The Gross Domestic Product (GDP) in Nigeria expanded 9.63 percent in the fourth quarter of 2021 over the previous quarter. source: National Bureau Of Statistics, Nigeria

GDP Growth Rate in Nigeria averaged 1.15 percent from 2010 until 2021, reaching an all time high of 12.12 percent in the third quarter of 2020 and a record low of -14.27 percent in the first quarter of 2020. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.

GDP Growth Rate in Nigeria is expected to be -3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria GDP Growth Rate is projected to trend around 5.00 percent in 2023 and 6.00 percent in 2024, according to our econometric models.

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Nigeria GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2021-11-18 10:00 AM Q3 11.1% -0.8% 9%
2022-02-17 11:30 AM Q4 9.63% 11.1% 7%
2022-05-24 10:00 AM Q1 9.63% -12%

Related Last Previous Unit Reference
GDP Growth Rate 9.63 11.10 percent Dec 2021
GDP Annual Growth Rate 3.98 4.03 percent Dec 2021
GDP Constant Prices 20329062.42 18543054.58 NGN Million Dec 2021
Gross Fixed Capital Formation 2853507.61 2427910.45 NGN Million Dec 2021
Full Year GDP Growth 3.40 -1.92 percent Dec 2021
GDP From Utilities 128310.96 107693.36 NGN Million Dec 2021
GDP From Transport 335660.13 180043.45 NGN Millions Dec 2021
GDP From Services 8147459.17 6545197.45 NGN Millions Dec 2021
GDP From Public Administration 440437.08 380337.42 NGN Millions Dec 2021
GDP From Mining 1054721.28 1388798.49 NGN Million Dec 2021
GDP From Manufacturing 1719788.87 1660563.82 NGN Million Dec 2021
GDP From Construction 702725.62 596445.97 NGN Million Dec 2021
GDP From Agriculture 5456895.81 5550940.85 NGN Million Dec 2021

Nigeria GDP Growth Rate
Nigeria is one of the most developed countries 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.
Actual Previous Highest Lowest Dates Unit Frequency
9.63 11.10 12.12 -14.27 2010 - 2021 percent Quarterly