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.