Nigeria GDP Annual Growth Rate

The Gross Domestic Product (GDP) in Nigeria expanded 6.60 percent in the first quarter of 2013 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria. Historically, from 2005 until 2013, Nigeria GDP Annual Growth Rate averaged 6.82 Percent reaching an all time high of 8.60 Percent in December of 2010 and a record low of 4.50 Percent in March of 2009. 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 includes a chart with historical data for Nigeria GDP Annual Growth Rate.

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Nigerian Economy Expands 6.6% in Q1 2013
Central Bank of Nigeria | Joana Taborda | joana.taborda@tradingeconomics.com | 5/9/2013 4:45:16 PM

In Q1 of 2013, GDP expanded by 6.6 percent year-on-year, down from 6.9 percent in the previous quarter, mainly due to slow growth of the non-oil sector.

Real non-oil GDP was estimated to have grown by 7.9 per cent, down from 8.2 percent in the previous quarter. The non-oil sector accounted for 85.2 percent of the total GDP in the review quarter.

Real oil GDP, comprising crude petroleum and natural gas was estimated to have declined by 13.3 percent, compared with the contraction of 0.2 percent in the preceding quarter and accounted for 14.8 percent of the total real GDP.

Industrial production declined by 0.9 percent from the previous quarter, but showed an increase of 0.7 percent compared with the same period of 2012. Within industries, manufacturing production, declined marginally by 0.9 below the level attained in the preceding quarter, but increased by 0.4 percent over a year earlier. The development was attributed to the decline in electricity supply. Mining production decreased marginally by 0.6 percent quarter-on-quarter, but rose by 0.2 percent year-on-year. The decline in mining production resulted from the fall in crude oil and gas production.

Estimated average electricity generation fell by 3.1 percent over the previous quarter. The development was attributed to the shortage in gas supply to the thermal stations and decline in water levels at the hydro stations. Estimated average electricity consumption, increased by 0.7 percent over the preceding quarter. The development was attributed to the increase in power supply transmission and distribution.