The economy of Nigeria advanced by 2.25% from a year ago in the third quarter of 2022, decelerating from the second quarter’s 3.54% expansion and missing market estimates of a 2.95% rise. This marks the eighth consecutive quarter of growth but at the slowest rate since the first quarter of 2021, attributable to the base effects of the recession and the challenging economic conditions that have hampered productive activities. The non-oil sector, which has been the key engine of growth since late 2020, expanded at a softer pace of 4.27% in Q3 (vs 4.77% in Q2). Meanwhile, the oil sector shrank by 22.67%, after an 11.77% slump in the previous quarter, reflecting lower oil output as the average daily crude oil production stood at 1.20 million barrels per day, down from 1.43 mbps in Q2 and 1.57 mbps a year ago. Oil production in Nigeria has fallen to historic lows partly due to the unprecedented theft of its crude production from pipelines and fields in the Niger Delta region. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria averaged 2.65 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 December of 2022.

GDP Annual Growth Rate in Nigeria is expected to be 3.50 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 3.80 percent in 2023 and 3.50 percent in 2024, according to our econometric models.

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Nigeria GDP Annual Growth Rate



Calendar GMT Actual Previous Consensus TEForecast
2022-08-26 11:10 AM Q2 3.54% 3.11% 2.60% 2.7%
2022-11-24 12:00 PM Q3 2.25% 3.54% 2.95% 3.2%
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 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
2.25 3.54 6.88 -6.10 2011 - 2022 percent Quarterly
Constant 2010 Prices

News Stream
Nigeria GDP Growth Slows More than Expected in Q3
The economy of Nigeria advanced by 2.25% from a year ago in the third quarter of 2022, decelerating from the second quarter’s 3.54% expansion and missing market estimates of a 2.95% rise. This marks the eighth consecutive quarter of growth but at the slowest rate since the first quarter of 2021, attributable to the base effects of the recession and the challenging economic conditions that have hampered productive activities. The non-oil sector, which has been the key engine of growth since late 2020, expanded at a softer pace of 4.27% in Q3 (vs 4.77% in Q2). Meanwhile, the oil sector shrank by 22.67%, after an 11.77% slump in the previous quarter, reflecting lower oil output as the average daily crude oil production stood at 1.20 million barrels per day, down from 1.43 mbps in Q2 and 1.57 mbps a year ago. Oil production in Nigeria has fallen to historic lows partly due to the unprecedented theft of its crude production from pipelines and fields in the Niger Delta region.
2022-11-24
Nigeria GDP Grows More than Expected in Q2
The economy of Nigeria advanced by 3.54% from a year ago in the second quarter of 2022, faster than a 3.11% rise in the prior period and above market forecasts of a 2.60% growth. The expansion continued to be driven by the non-oil sector (+4.77%), with main positive contributions from information and communication; finance and insurance; transportation; agriculture and manufacturing. Meanwhile, the oil sector slumped by 11.77%, after a 26.04% plunge in the previous quarter, reflecting lower oil output as the average daily crude oil production stood at 1.43 million barrels per day, down from 1.49 mbps in Q1 and 1.61 mbps a year ago. Nigeria has been struggling to meet its production targets due to operational challenges amid rising costs, decaying infrastructure and insecurity coming from pipeline vandalism. On a quarterly basis, the GDP shrank by 0.37%, after a 14.66% contraction in the previous quarter.
2022-08-26
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