The economy of Nigeria shrank 3.6% yoy in the third quarter of 2020, following a 6.1% plunge in the previous period. It marks the second recession in the country in four years, amid still-subdued oil prices and lingering effects of the restrictions implemented across the country in early Q2 in response to the COVID-19. The oil sector declined 13.9%, following a 6.6% slump in the second quarter, amid lower crude oil production (1.67 million barrels per day, down from 1.81 mbps in Q2 and 2.04 mbps a year ago). Meanwhile, the non-oil sector shrank 2.5%, less than 6.1% in the Q2 amid softer declines in transportation & storage (-43% vs -49%); accommodation & food service (-22.6% vs -40.2%); trade (-12.1% vs -17%) and manufacturing (-1.5% vs -8.8%). Meantime, the information & communication continued to grow notably (14.6% vs 16.5%). On a quarterly basis, the GDP grew 12.1%, the most since at least the Q2 of 2010, recovering sharply from a 5% contraction in the previous quarter. source: National Bureau of Statistics, Nigeria

GDP Annual Growth Rate in Nigeria averaged 3.68 percent from 1982 until 2020, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983. 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 2020.

GDP Annual Growth Rate in Nigeria is expected to be -2.80 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 2021 and 2.70 percent in 2022, according to our econometric models.

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Nigeria GDP Annual Growth Rate

Actual Previous Highest Lowest Dates Unit Frequency
-3.62 -6.10 19.17 -7.81 1982 - 2020 percent Quarterly
Constant 2010 Prices


Calendar GMT Actual Previous Consensus TEForecast
2020-02-24 07:30 AM Q4 2.55% 2.28% 2.2%
2020-05-25 08:00 AM Q1 1.87% 2.55% -1.5%
2020-08-24 07:30 AM Q2 -6.10% 1.87% -15%
2020-11-23 08:00 AM Q3 -3.62% -6.10% -4.8%
2021-02-24 07:30 AM Q4 -3.62% -2.8%
2021-05-25 08:00 AM Q1
2021-08-24 07:30 AM Q2
2021-11-23 08:00 AM Q3
Go to our Calendar for more events. Or learn more about the Calendar API for direct access.


News Stream
Nigeria Economy Slips into Recession in Q3
The economy of Nigeria shrank 3.6% yoy in the third quarter of 2020, following a 6.1% plunge in the previous period. It marks the second recession in the country in four years, amid still-subdued oil prices and lingering effects of the restrictions implemented across the country in early Q2 in response to the COVID-19. The oil sector declined 13.9%, following a 6.6% slump in the second quarter, amid lower crude oil production (1.67 million barrels per day, down from 1.81 mbps in Q2 and 2.04 mbps a year ago). Meanwhile, the non-oil sector shrank 2.5%, less than 6.1% in the Q2 amid softer declines in transportation & storage (-43% vs -49%); accommodation & food service (-22.6% vs -40.2%); trade (-12.1% vs -17%) and manufacturing (-1.5% vs -8.8%). Meantime, the information & communication continued to grow notably (14.6% vs 16.5%). On a quarterly basis, the GDP grew 12.1%, the most since at least the Q2 of 2010, recovering sharply from a 5% contraction in the previous quarter.
2020-11-23
Nigeria GDP Contracts the Most since 2004
The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. It was the first contraction since the Q1 of 2017 and the steepest since the Q1 of 2004, amid still-subdued oil prices and lower levels of global economic activity resulting from nationwide shutdown efforts aimed at containing the Covid-19 pandemic. The oil sector declined 6.6%, after rising 5.1% in the first quarter, amid lower crude oil production (1.81 million barrels per day, down from 2.07 mbpd in Q1 and 2.02 mbpd a year ago). Also, the non-oil sector posted the first decline since the third quarter of 2017 (-6.1% vs 1.6%), as the pandemic hit critical activities such as transportation & storage (-49% vs 2.8% in Q1); accommodation & food services (-40.2% vs -3%); construction (-31.8% vs 1.7%) and internal trade (-16.6% vs -2.8%).On a quarterly basis, the GDP shrank 5%, following a 14.27% plunge in the preceding quarter.
2020-08-24
Nigeria GDP Growth Rate Weakest since 2018
The economy of Nigeria advanced 1.87% year-on-year in the first quarter of 2020 compared to a 2.55% growth in the previous period, against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade. It was the slowest pace of economic expansion since the third quarter of 2018, reflecting the earliest effects of the disruption, mainly in the non-oil sector (1.55% vs 2.27% in Q4), amid declines in internal trade (-2.82% vs -0.58%); accommodation & food services (-2.99% vs 2.05%); public administration (-8.72% vs 0.06%); administrative & support services (-1.9% vs 1.27%). Also, output grew less in manufacturing (0.43% vs 1.24%) and agriculture (2.20% vs 2.31%). At the same time, the all-important oil sector lost steam (5.06% vs 6.36%). On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period.
2020-05-25
Nigeria GDP Grows the Most since 2016 Recession
The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period. It was the strongest expansion since the third quarter of 2015, mainly driven by the oil sector (6.36% vs 6.49% in Q3), amid higher crude oil production (2.00 million barrels per day, up from 1.91 mbpd in the same period a year earlier) and more favourable prices. The non-oil sector increased 2.26%, quickening from a downwardly revised 1.84% advance in the prior period, boosted by telecommunications & information services (10.26% vs 12.16% in Q3), crop production (2.52% vs 2.41%), financial services (22.33% vs 0.61%) and manufacturing (1.24% vs 1.10%). On a quarterly basis, the GDP grew 5.59%, following a 9.23% expansion in the previous period. In 2019, the economy expanded 2.27%, the most since 2015, and compared to 1.98% in 2018.
2020-02-24

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.