Nigeria's GDP advanced by 3.98% yoy in the fourth quarter of 2021, the fifth consecutive quarter of economic expansion, amid the ongoing recovery from the pandemic crisis which hit hard the country's oil sector. The expansion continued to be driven by the non-oil sector (4.73%), with main positive contributions from agriculture (3.58%), trade (5.34%), information and communication (5.03%) and financial services (24.14%). On the other hand, the oil sector shrank 8.06%, reflecting lower oil output as the average daily crude oil production stood at 1.50 million barrels per day, down from 1.57 mbps in Q3 and 1.56 mbps a year ago. Despite a recovery in oil prices, Nigeria has struggled to meet its production targets due to operational challenges and insecurity coming from pipeline vandalism. On a quarterly basis, the GDP increased 9.63%, following an 11.07% jump in the third quarter. In 2021, Nigeria grew by 3.4%, the fastest expansion since 2014, better than central bank's estimate of 3%. source: National Bureau of Statistics, Nigeria
GDP Annual Growth Rate in Nigeria averaged 2.63 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 May of 2022.
GDP Annual Growth Rate in Nigeria is expected to be 3.40 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 3.40 percent in 2023 and 3.50 percent in 2024, according to our econometric models.