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

The GDP in Nigeria shrank 2.24 percent year-on-year in the third quarter of 2016, following a 2.06 percent decline in the previous period and compared to market expectations of a 2.58 percent decline. Lower oil prices continued to hurt the oil sector which slumped for the fourth straight quarter while the non-oil sector was flat after shrinking in the previous two periods. GDP Annual Growth Rate in Nigeria averaged 4.03 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)
2016-05-20 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%
2016-11-21 09:00 AM Q3 -2.24% -2.06% -2.58% -2.2%
2017-03-08 06:05 PM Q4
2017-05-19 04:00 PM Q1
2017-08-31 08:00 AM Q2




Nigerian Economy Contracts for 3rd Quarter


The GDP in Nigeria shrank 2.24 percent year-on-year in the third quarter of 2016, following a 2.06 percent decline in the previous period and marking the third consecutive quarter of contraction. Figures compare with market expectations of a 2.58 percent decline. Lower oil prices continued to hurt the oil sector which slumped for the fourth straight quarter while the non-oil sector was flat after shrinking in the previous two periods.

The oil sector declined 22.01 percent year-on-year, following a 17.48 percent drop in the previous period. The country produced 1.63 million barrels per day, down from 2.17 mbpd a year earlier, hurt by lower oil prices and several attacks by militants on oil and gas facilities in the Niger Delta. As a result, the oil sector accounted for 8.19 percent of the GDP compared to 10.27 percent a year eaerlier. 

The non-oil sector was nearly flat (+0.03 percent): production continued to fall for manufacturing (-4.38 percent compared to -3.36 percent in the second quarter); electricity, gas, steam and air conditioning supply (-6.68 percent compared to -10.46 percent in the second quarter); construction (-6.13 percent compared to -6.28 percent) and trade (-1.38 percent compared to -0.03 percent), but rose for agriculture (+4.54 percent compared to 4.53 percent). 

On a quarterly basis, the economy expanded by 8.99 percent. 

National Bureau of Statistics | Joana Taborda | joana.taborda@tradingeconomics.com
11/21/2016 1:03:06 PM



Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate 8.99 0.82 9.19 -13.70 percent [+]
GDP Annual Growth Rate -2.24 -2.06 19.17 -7.81 percent [+]
GDP 481.07 568.50 568.50 4.20 USD Billion [+]
GDP Constant Prices 17794905.98 16254490.12 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 5035069.07 3635533.14 5035069.07 2594759.86 NGN Million [+]
GDP From Construction 543808.12 693744.65 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1614894.65 1519448.03 1829246.64 875408.17 NGN Million [+]
GDP From Mining 1624018.01 896051.02 3083257.13 896051.02 NGN Million [+]
GDP From Public Administration 371731.33 394453.72 614330.87 371731.33 NGN Millions [+]
GDP From Services 6085747.17 5973387.93 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 210972.66 189398.69 229523.13 144848.60 NGN Millions [+]
GDP From Utilities 82806.37 55205.04 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 December of 2016.

Actual Previous Highest Lowest Dates Unit Frequency
-2.24 -2.06 19.17 -7.81 1982 - 2016 percent Quarterly
Constant 2010 Prices



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