Nigeria's economy advanced by 2.54% from a year ago in the third quarter of 2023, after rising by 2.51% in the prior three-month period. It marks the 12th consecutive quarter of economic expansion, underpinned by the non-oil sector (+2.75%), notably the services sector (+3.99%). Finance & insurance (28.2%), information & communication (+6.7%) and accommodation & food services (+3.6%) recorded the strongest gains. Additional positive contributions came from agriculture (+1.3%) and the industrial sector (+0.5%). Meanwhile, the dominant oil sector contracted at a much slower pace (-0.85% vs -13.43%), amid higher oil production. The average daily crude oil production stood at 1.45 million barrels per day in the third quarter, up from 1.22 mbps in Q2 and 1.20 mbps in the same period a year ago. On a quarterly basis, the GDP advanced by 9.7%. source: National Bureau of Statistics, Nigeria

The Gross Domestic Product (GDP) in Nigeria expanded 2.54 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 2.65 percent from 2011 until 2023, 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 December of 2023.

The Gross Domestic Product (GDP) in Nigeria expanded 2.54 percent in the third quarter of 2023 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria is expected to be 2.60 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 3.60 percent in 2024 and 3.40 percent in 2025, according to our econometric models.

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Nigeria GDP Annual Growth Rate


Calendar GMT Reference Actual Previous Consensus TEForecast
2023-08-25 12:40 PM
GDP Growth Rate YoY
Q2 2.51% 2.31% 2.3% 2.5%
2023-11-24 11:30 AM
GDP Growth Rate YoY
Q3 2.54% 2.51% 2.8%
2024-02-22 12:50 PM
GDP Growth Rate YoY
Q4


Related Last Unit Reference
GDP Growth Rate 9.70 percent Sep 2023
GDP Annual Growth Rate 2.54 percent Sep 2023
GDP Constant Prices 19442281.18 NGN Million Sep 2023
Gross Fixed Capital Formation 2351105.53 NGN Million Jun 2023
GDP Growth Oil Sector -13.43 percent Jun 2023
GDP Growth Non Oil Sector 3.58 percent Jun 2023
Full Year GDP Growth 11.50 percent Dec 2022
GDP from Utilities 111942.29 NGN Million Sep 2023
GDP from Transport 163540.52 NGN Million Sep 2023
GDP from Services 7403080.32 NGN Million Sep 2023
GDP from Public Administration 397168.60 NGN Million Sep 2023
GDP from Mining 1064775.19 NGN Million Sep 2023
GDP from Manufacturing 1636751.87 NGN Million Sep 2023
GDP from Construction 653827.13 NGN Million Sep 2023
GDP from Agriculture 5698270.51 NGN Million Sep 2023

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.
Actual Previous Highest Lowest Dates Unit Frequency
2.54 2.51 6.88 -6.10 2011 - 2023 percent Quarterly
Constant 2010 Prices

News Stream
Nigeria GDP Continues to Grow Solidly in Q3
Nigeria's economy advanced by 2.54% from a year ago in the third quarter of 2023, after rising by 2.51% in the prior three-month period. It marks the 12th consecutive quarter of economic expansion, underpinned by the non-oil sector (+2.75%), notably the services sector (+3.99%). Finance & insurance (28.2%), information & communication (+6.7%) and accommodation & food services (+3.6%) recorded the strongest gains. Additional positive contributions came from agriculture (+1.3%) and the industrial sector (+0.5%). Meanwhile, the dominant oil sector contracted at a much slower pace (-0.85% vs -13.43%), amid higher oil production. The average daily crude oil production stood at 1.45 million barrels per day in the third quarter, up from 1.22 mbps in Q2 and 1.20 mbps in the same period a year ago. On a quarterly basis, the GDP advanced by 9.7%.
2023-11-24
Nigeria GDP Growth Accelerates to 2.51% in Q2
Nigeria's economy advanced at a faster 2.51% from a year ago in the second quarter of 2023, compared to Q1's 2.31% rise and above market expectations of a 2.3% growth. It marks the 11th consecutive quarter of economic expansion, underpinned by the non-oil sector (3.58% vs 2.77%), with the services sector (4.42%) playing a significant role. The biggest positive contributions came from information and communication; financial and insurance; trade; agriculture; manufacturing, construction; and real estate. Conversely, the oil sector contracted for the 13th straight quarter and deeper (-13.43% vs -4.21%) amid ongoing supply disruptions, theft and pipeline vandalism. The average daily crude oil production stood at 1.22 million barrels per day in the second quarter, down from 1.51 mbps in Q1 and 1.43 mbps a year ago.
2023-08-25
Nigeria GDP Growth Slows More than Expected in Q1
Nigeria's economy advanced at a slower 2.31% from a year ago in the first quarter of 2023, compared to the 3.52% rise in the previous three-month period and below market expectations of a 3% growth. This marked the 10th consecutive quarter of growth, although the expansion was considerably weaker compared to the prior period, partly attributed to the adverse impacts of the cash crunch experienced throughout the quarter. Despite a deceleration in growth, the non-oil sector continued to be the main catalyst of the country's economic expansion (+2.77% vs +4.44% in Q4), boosted by services (+4.35%). The biggest contributions came from telecommunications & information services (+11.71%); finance & insurance (+24.93%) and transportation & storage (+9.36%). Meanwhile, the oil sector contracted at a slower pace (-4.21% vs -13.38%). The average daily crude oil production stood at 1.51 million barrels per day in the first quarter, up from 1.34 mbps in Q4 and 1.49 mbps a year ago.
2023-05-24