.00 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 3.00 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.