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. source: National Bureau of Statistics, Nigeria
GDP Annual Growth Rate in Nigeria averaged 2.50 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 July of 2021.
GDP Annual Growth Rate in Nigeria is expected to be 5.80 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 2.40 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.30 percent in 2022 and 2.60 percent in 2023, according to our econometric models.