Nigeria GDP Annual Growth Rate 2005-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Nigeria expanded 5.94 percent in the fourth quarter of 2014 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 6.13 percent from 2005 until 2014, reaching an all time high of 8.60 percent in the fourth quarter of 2010 and a record low of 3.46 percent in the first quarter of 2012. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

     Forecast  
Nigeria GDP Annual Growth Rate


Actual Previous Highest Lowest Dates Unit Frequency
5.94 6.23 8.60 3.46 2005 - 2014 percent Quarterly
In Nigeria, the annual growth rate in GDP measures the change in the value of the goods and services produced by the country economy during the period of a year. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Content for - Nigeria GDP Annual Growth Rate - was last refreshed on Sunday, April 26, 2015.


Nigeria GDP Growth Slows Slightly in Q4


The Nigerian economy advanced 5.94 percent year-on-year in the last three months of 2014, slightly down from a 6.23 percent increase in the previous period. It is the lowest figure in five quarters due to a slowdown in the services sector.

Services expanded 6.15 percent, compared with a 7.61 percent rise in the previous period. Internal trade went up 5.32 percent, slowing from a 6.81 percent increase in Q3; finance and insurance grew 8.14 percent and real estate activities increased 5.96 percent. 

The industrial sector accelerated to 7.96 percent (5.43 percent in Q3). Manufacturing advanced 13.47 percent, boosted by production of textile, apparel and footwear; food, beverage and tobacco and cement. Electricity, gas, steam and water supply expanded 2.81 percent, recovering from a 21.57 percent drop in the previous quarter; mining and quarrying rebounded to 1.36 percent and construction grew 12.66 percent.

Agriculture grew at a slower 3.64 percent (4.47 percent in Q3).

The oil sector went up 1.18 percent, rebounding from a 3.6 percent drop in the third quarter. Average daily production of crude oil increased to 2.18 million barrels per day from 15 mbpd.

On a quarter-on-quarter basis, the economy expanded 3.84 percent, slowing sharply from an 8.67 percent increase in the previous period.

Considering full 2014, Nigerian GDP increased 6.22 percent but for 2015, the statistical official forecasts growth at 5.54 percent. 

Joana Taborda | joana.taborda@tradingeconomics.com
2/23/2015 1:01:06 PM


Recent Releases

Nigeria GDP Expands 6.23% in Q3
The Nigerian economy advanced 6.23 percent year-on-year in the three months to September of 2014, marginally down from 6.54 percent in the previous period. Yet, the oil sector stalled, hurt by lower production and a fall in international prices. Published on 2014-11-17

Nigeria GDP Growth Accelerates in Q2
Nigerian GDP advanced 6.54 percent year-on-year in the April to June period, driven by a rebound in oil production. According to Nigeria National Bureau of Statistics estimates, the economy accelerated from a 6.21 percent expansion in the first three months of 2014 and a 5.4 percent increase a year earlier. Published on 2014-09-08


Calendar GMT Event Actual Previous Consensus Forecast (i)
2014-07-15 05:40 PM
GDP Growth Rate YoY  Q1
6.21% 6.77% 7.12%
2014-09-08 10:30 AM
GDP Growth Rate YoY  Q2
6.54% 6.21% 6.10% 6.29%
2014-11-16 12:00 PM
GDP Growth Rate YoY  Q3
6.23% 6.54% 6.96%
2015-07-15 05:40 PM
GDP Growth Rate YoY  Q1
5.94% 6.99%
2015-09-08 10:30 AM
GDP Growth Rate YoY  Q2
6.47%
2015-11-16 12:00 PM
GDP Growth Rate YoY  Q3
6.77%


Nigeria GDP Last Previous Highest Lowest Unit
GDP 522.64 459.62 522.64 4.20 USD Billion [+]
GDP Growth Rate 3.84 8.67 8.99 -9.88 percent [+]
GDP Annual Growth Rate 5.94 6.23 8.60 3.46 percent [+]
GDP Constant Prices 18150356.45 17479127.58 18150356.45 56260.04 NGN Million [+]
GDP per capita 1097.97 1052.18 1097.97 468.10 USD [+]
Gross Fixed Capital Formation 2590816.13 2535525.94 2626374.28 17236.65 NGN Million [+]
GDP per capita PPP 5676.35 5439.62 5676.35 2757.70 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.50 Nov/14 2.70 9.00 -3.40 percent [+]
Brazil -0.20 Nov/14 -0.60 10.10 -3.15 percent [+]
Canada 2.63 Nov/14 2.75 8.80 -3.70 percent [+]
China 7.00 Feb/15 7.30 14.20 3.80 percent [+]
Euro Area 0.90 Nov/14 0.80 5.00 -5.50 percent [+]
France 0.24 Nov/14 0.41 12.50 -3.92 percent [+]
Germany 1.60 Nov/14 1.20 5.20 -6.80 percent [+]
India 7.50 Nov/14 8.20 11.40 -5.20 percent [+]
Indonesia 5.01 Nov/14 4.92 7.16 1.56 percent [+]
Italy -0.50 Nov/14 -0.50 10.30 -6.90 percent [+]
Japan -0.80 Nov/14 -1.40 9.40 -9.40 percent [+]
Mexico 2.60 Nov/14 2.20 8.50 -8.10 percent [+]
Netherlands 1.40 Nov/14 1.00 5.80 -4.40 percent [+]
Russia 0.40 Nov/14 0.90 12.10 -11.20 percent [+]
South Korea 2.40 Feb/15 2.70 18.20 -7.30 percent [+]
Spain 2.00 Nov/14 1.60 5.80 -4.40 percent [+]
Switzerland 1.90 Nov/14 1.90 7.30 -3.70 percent [+]
Turkey 2.60 Nov/14 1.90 12.60 -14.70 percent [+]
United Kingdom 3.00 Nov/14 2.80 9.80 -5.80 percent [+]
United States 2.40 Nov/14 2.70 13.40 -4.10 percent [+]