Nigeria GDP Annual Growth Rate  1982-2016 | Data | Chart | Calendar

The GDP in Nigeria shrank by 2.06 percent year-on-year in the second quarter of 2016, compared to a 0.36 percent drop in the previous period and more than market consensus of 1.5 percent decline. It is the first contraction in 20 years due to decline in oil prices. GDP Annual Growth Rate in Nigeria averaged 4.07 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. 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
-2.06 -0.40 19.17 -7.81 1982 - 2016 percent Quarterly
Constant 2010 Prices
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 October of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2016-03-08 06:05 PM Q4 2.11% 2.84% 2.6% 3.3%
2016-05-20 04:00 PM Q1 -0.4% 2.11% 1.7% 1.9%
2016-08-31 08:00 AM Q2 -2.06% -0.4% -1.5% -0.8%
2016-11-25 10:00 AM Q3 -2.06% -2.2%

Nigerian Economy Shrinks 2.1% YoY in Q2


The GDP in Nigeria shrank by 2.1 percent year-on-year in the second quarter of 2016, compared to a 0.36 percent drop in the previous period and worse than market consensus of a 1.5 percent decline. It is the first contraction in 20 years due to a decline in oil prices.

The oil sector recorded a 17.48 percent contraction (-15.59% in Q1) due to lower oil production and prices. Oil output was estimated at 1.69 million barrels per day (mbpd) during the second quarter, 0.42 mbpd lower than in the preceding period.

Industrial production shrank 9.53 percent (-5.49 percent in Q1): manufacturing declined 3.36 percent (-7 percent in Q1), mining and quarrying fell by 17.19 percent (-2.96 percent in Q1); electricity, gas, steam and water supply dropped 10.46 percent (-44.46 percent in Q1) and construction fell 6.28 percent (-5.37 percent in Q1).

The non-oil sector fell 0.38 percent, from a 0.18 percent decline in the previous period. Services dropped 1.25 percent, following a 0.8 percent increase in the previous period. Information and communication rose at a slower pace of 1.35 percent (+4.07 percent in Q1); internal trade went down by 0.03 percent (+2.02 percent in Q1); while real estate fell 5.27 percent (-4.69 percent in Q1) and finance and insurance decreased 10.82 percent (-11.28 percent in Q1).

Agriculture expanded 4.53 percent, higher than 3.09 percent  in Q1.

Quarter on quarter, the GDP expanded 0.82 percent, following a 13.7 percent fall in the previous period.


National Bureau of Statistics | Mojdeh Kazemi | mojdeh@tradingeconomics.com
8/31/2016 7:31:36 PM

Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 0.82 -13.70 9.19 -13.70 percent [+]
GDP Annual Growth Rate -2.06 -0.40 19.17 -7.81 percent [+]
GDP 481.07 568.50 568.50 4.20 USD Billion [+]
GDP Constant Prices 16254490.12 16137052.85 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2672798.96 2410065.78 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 3635533.14 3274725.01 4816519.15 2594759.86 NGN Million [+]
GDP From Construction 693744.65 659950.18 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1519448.03 1522488.05 1829246.64 875408.17 NGN Million [+]
GDP From Mining 896051.02 1391091.74 3083257.13 896051.02 NGN Million [+]
GDP From Public Administration 394453.72 372471.20 614330.87 372471.20 NGN Millions [+]
GDP From Services 5973387.93 7087965.27 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 189398.69 190912.72 229523.13 144848.60 NGN Millions [+]
GDP From Utilities 55205.04 114401.69 114401.69 51342.43 NGN Million [+]




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