Nigeria GDP Annual Growth Rate  1982-2018 | Data | Chart | Calendar

The economy of Nigeria expanded 1.9 percent year-on-year in the first quarter of 2018, easing from an upwardly revised 2.1 percent growth in the previous period. It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed. On a quarterly basis, the economy shrank 13.4 percent, after expanding 4.7 percent in the prior quarter. GDP Annual Growth Rate in Nigeria averaged 3.88 percent from 1982 until 2018, 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.

Nigeria GDP Annual Growth Rate
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Nigeria GDP Growth Slows to 1.9% in Q1


The economy of Nigeria expanded 1.9 percent year-on-year in the first quarter of 2018, easing from an upwardly revised 2.1 percent growth in the previous period. It is the fourth consecutive quarter of expansion, as the oil sector continued to rise while the non-oil output growth slowed.

The oil sector grew 14.7 percent year-on-year in the first quarter of 2018, accelerating from a 11.2 percent expansion in the prior period. The country produced 2.0 million barrels of crude oil per day, up from 1.75 mbpd in the same period a year earlier. As a result, the oil sector accounted for 9.6 percent of the GDP compared to 8.5 percent a year ago.

The non-oil sector advanced 0.7 percent, after increasing 1.5 percent in the prior period.

Growth eased for: agriculture (3.0 percent compared to 4.2 percent in Q4 2017); transportation and storage (14.5 percent compared to 16.6 percent); food and accomodation services (0.3 percent compared to 0.8 percent); electricity, gas, steam and air conditioning supply (4.9 percent compared to 16.0 percent) and arts, entertainment and recreation (0.3 percent compared to 3.5 percent). Additionally, output contracted for construction (-1.5 percent compared to 4.1 percent) and internal trade (-2.6 percent compared to 2.1 percent). Also, production dropped further for public administration (-1.7 percent compared to -0.5 percent) and real estate activities (-9.4 percent compared to -5.9 percent) and continued to fall for social services (-0.4 percent). On the other hand, output increased at a faster pace for financial and insurance (13.3 percent compared to 0.2 percent); manufacturing (3.4 percent compared to 0.1 percent); mining and quarrrying (14.9 percent compared to 10.7 percent) and water supply, sewerage, waste management and remediation (11.6 percent compared to 1.2 percent). In addition, production rebounded for information and telecommunication (1.6 percent compared to -1.5 percent) and education (0.5 percent compared to -1.0 percent).

On a quarterly basis, the economy shrank 13.4 percent, after expanding 4.7 percent in the previous quarter.


National Bureau of Statistics | Stefanie Moya | stefanie.moya@tradingeconomics.com
5/21/2018 9:29:05 AM



Calendar GMT Actual Previous Consensus TEForecast
2017-11-20 08:00 AM GDP Growth Rate YoY 1.4% 0.72% 2.5%
2018-02-27 07:55 AM GDP Growth Rate YoY 1.92% 1.4% 1.65% 1.8%
2018-05-21 07:30 AM GDP Growth Rate YoY 1.9% 2.1% 2.1%
2018-08-27 08:00 AM GDP Growth Rate YoY 1.9% 2.9%
2018-11-27 08:00 AM GDP Growth Rate YoY 3.4%


Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate -13.40 4.71 10.59 -13.98 percent [+]
GDP Annual Growth Rate 1.94 2.11 19.17 -7.81 percent [+]
GDP 405.10 481.10 568.50 4.20 USD Billion [+]
GDP Constant Prices 16244997.20 18819659.00 18819659.00 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2380379.81 2129446.84 2873296.49 17236.65 NGN Million [+]
GDP per capita 2457.80 2562.50 2563.10 1089.10 USD [+]
GDP per capita PPP 5438.90 5670.60 5671.90 2750.10 USD [+]
GDP From Agriculture 4859436.87 5189365.99 5189365.99 2594759.86 NGN Million [+]
GDP From Construction 650767.19 649140.64 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1595563.65 1647681.91 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1547119.11 1366252.43 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 358496.20 428922.14 614330.87 358496.20 NGN Millions [+]
GDP From Services 6938494.45 5857352.47 7087965.28 4564086.31 NGN Millions [+]
GDP From Transport 241534.71 253325.52 253325.52 144848.60 NGN Millions [+]
GDP From Utilities 61027.25 126320.85 126320.85 51342.43 NGN Million [+]


Nigeria GDP Annual 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. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2018.

Actual Previous Highest Lowest Dates Unit Frequency
1.94 2.11 19.17 -7.81 1982 - 2018 percent Quarterly
Constant 2010 Prices




GDP annual growth rate by Country
Country Last
Turkey 7.30 Dec/17
India 7.20 Dec/17
China 6.80 Mar/18
Indonesia 5.06 Mar/18
Canada 2.90 Dec/17
Spain 2.90 Mar/18
United States 2.90 Mar/18
Netherlands 2.80 Mar/18
South Korea 2.80 Mar/18
Euro Area 2.50 Mar/18
Australia 2.40 Dec/17
Germany 2.30 Mar/18
Brazil 2.10 Dec/17
France 2.10 Mar/18
Switzerland 1.90 Dec/17
Italy 1.40 Mar/18
Mexico 1.30 Mar/18
Russia 1.30 Mar/18
United Kingdom 1.20 Mar/18
Japan 0.90 Mar/18


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