The economy of Nigeria grew 1.8 percent year-on-year in the third quarter of 2018, up from a 1.5 percent expansion in the prior period. On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter. GDP Annual Growth Rate in Nigeria averaged 3.85 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.

GDP Annual Growth Rate in Nigeria is expected to be 1.80 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 3.20 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 3.50 percent in 2020, according to our econometric models.

Nigeria GDP Annual Growth Rate
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Calendar GMT Actual Previous Consensus TEForecast
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 07:40 AM GDP Growth Rate YoY 1.5% 1.9% 2.9%
2018-12-10 08:00 AM GDP Growth Rate YoY 1.8% 1.5% 2%
2019-02-13 07:55 AM GDP Growth Rate YoY 1.8% 1.8%
2019-05-20 07:30 AM GDP Growth Rate YoY 2%
2019-08-23 07:40 AM GDP Growth Rate YoY 3%



Nigeria GDP Grows 1.8% YoY in Q3

The economy of Nigeria grew 1.8 percent year-on-year in the third quarter of 2018, up from a 1.5 percent expansion in the prior period, as non-oil rose faster and oil sector shrank less. On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.

The oil sector shrank 2.9 percent year-on-year in the three months to September of 2018, following a 4 percent contraction in the prior period. The country produced 1.94 million barrels of crude oil per day, lower than 2.02 mbpd in the same period a year ago. As a result, the oil sector accounted for 9.4 percent of GDP compared to 9.8 percent a year earlier.

The non-oil sector increased 2.3 percent, after expanding 1.5 percent in the second quarter.

Output advanced further for information and telecommunication (12.1 percent compared to 11.8 percent in Q2); food and accomodation services (2.7 percent compared to 2.4 percent); electricity, gas, steam and air conditioning supply (18.3 percent compared to 7.6 percent); manufacturing (1.9 percent compared to 0.7 percent) and financial and insurance (4.8 percent compared to 1.3 percent). Also, production rebounded for internal trade (1 percent compared to -2.1 percent) while it increased at the same pace for agriculture (1.9 percent, the same as in Q2). On the other hand, output slowed for transportation and storage (12 percent from 21.8 percent); arts, entertainment and recreation (2.8 percent compared to 3.5 percent); water supply, sewerage, waste management and remediation (2.3 percent compared to 12 percent); construction (0.5 percent compared to 7.7 percent). Meanwhile, output declined less for real estate activities (-2.7 percent compared to -3.9 percent); mining and quarrying (-2.8 percent compared to -3.8 percent); education (-0.4 percent compared to -0.7 percent) and public administration (-1 percent compared to -5.2 percent) and production fell for social services (-0.7 percent compared to 0.4 percent). 

On a quarterly basis, the economy advanced 9.5 percent, higher than a 2.9 percent growth in the previous quarter.


National Bureau of Statistics | Agna Gabriel | agna.gabriel@tradingeconomics.com
12/10/2018 8:39:05 AM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 9.50 2.90 10.59 -13.98 percent [+]
GDP Annual Growth Rate 1.81 1.50 19.17 -7.81 percent [+]
GDP 375.77 404.70 568.50 4.20 USD Billion [+]
GDP Constant Prices 16580508.10 16106734.90 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2494431.00 2129258.00 2876293.00 17236.65 NGN Million [+]
GDP per capita 2412.41 2455.90 2563.10 1089.10 USD [+]
GDP per capita PPP 5338.45 5434.70 5671.90 2750.10 USD [+]
GDP From Agriculture 5288339.21 3789720.12 5288339.21 2594759.86 NGN Million [+]
GDP From Construction 544228.74 747860.30 747860.30 369190.91 NGN Million [+]
GDP From Manufacturing 1599043.51 1539566.75 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1696606.69 1418073.13 2406675.90 1228692.98 NGN Million [+]
GDP From Public Administration 365540.65 380006.76 614330.87 358496.20 NGN Millions [+]
GDP From Services 6067614.53 6938494.45 7087965.28 4564086.31 NGN Millions [+]
GDP From Transport 221416.44 216351.50 253325.52 144848.60 NGN Millions [+]
GDP From Utilities 111806.01 61027.25 126320.85 51342.43 NGN Million [+]


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. 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 January of 2019.

Actual Previous Highest Lowest Dates Unit Frequency
1.81 1.50 19.17 -7.81 1982 - 2018 percent Quarterly
Constant 2010 Prices




Country Last Previous
India 7.10 Sep/18
China 6.50 Sep/18
Indonesia 5.17 Sep/18
United States 3.00 Sep/18
Australia 2.80 Sep/18
Mexico 2.50 Sep/18
Saudi Arabia 2.50 Sep/18
Netherlands 2.40 Sep/18
Spain 2.40 Sep/18
Switzerland 2.40 Sep/18
Singapore 2.20 Dec/18
Canada 2.10 Sep/18
South Korea 2.00 Sep/18
Euro Area 1.60 Sep/18
Turkey 1.60 Sep/18
Russia 1.50 Sep/18
United Kingdom 1.50 Sep/18
France 1.40 Sep/18
Brazil 1.30 Sep/18
Germany 1.10 Sep/18
South Africa 1.10 Sep/18
Italy 0.70 Sep/18
Japan 0.00 Sep/18
Argentina -3.50 Sep/18


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