The economy of Nigeria expanded by 9.68% on quarter in the third quarter of 2022, following three consecutive quarters of declines. source: National Bureau Of Statistics, Nigeria

GDP Growth Rate in Nigeria averaged 0.77 percent from 2010 until 2022, reaching an all time high of 12.12 percent in the third quarter of 2020 and a record low of -14.66 percent in the first quarter of 2022. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2022.

GDP Growth Rate in Nigeria is expected to be 3.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria GDP Growth Rate is projected to trend around 5.00 percent in 2023 and 6.00 percent in 2024, according to our econometric models.

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Nigeria GDP Growth Rate

Calendar GMT Actual Previous Consensus TEForecast
2022-08-26 11:10 AM Q2 -0.37% -14.66% -8%
2022-11-24 12:00 PM Q3 9.68% -0.4% 9.8%
2023-02-17 11:30 AM Q4

Related Last Previous Unit Reference
GDP Growth Rate 9.68 -0.40 percent Sep 2022
GDP Annual Growth Rate 2.25 3.54 percent Sep 2022
GDP Constant Prices 18959954.87 17285882.91 NGN Million Sep 2022
Gross Fixed Capital Formation 2308147.45 2871811.72 NGN Million Jun 2022
Full Year GDP Growth 1.40 3.60 percent Dec 2021
GDP from Utilities 106384.37 179909.27 NGN Million Sep 2022
GDP from Transport 254927.74 318160.43 NGN Millions Sep 2022
GDP from Services 7048423.11 7188064.97 NGN Millions Sep 2022
GDP from Public Administration 389183.23 375594.90 NGN Millions Sep 2022
GDP from Mining 1073896.57 1093607.39 NGN Million Sep 2022
GDP from Manufacturing 1628911.93 1495122.06 NGN Million Sep 2022
GDP from Construction 629359.11 554110.90 NGN Million Sep 2022
GDP from Agriculture 5625362.33 4017423.67 NGN Million Sep 2022

Nigeria GDP Growth Rate
Nigeria is one of the most developed countries 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
9.68 -0.40 12.12 -14.66 2010 - 2022 percent Quarterly