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

The Nigerian economy grew by 2.84 percent year-on-year in the third quarter of 2015, following a 2.35 percent expansion reported in the previous period. The oil sector, accounting for nearly 11 percent of total production rebounded while services sector growth slowed. Quarter-on-quarter, GDP increased by 9.19 percent, following a 2.57 percent growth in the previous period. GDP Annual Growth Rate in Nigeria averaged 5.91 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 2.35 percent in the second 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
2.84 2.35 8.60 2.35 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 February of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-05-14 10:40 AM Q1 3.96% 5.94% 6.99%
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%
2016-02-26 10:00 AM Q4 2.84% 3.3%
2016-05-13 10:00 AM Q1 3.67%
2016-08-25 10:00 AM Q2 4.23%

Nigeria GDP Growth Accelerates Slightly in Q3


The Nigerian economy grew by 2.84 percent year-on-year in the third quarter of 2015, following a 2.35 percent expansion reported in the previous period. The oil sector, accounting for nearly 11 percent of total production rebounded while services sector growth slowed.

The oil sector expanded 1.06 percent year-on-year, rebounding from a 6.79 percent contraction in the previous quarter. Oil production stood at 2.17 million barrels per day (mbpd), 0.12mbpd higher than in the preceding period.

Industrial production shrank at a slower 0.13 percent (-3.31 percent in Q2): manufacturing declined 1.75 percent (-3.82 percent in Q2) and construction fell 0.11 percent (+6.42 percent in Q2) while mining and quarrying grew by 1.62 percent (-6.62 percent in Q2) and electricity, gas, steam and water supply rose 2.14 percent (-11.61 percent in Q2).

The non-oil sector advanced 3.05 percent, slowing from a 3.46 percent increase in the previous period. Services expanded at a slower 3.97 percent, compared with a 4.67 percent rise in the previous period. Information and communication grew 5.27 percent (+6.26 percent in Q2); internal trade went up by 4.4 percent (+5.07 percent in Q2); and real estate increased 2.06 percent (+2.97 percent); while finance and insurance grew at a faster 6.57 percent (+6.41 percent in Q2).

Agriculture grew 3.46 percent, lower than a 3.49 percent expansion in Q2.

Quarter on quarter, real GDP increased by 9.19 percent, following a 2.57 percent growth in the previous period.

NBS | Yekaterina Guchshina | yekaterina@tradingeconomics.com
11/17/2015 4:57:23 PM

Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 9.19 2.57 9.19 -11.57 percent [+]
GDP Annual Growth Rate 2.84 2.35 8.60 2.35 percent [+]
GDP 568.51 514.97 568.51 4.20 USD Billion [+]
GDP Constant Prices 17976234.59 16463341.91 18150356.45 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 4816519.15 3477845.24 4816519.15 2594759.86 NGN Million [+]
GDP From Construction 579297.92 740204.22 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1688873.56 1829246.64 1829246.64 875408.17 NGN Million [+]
GDP From Mining 1539681.39 1637476.71 3083257.13 1391091.74 NGN Million [+]
GDP From Public Administration 385492.87 420192.52 614330.87 385492.87 NGN Millions [+]
GDP From Services 6101561.96 6200866.06 6864557.92 4564086.31 NGN Millions [+]
GDP From Transport 209454.24 200076.31 219878.67 144848.60 NGN Millions [+]
GDP From Utilities 87336.78 86681.88 110386.78 51342.43 NGN Million [+]




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