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). 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. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria averaged 2.59 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 January of 2022.

GDP Annual Growth Rate in Nigeria is expected to be 2.70 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 2.80 percent in 2023 and 2.60 percent in 2024, according to our econometric models.

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Nigeria GDP Annual Growth Rate


Calendar GMT Actual Previous Consensus TEForecast
2021-08-26 07:30 AM Q2 5% 0.51% 5.8%
2021-11-18 10:00 AM Q3 4% 5% 4%
2022-03-01 10:00 AM Q4 4%


Related Last Previous Unit Reference
GDP Growth Rate 11.10 -0.80 percent Sep/21
GDP Annual Growth Rate 4.00 5.00 percent Sep/21
GDP Constant Prices 18543054.58 16694666.15 NGN Million Sep/21
Gross Fixed Capital Formation 2509820.58 3026268.69 NGN Million Jun/21
GDP From Utilities 107693.36 183591.69 NGN Million Sep/21
GDP From Transport 180043.45 209788.41 NGN Millions Sep/21
GDP From Services 6545197.45 6694697.46 NGN Millions Sep/21
GDP From Public Administration 380337.42 368209.62 NGN Millions Sep/21
GDP From Mining 1388798.49 1239461.07 NGN Million Sep/21
GDP From Manufacturing 1660563.82 1451511.22 NGN Million Sep/21
GDP From Construction 596445.97 532693.68 NGN Million Sep/21
GDP From Agriculture 5550940.85 3969697.16 NGN Million Sep/21

News Stream
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
Nigeria GDP Growth Strongest since 2014
The economy of Nigeria advanced 5% yoy in the Q2 of 2021, much faster than a 0.51% rise in the prior period. It is the third consecutive quarterly growth since Nigeria’s economy dipped into recession in the Q3 of 2020 and the strongest since the last quarter of 2014, indicating the return of business and economic activity near levels seen prior to the nationwide implementation of COVID-19 related restrictions. The expansion was driven by the non-oil sector which grew 6.7% (vs 0.8% in Q1), with main positive contributions from trade, information and communication, transportation, electricity, agriculture and manufacturing. Conversely, the oil sector shrank 12.65%, reflecting lower oil output as the average daily crude oil production stood at 1.61 million barrels per day, down from 1.72 mbps in Q4 and 1.81 mbps a year ago. On a quarterly basis, the GDP decreased 0.8%.
2021-08-26
Nigeria's Recovery Remains Fragile
The economy of Nigeria advanced 0.51% yoy in the Q1 of 2021, slightly faster than a 0.11% rise in the prior period. It is the second consecutive quarterly growth since Nigeria’s economy dipped into recession in the Q3 of 2020, helped by easing Covid-19 restrictions and higher oil prices. The non-oil sector grew 0.8% (vs 1.7% in Q4), driven mainly by information & communication (6.3%); agriculture (2.3%); the manufacture of food, beverage & tobacco (7.1%); real estate (1.8%); construction (1.4%) and human health & social services (4.7%). Conversely, the oil sector shrank 2.2%, following a 19.8% plunge in the previous period. In the first quarter of the year, average daily crude oil production stood at 1.72 million barrels per day, up from 1.56 mbps in Q4 but below 2.07 mbps a year ago. On a quarterly basis, the GDP declined 13.9%, after expanding 9.7% in the previous quarter, reflecting a generally slower pace of economic activities at the start of the year.
2021-05-24

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.