Nigeria GDP Growth Rate 2013-2014 | Data | Chart | Calendar | Forecast

The Gross Domestic Product (GDP) in Nigeria expanded 8.67 percent in the third quarter of 2014 over the previous quarter. GDP Growth Rate in Nigeria averaged 1.50 Percent from 2013 until 2014, reaching an all time high of 8.99 Percent in the third quarter of 2013 and a record low of -9.88 Percent in the first quarter of 2014. GDP Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

   
  Forecast  

Nigeria GDP Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
8.67 4.18 8.99 -9.88 2013 - 2014 percent Quarterly
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. This page provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria GDP Growth Rate - was last refreshed on Wednesday, November 26, 2014.


Nigeria Becomes Africa’s Largest Economy


In April of 2014, Nigerian National Bureau of Statistics had revised the country’s GDP in 2013 from 42.4 trillion naira to 80.2 trillion naira. As a result, Nigeria’s output grew by 89 percent, making the country Africa’s largest economy, ahead of South Africa. 

This significant modification is a result of a process called “rebasing” under which the base year of GDP calculation was changed to 2010 from 1990. While the old GDP figures were based only on output estimates, the new once gained ten new categories reflecting spending and income.  Also, the GDP structure now gives greater weight to fast-growing industries like communications and entertainment as activities like production of motion pictures, music, sound recording, publishing, arts, entertainment and recreation were included.  

Main changes to the GDP structure:

1. Services sector grew to around 50 percent of total GDP from 25 percent 
2. Manufacturing, which used to account for 2 percent, now stands at 7 percent 
3. Mining and construction sector account for around 20 percent, half of the share under the old structure. 
4.  Weight of agriculture declined to 20 percent from more than 30 percent 

The new figures are a proof that Nigerian economy is moving away from an oil-centered structure, yet there is still a long way ahead for the average Nigerian to feel better off. 

Ricardo Silva | ricardo.silva@tradingeconomics.com
7/25/2014 9:06:13 AM


Recent Releases

Nigeria’s GDP May Rise after Rebasing Exercise
Nigeria National Bureau of Statistics will replace the present GDP price structure (base year) for the first time in 23 years with a more recent one to reflect structural changes in the economy. Published on 2014-01-22

Nigerian GDP Grows 6.81% in Q3
In the third quarter of 2013, Nigeria’s GDP growth accelerated to 6.81 percent, up from 6.18 percent in the previous quarter. While the oil-sector shrank for the fourth quarter in a row hurt by supply disruptions, the contraction eased and daily average crude oil production rose. Published on 2013-11-18


Calendar GMT Event Actual Previous Consensus Forecast (i)
2013-02-27 09:00 AM
GDP Growth Rate QoQ  Q4 2012
6.99%


Nigeria GDP Last Previous Highest Lowest Unit
GDP 522.64 459.62 522.64 4.20 USD Billion [+]
GDP Growth Rate 8.67 4.18 8.99 -9.88 percent [+]
GDP Annual Growth Rate 6.23 6.54 8.60 3.46 percent [+]
GDP Constant Prices 17479127.58 16084622.31 17479127.58 56260.04 NGN Million [+]
GDP per capita 1097.97 1052.18 1097.97 468.10 USD [+]
Gross Fixed Capital Formation 2590816.13 2535525.94 2590816.13 17236.65 NGN Million [+]
GDP per capita PPP 5676.35 5439.62 5676.35 2757.70 USD [+]


GDP Growth Rate Reference Previous Highest Lowest Unit
Australia 0.50 May/14 1.10 4.50 -2.00 percent [+]
Brazil -0.60 May/14 -0.20 4.50 -4.20 percent [+]
Canada 0.80 May/14 0.20 3.33 -1.80 percent [+]
China 1.90 Aug/14 2.00 2.50 1.40 percent [+]
Euro Area 0.20 Aug/14 0.10 1.30 -2.80 percent [+]
France 0.30 Aug/14 -0.10 1.60 -1.70 percent [+]
Germany 0.10 Aug/14 -0.10 2.10 -3.70 percent [+]
India 1.20 May/14 1.90 5.80 -1.90 percent [+]
Indonesia 2.96 Aug/14 2.49 3.82 -3.57 percent [+]
Italy -0.10 Aug/14 -0.20 6.00 -3.50 percent [+]
Japan -0.40 Aug/14 -1.90 3.20 -4.00 percent [+]
Mexico 0.50 Aug/14 0.90 2.90 -6.60 percent [+]
Netherlands 0.20 Aug/14 0.60 2.00 -2.20 percent [+]
Russia 0.25 May/14 0.07 4.10 -5.40 percent [+]
South Korea 0.90 Aug/14 0.50 6.80 -7.00 percent [+]
Spain 0.50 Aug/14 0.60 1.53 -1.60 percent [+]
Switzerland 0.00 May/14 0.50 1.90 -2.20 percent [+]
Turkey -0.50 May/14 1.80 6.69 -7.57 percent [+]
United Kingdom 0.70 Aug/14 0.90 5.00 -2.70 percent [+]
United States 3.90 Aug/14 4.60 16.90 -10.00 percent [+]