Nigeria GDP Annual Growth Rate 2005-2015 | Data | Chart | Calendar

The Gross Domestic Product (GDP) in Nigeria expanded 3.96 percent in the first quarter of 2015 over the same quarter of the previous year. GDP Annual Growth Rate in Nigeria averaged 6.08 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 3.46 percent in the first quarter of 2012. GDP Annual Growth Rate in Nigeria is reported by the Central Bank of Nigeria.

      Forecast
Nigeria GDP Annual Growth Rate
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Actual Previous Highest Lowest Dates Unit Frequency
3.96 5.94 8.60 3.46 2005 - 2015 percent Quarterly
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. Content for - Nigeria GDP Annual Growth Rate - was last refreshed on Wednesday, May 27, 2015.

Calendar GMT Reference Actual Previous Consensus Forecast (i)
2014-09-08 10:30 AM Q2 6.54% 6.21% 6.10% 6.29%
2014-11-16 12:00 PM Q3 6.23% 6.54% 6.96%
2015-05-14 10:40 AM Q1 3.96% 5.94% 6.99%
2015-09-08 10:30 AM Q2 3.96% 6.47%
2015-11-16 12:00 PM Q3 6.77%


Nigeria GDP Growth at 2-Year Low


The Nigerian economy expanded 3.96 percent year-on-year in the first three months of 2015, the lowest growth since the last quarter of 2012. It was the third straight quarter of slowdown as lower oil prices and supply constraints dragged the oil sector down.

The oil sector shrank 8.15 percent, worst than a 6.6 percent contraction a year earlier. Oil production stood at 2.18 million barrels per day (mbpd) in the first quarter of 2015, the same level as in the preceding period but 0.08mbpd lower than the a year earlier. As a result, industrial production shrank 2.53 percent. 

The non-oil sector advanced 5.59 percent, slowing from 8.21 percent in the last three months of 2014 and 6.44 percent in the previous year. Growth was mainly driven by trade, crop production, other services, construction and telecommunications. The agriculture sector advanced 4.7 percent while services gained 7.04 percent. 

The economy advanced 5.94 percent in the last quarter of 2014 and 6.21 percent a year earlier. 

On a quarterly basis, the GDP shrank 11.57 percent in the first quarter of 2015.

NBS | Joana Taborda | joana.taborda@tradingeconomics.com
5/14/2015 5:56:02 PM


Recent Releases

Nigeria GDP Growth Slows Slightly in Q4
The Nigerian economy advanced 5.94 percent year-on-year in the last three months of 2014, slightly down from a 6.23 percent increase in the previous period. It is the lowest figure in five quarters due to a slowdown in the services sector. Published on 2015-02-23

Nigeria GDP Expands 6.23% in Q3
The Nigerian economy advanced 6.23 percent year-on-year in the three months to September of 2014, marginally down from 6.54 percent in the previous period. Yet, the oil sector stalled, hurt by lower production and a fall in international prices. Published on 2014-11-17


Nigeria GDP Last Previous Highest Lowest Unit
GDP 522.64 459.62 522.64 4.20 USD Billion [+]
GDP Growth Rate -11.57 3.84 8.99 -11.57 percent [+]
GDP Annual Growth Rate 3.96 5.94 8.60 3.46 percent [+]
GDP Constant Prices 18150356.45 17479127.58 18150356.45 56260.04 NGN Million [+]
GDP per capita 1097.97 1052.18 1097.97 468.10 USD [+]
Gross Fixed Capital Formation 2590816.13 2535525.94 2626374.28 17236.65 NGN Million [+]
GDP per capita PPP 5676.35 5439.62 5676.35 2757.70 USD [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.50 Nov/14 2.70 9.00 -3.40 percent [+]
Brazil -0.20 Nov/14 -0.60 10.10 -3.15 percent [+]
Canada 2.63 Nov/14 2.75 8.80 -3.70 percent [+]
China 7.00 Feb/15 7.30 14.20 3.80 percent [+]
Euro Area 1.00 Feb/15 0.90 5.00 -5.60 percent [+]
France 0.70 Feb/15 0.00 12.50 -3.92 percent [+]
Germany 1.10 Feb/15 1.60 5.20 -6.80 percent [+]
India 7.50 Nov/14 8.20 11.40 -5.20 percent [+]
Indonesia 4.71 Feb/15 5.01 7.16 1.56 percent [+]
Italy 0.00 Feb/15 -0.50 10.30 -6.90 percent [+]
Japan -1.40 Feb/15 -0.90 9.40 -9.40 percent [+]
Mexico 2.50 Feb/15 2.60 8.50 -8.10 percent [+]
Netherlands 2.40 Feb/15 1.40 5.80 -4.40 percent [+]
Russia -1.90 Feb/15 0.40 12.10 -11.20 percent [+]
South Korea 2.40 Feb/15 2.70 18.20 -7.30 percent [+]
Spain 2.60 Feb/15 2.00 5.80 -4.40 percent [+]
Switzerland 1.90 Nov/14 1.90 7.30 -3.70 percent [+]
Turkey 2.60 Nov/14 1.90 12.60 -14.70 percent [+]
United Kingdom 2.40 Feb/15 3.00 9.80 -5.80 percent [+]
United States 3.00 Feb/15 2.40 13.40 -4.10 percent [+]