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.