Nigeria GDP Annual Growth Rate  2005-2016 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Nigeria expanded 2.11 percent in the fourth quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 5.82 percent from 2005 until 2015, reaching an all time high of 8.60 percent in the fourth quarter of 2010 and a record low of 2.11 percent in the fourth quarter of 2015. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

Nigeria GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
2.11 2.84 8.60 2.11 2005 - 2015 percent Quarterly
Constant 2010 Prices
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. Nigeria GDP Annual Growth Rate - actual data, historical chart and calendar of releases - was last updated on May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-08-26 08:00 AM Q2 2.35% 3.96% 3.85% 2.75%
2015-11-17 03:40 PM Q3 2.84% 2.35% 2.3%
2016-03-08 06:05 PM Q4 2.11% 2.84% 2.6% 3.3%
2016-05-21 10:00 AM Q1 2.11% 2.05%
2016-08-25 10:00 AM Q2 2.47%
2016-11-25 10:00 AM Q3 2.21%

Nigeria GDP Growth Slows in Q4


The Nigerian economy advanced 2.11 percent year-on-year in the fourth quarter of 2015, slowing from a 2.84 percent expansion in the previous period and below market expectations of a 2.6 percent increase. It is the lowest growth rate since at least 2005 as lower oil prices keep hurting the oil sector, dragging government revenues down and weakening the naira.

Oil production stood at 2.16 million barrels a day in the last three months of 2015, lower than 2.19 million barrels a day in the previous year. As a result of lower production and falling prices, the oil sector shrank 8.28 percent year-on-year. Industrial production slumped 3.04 percent, following a 0.13 percent drop in the previous period and falling for the fourth straight quarter. Agriculture rose 3.48 percent, slightly up from a 3.46 percent gain in the previous period and services grew at a slower 3.69 percent (3.97 percent in the previous period).

Quarter-on-quarter, the GDP advanced 3.1 percent, following a 9.19 percent growth in the previous period.

Considering full 2015, the economy expanded 2.79 percent, much lower than a 6.22 percent increase in 2014. Services drove the expansion (up 4.78 percent), followed by agriculture (up 3.72 percent) while industrial output fell 2.24 percent. The oil sector shrank 5.45 percent, following a 1.32 percent drop in 2014.

NBS | Joana Taborda | joana.taborda@tradingeconomics.com
3/8/2016 6:56:56 PM

Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 3.10 9.19 9.19 -11.57 percent [+]
GDP Annual Growth Rate 2.11 2.84 8.60 2.11 percent [+]
GDP 568.51 514.97 568.51 4.20 USD Billion [+]
GDP Constant Prices 18745360.19 17976234.59 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 3015594.20 2780352.23 3015594.20 17236.65 NGN Million [+]
GDP per capita 1091.64 1055.84 1091.64 468.10 USD [+]
GDP per capita PPP 5606.56 5422.69 5606.56 2739.59 USD [+]
GDP From Agriculture 4481257.62 4816519.15 4816519.15 2594759.86 NGN Million [+]
GDP From Construction 663347.24 579297.92 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1688339.78 1688873.56 1829246.64 875408.17 NGN Million [+]
GDP From Mining 1313243.35 1539681.39 3083257.13 1313243.35 NGN Million [+]
GDP From Public Administration 449499.92 385492.87 614330.87 385492.87 NGN Millions [+]
GDP From Services 7087965.27 6101561.96 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 229523.13 209454.24 229523.13 144848.60 NGN Millions [+]
GDP From Utilities 114401.69 87336.78 114401.69 51342.43 NGN Million [+]




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Australia 3.00 Dec/15
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Comoros 3.00 Dec/15
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Georgia 2.90 Dec/15
Mexico 2.90 Mar/16
Bahrain 2.80 Dec/15
Thailand 2.80 Dec/15
Cyprus 2.70 Dec/15
South Korea 2.70 Mar/16
Sudan 2.70 Dec/14
El Salvador 2.60 Dec/15
Jordan 2.60 Sep/15
Somalia 2.60 Dec/14
Sri Lanka 2.50 Dec/15
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Mongolia 2.30 Dec/15
New Zealand 2.30 Dec/15
Israel 2.20 Dec/15
Lithuania 2.20 Mar/16
Albania 2.15 Dec/15
Nigeria 2.11 Dec/15
Afghanistan 2.10 Dec/15
Bosnia and Herzegovina 2.10 Dec/15
Germany 2.10 Dec/15
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United States 2.00 Mar/16
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Croatia 1.90 Dec/15
Eritrea 1.90 Dec/14
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Singapore 1.80 Mar/16
European Union 1.70 Mar/16
Haiti 1.70 Dec/15
Euro Area 1.60 Mar/16
Netherlands 1.60 Dec/15
Belgium 1.50 Mar/16
Jamaica 1.50 Sep/15
Montenegro 1.40 Dec/15
Austria 1.30 Mar/16
Chile 1.30 Dec/15
France 1.30 Mar/16
Portugal 1.30 Dec/15
Bahamas 1.20 Dec/15
Serbia 1.20 Dec/15
Paraguay 1.10 Dec/15
Italy 1.00 Dec/15
Lebanon 1.00 Dec/15
North Korea 1.00 Dec/14
Argentina 0.90 Dec/15
Estonia 0.70 Dec/15
Japan 0.70 Dec/15
Belize 0.60 Dec/15
Finland 0.60 Dec/15
Iran 0.60 Mar/15
South Africa 0.60 Dec/15
Canada 0.50 Dec/15
Denmark 0.50 Dec/15
Switzerland 0.40 Dec/15
Liberia 0.30 Dec/15
New Caledonia 0.30 Dec/14
Tunisia 0.30 Dec/15
Barbados 0.20 Dec/14
Norway 0.10 Dec/15
Uruguay -0.10 Dec/15
Kazakhstan -0.20 Mar/16
Brunei -0.50 Dec/15
Greece -0.70 Dec/15
Liechtenstein -0.80 Dec/14
Taiwan -0.84 Mar/16
Ecuador -0.90 Dec/15
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Botswana -1.90 Dec/15
Trinidad and Tobago -2.00 Sep/15
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Syria -2.30 Dec/11
Iraq -2.40 Dec/14
Moldova -3.30 Dec/15
Azerbaijan -3.50 Mar/16
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Russia -3.80 Dec/15
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Brazil -5.90 Dec/15
Venezuela -7.10 Sep/15
Macau -14.40 Dec/15
Libya -21.80 Dec/14
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