Nigeria GDP Annual Growth Rate  1982-2017 | Data | Chart | Calendar

The GDP in Nigeria shrank 1.3 percent year-on-year in the fourth quarter of 2016, following a 2.24 percent decline in the previous period. It was the fourth consecutive quarter of contraction as lower oil prices keep hurting the oil sector. Considering full 2016, the economy contracted 1.5 percent, following a 2.8 percent growth in 2015, the first annual contraction in 25 years. GDP Annual Growth Rate in Nigeria averaged 3.99 percent from 1982 until 2016, 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.

Nigeria GDP Annual Growth Rate
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Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-08-31 08:00 AM Q2 -2.06% -0.4% -1.5% -0.8%
2016-11-21 09:00 AM Q3 -2.24% -2.06% -2.58% -2.2%
2017-02-28 08:05 AM Q4 -1.3% -2.24% -1.1%
2017-05-18 09:00 AM Q1 -1.3% 0.36%
2017-08-30 09:00 AM Q2 1.27%
2017-11-21 09:00 AM Q3 1.68%




Nigerian Economy Contracts 1.3% in Q4


The GDP in Nigeria shrank 1.3 percent year-on-year in the fourth quarter of 2016, following a 2.24 percent decline in the previous period. It was the fourth consecutive quarter of contraction as lower oil prices keep hurting the oil sector. Considering full 2016, the economy contracted 1.5 percent, following a 2.8 percent growth in 2015, the first annual contraction in 25 years.

The oil sector declined 12.38 percent year-on-year, following a 22.01 percent drop in the previous period and marking the fourth consecutive quarter of falls in the oil sector. The country produced 1.9 million barrels per day, down from 2.16 mbpd a year earlier, hurt by lower oil prices. As a result, the oil sector accounted for 7.15 percent of the GDP compared to 8.06 percent a year earlier.

The non-oil sector decreased slightly by 0.33 percent after being flat in the previous period (0.03 percent): production continued to fall for real estate (-9.27 percent from -7.37), manufacturing (-2.54 percent from -4.38 percent in the third quarter); construction (-6.03 percent from -6.13 percent), trade (-1.44 percent from -1.38 percent) and electricity, gas, steam and air conditioning supply (-5.16 percent from -6.68 percent). In addition, output rose less for agriculture (4.03 percent compared to 4.54 percent). The non-oil sector accounted for 92.85 percent of the GDP up from 91.94 percent in the fourth quarter of 2015.

On a quarterly basis, the economy expanded by 4.09 percent slowing from 8.99 percent in the previous quarter.

Considering full 2016, industrial output drove the contraction (down 8.53 percent), followed by services (down 0.82 percent) while agriculture sector expanded (up 4.11 percent). The oil sector shrank 13.65 percent, following a 5.45 percent drop in 2015, reducing the oil sector share in GDP to 8.42 percent from 9.61 percent. The country produced 1.833 million barrels a day in 2016, down from 2.13 mbpd in 2015. In addition to lower oil prices, Nigeria faced several contraints including pipeline vandalism, fuel shortages and lower electricity generation that dragged oil and industrial production down.

National Bureau of Statistics | Deborah Neves | deborah.neves@tradingeconomics.com
2/28/2017 11:22:02 AM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 4.09 8.99 9.19 -13.70 percent [+]
GDP Annual Growth Rate -1.30 -2.24 19.17 -7.81 percent [+]
GDP 481.07 568.50 568.50 4.20 USD Billion [+]
GDP Constant Prices 18519381.66 17794905.98 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2874594.00 2530415.00 3015594.20 17236.65 NGN Million [+]
GDP per capita 2548.20 2548.40 2548.40 1086.40 USD [+]
GDP per capita PPP 5638.89 5639.45 5639.45 2739.59 USD [+]
GDP From Agriculture 4662010.12 5035069.07 5035069.07 2594759.86 NGN Million [+]
GDP From Construction 623349.23 543808.12 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1645401.74 1614894.65 1829246.64 875408.17 NGN Million [+]
GDP From Mining 2041492.97 1624018.01 3083257.13 896051.02 NGN Million [+]
GDP From Public Administration 430861.50 371731.33 614330.87 371731.33 NGN Millions [+]
GDP From Services 6035650.62 6085747.17 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 217313.24 210972.66 229523.13 144848.60 NGN Millions [+]
GDP From Utilities 85432.68 82806.37 114401.69 51342.43 NGN Million [+]



Nigeria GDP Annual Growth Rate Notes

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 Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on March of 2017.

Actual Previous Highest Lowest Dates Unit Frequency
-1.30 -2.24 19.17 -7.81 1982 - 2016 percent Quarterly
Constant 2010 Prices



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