The economy of Nigeria advanced by 3.11% from a year ago in the first quarter of 2022, following a 3.98% rise in the prior period. This marks the 3rd consecutive quarter of slowing growth. The non-oil sector expanded by 6.08%, faster than 4.73% in Q4, driven by good performance in information and communication (12.07% vs 5.03% in Q4), primarily telecommunications (14.50%); trade (6.54% vs 5.34%), financial and insurance (23.24% vs 24.14%); agriculture (3.16% vs 3.58%) and manufacturing (5.89% vs 2.28%). However, the oil sector plunged 26.04%, after an 8.06% slump in the previous quarter, reflecting lower oil output as the average daily crude oil production stood at 1.49 million barrels per day, down from 1.50 mbps in Q4 and 1.72 mbps a year ago. Nigeria has struggled to meet its production targets due to operational challenges and insecurity amid growing crude oil theft and pipeline vandalism. On a quarterly basis, the GDP shrank 14.66%. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria averaged 2.64 percent from 2011 until 2022, 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 June of 2022.

GDP Annual Growth Rate in Nigeria is expected to be 2.90 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, according to our econometric models.

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Nigeria GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-02-17 11:30 AM Q4 3.98% 4% 3.8%
2022-05-23 09:50 AM Q1 3.11% 3.98% 3.7%
2022-08-26 10:00 AM Q2 3.11%


Related Last Previous Unit Reference
GDP Growth Rate -14.66 9.63 percent Mar 2022
GDP Annual Growth Rate 3.11 3.98 percent Mar 2022
GDP Constant Prices 17349381.10 20329062.42 NGN Million Mar 2022
Gross Fixed Capital Formation 2853507.61 2427910.45 NGN Million Dec 2021
Full Year GDP Growth 3.60 5.90 percent Dec 2020
GDP From Public Administration 283590.67 440437.08 NGN Millions Mar 2022
GDP From Mining 1150851.86 1054721.28 NGN Million Mar 2022
GDP From Manufacturing 1768820.22 1719788.87 NGN Million Mar 2022
GDP From Construction 725998.76 702725.62 NGN Million Mar 2022
GDP From Agriculture 3879731.92 5456895.81 NGN Million Mar 2022
GDP From Utilities 71775.44 128310.96 NGN Million Mar 2022
GDP From Transport 191448.27 335660.13 NGN Millions Mar 2022
GDP From Services 8147459.17 6545197.45 NGN Millions Dec 2021

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
3.11 3.98 6.88 -6.10 2011 - 2022 percent Quarterly
Constant 2010 Prices

News Stream
Nigeria GDP Growth Slows for 3rd Quarter
The economy of Nigeria advanced by 3.11% from a year ago in the first quarter of 2022, following a 3.98% rise in the prior period. This marks the 3rd consecutive quarter of slowing growth. The non-oil sector expanded by 6.08%, faster than 4.73% in Q4, driven by good performance in information and communication (12.07% vs 5.03% in Q4), primarily telecommunications (14.50%); trade (6.54% vs 5.34%), financial and insurance (23.24% vs 24.14%); agriculture (3.16% vs 3.58%) and manufacturing (5.89% vs 2.28%). However, the oil sector plunged 26.04%, after an 8.06% slump in the previous quarter, reflecting lower oil output as the average daily crude oil production stood at 1.49 million barrels per day, down from 1.50 mbps in Q4 and 1.72 mbps a year ago. Nigeria has struggled to meet its production targets due to operational challenges and insecurity amid growing crude oil theft and pipeline vandalism. On a quarterly basis, the GDP shrank 14.66%.
2022-05-23
Nigeria Economy Continues to Recover
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%.
2022-02-17
Nigeria GDP Grows 4% YoY in Q3
The economy of Nigeria advanced by 4% year-on-year in the third quarter of 2021, following a 5% expansion in the prior period, which was the strongest since the last quarter of 2014. It is the fourth consecutive quarter of growth since the pandemic-induced recession in 2020 driven by the non-oil sector which grew 5.4% (vs 6.7% in Q2), mainly boosted by trade (11.9% vs 22.5% in Q2), information and communication (9.7%), of which telecommunications (10.9%); financial and insurance (23.2% vs -2.5%); Manufacturing (4.3% vs 3.5%); crop production (1.4%, the same pace as in Q2) and Transportation and storage (20.6% vs 76.8%). Conversely, the oil sector shrank 10.7%, following a 12.7% plunge in Q2, reflecting lower oil output as the average daily crude oil production stood at 1.57 million barrels per day, down from 1.61 mbps in Q2 and 1.67 mbps a year ago. On a quarterly basis, the GDP jumped 11.1%, following a 0.8% fall in the second quarter.
2021-11-18