The economy of Nigeria advanced 2.28 percent year-on-year in the third quarter of 2019 compared to an upwardly revised 2.12 percent rise in the previous period. It was the fastest expansion since the fourth quarter of 2018, as oil output grew the most in over three years.

GDP Annual Growth Rate in Nigeria averaged 3.81 percent from 1982 until 2019, 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. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria is expected to be 2.30 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 2.50 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.60 percent in 2020, according to our econometric models.

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Nigeria GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
2.28 2.12 19.17 -7.81 1982 - 2019 percent Quarterly
Constant 2010 Prices

Calendar GMT Actual Previous Consensus TEForecast
2019-02-12 07:30 AM Q4 2.4% 1.8% 2.1% 1.8%
2019-05-20 07:30 AM Q1 2.01% 2.4% 2.1% 2.1%
2019-09-03 08:00 AM Q2 1.94% 2.10% 1.8%
2019-11-22 08:00 AM Q3 2.28% 2.12% 2.0%
2020-02-24 08:00 AM Q4 2.12% 2.2%

News Stream
Nigeria GDP Grows 1.94% YoY in Q2
The economy of Nigeria grew 1.94 percent year-on-year in the second quarter of 2019, easing from an upwardly revised 2.10 percent expansion in the prior period. Stable oil output and the successful political transition were the main drivers of growth.

Nigeria Q1 GDP Annual Growth Below Forecasts
Nigeria’s gross domestic product advanced 2.0 percent year-on-year in the first quarter of 2019, easing from a 2.4 percent expansion in the previous period and below market expectations of 2.1 percent, mainly due to a steeper contraction in the country's oil sector. On a quarterly basis, the economy shrank 13.8 percent, after a 5.3 percent growth in the last quarter of 2018. It was the steepest contraction in GDP since the March quarter of 2016.

Nigeria Q4 GDP Annual Growth Rate Strongest Since 2015
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.

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.

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 [+]