The economy of Nigeria advanced 0.1% yoy in the Q4 of 2020, following a 3.6% contraction in the previous period. It marks the first positive quarterly growth in the last three quarters, reflecting the gradual return of economic activities following the easing of restricted movements and limited local and international commercial activities in the preceding quarters. The non-oil sector grew 1.7%, recovering modestly from a 2.5% decline in Q3, boosted by telecommunications & information services (17.6% vs 17.4%). Other important contributions came from agriculture (3.4% vs 1.4%) and real estate (2.8% vs -13.4%). Meanwhile, the oil sector plunged 19.8%, following a 13.9% slump, amid lower crude oil production (1.56 million barrels per day, down from 1.67 mbps in Q3 and 2 mbps a year ago). On a quarterly basis, the GDP grew 9.7%, after increasing 12.1% in the previous quarter. In 2020, the economy shrank 1.9%, compared with a 2.3% expansion in 2019. source: National Bureau of Statistics, Nigeria
GDP Annual Growth Rate in Nigeria averaged 2.55 percent from 2011 until 2020, 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 May of 2021.
GDP Annual Growth Rate in Nigeria is expected to be 6.50 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 2.70 percent in 2023, according to our econometric models.