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%. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria averaged 2.56 percent from 2011 until 2021, reaching an all time high of 6.88 percent in the first quarter of 2011 and a record low of -6.10 percent in the second quarter of 2020. 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 October of 2021.

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. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.70 percent in 2022 and 2.60 percent in 2023, according to our econometric models.

Ok
Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices.

The Trading Economics Application Programming Interface (API) provides direct access to our data. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

Please Paste this Code in your Website
width
height
Nigeria GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2020-11-23 08:00 AM Q3 -3.62% -6.10% -4.8%
2021-02-18 01:00 PM Q4 0.11% -3.62% -2.8%
2021-05-23 05:00 PM Q1 0.51% 0.11% 2%
2021-08-26 07:30 AM Q2 5% 0.51% 5.8%
2021-11-24 08:00 AM Q3 5% 4%


News Stream
Nigeria GDP Growth Strongest since 2014
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%.
2021-08-26
Nigeria's Recovery Remains Fragile
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.
2021-05-24
Nigeria Exits Recession in Q4
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.
2021-02-18
Nigeria Economy Slips into Recession in Q3
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.
2020-11-23

Nigeria Last Unit Reference Previous Highest Lowest
GDP Growth Rate -13.90 percent Mar/21 -0.80 12.12 -14.27
GDP Annual Growth Rate 5.00 percent Jun/21 0.51 6.88 -6.10
GDP Constant Prices 16694666.15 NGN Million Jun/21 16826890.29 19550147.90 12583478.33
Gross Fixed Capital Formation 2944319.35 NGN Million Dec/20 2396979.75 3108123.30 17236.65
GDP From Utilities 183591.69 NGN Million Jun/21 71340.47 183591.69 51342.43
GDP From Transport 209788.41 NGN Millions Jun/21 231805.43 296779.23 118654.96
GDP From Services 6694697.46 NGN Millions Jun/21 6514172.17 7707176.57 4564086.31
GDP From Public Administration 368209.62 NGN Millions Jun/21 278241.06 614330.87 278241.06
GDP From Mining 1239461.07 NGN Million Jun/21 1556073.55 2406675.90 1147137.70
GDP From Manufacturing 1451511.22 NGN Million Jun/21 1670393.69 1718985.30 875408.17
GDP From Construction 532693.68 NGN Million Jun/21 692520.88 752833.66 369190.91
GDP From Agriculture 3969697.16 NGN Million Jun/21 3760880.60 5484063.93 2594759.86


Nigeria GDP Annual Growth Rate
Nigeria is the biggest economy 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.