Nigeria GDP Annual Growth Rate1982-2020 Data | 2021-2023 Forecast | Calendar

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.

The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. It was the first contraction since the Q1 of 2017 and the steepest since the Q1 of 2004, amid still-subdued oil prices and lower levels of global economic activity resulting from nationwide shutdown efforts aimed at containing the Covid-19 pandemic. The oil sector declined 6.6%, after rising 5.1% in the first quarter, amid lower crude oil production (1.81 million barrels per day, down from 2.07 mbpd in Q1 and 2.02 mbpd a year ago). Also, the non-oil sector posted the first decline since the third quarter of 2017 (-6.1% vs 1.6%), as the pandemic hit critical activities such as transportation & storage (-49% vs 2.8% in Q1); accommodation & food services (-40.2% vs -3%); construction (-31.8% vs 1.7%) and internal trade (-16.6% vs -2.8%).On a quarterly basis, the GDP shrank 5%, following a 14.27% plunge in the preceding quarter.

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.