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.