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

The GDP in Nigeria contracted by 0.36 percent year-on-year in the first three months of 2016, compared to a 2.11 percent expansion in the previous period and way below forecasts of 1.7 percent growth. It is the first contraction since the June quarter of 2004 as the non-oil sector contracted, mainly due to a slowdown in the services sectors due to a weakening naira while lower oil prices keep dragging the oil sector down. GDP Annual Growth Rate in Nigeria averaged 4.12 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
-0.40 2.11 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 May of 2016.


Calendar GMT Reference Actual Previous Consensus Forecast (i)
2015-11-17 03:40 PM Q3 2.84% 2.35% 2.3%
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%
2016-08-25 10:00 AM Q2 1.3%
2016-11-25 10:00 AM Q3 2.21%

Nigerian Economy Shrinks 0.4% in Q1


The GDP in Nigeria contracted by 0.36 percent year-on-year in the first three months of 2016, compared to a 2.11 percent expansion in the previous period and way below forecasts of 1.7 percent growth. It is the first contraction since the June quarter of 2004 as the non-oil sector contracted, mainly due to a slowdown in the services sectors due to a weakening naira while lower oil prices keep dragging the oil sector down.

The oil sector shrank 1.89 percent year-on-year, following an 8.28 percent contraction in the previous quarter. Oil production stood at 2.11 million barrels per day (mbpd), 0.05 mbpd lower than in the preceding period.

Industrial production shrank 2.24 percent: manufacturing declined 8.39 percent (-13.09 percent in Q4), mining and quarrying fell by 2.96 percent (-8.05 percent in Q4) and electricity, gas, steam and water supply dropped 44.46 percent (+1.2 percent in Q4) and construction fell 5.37 percent (+4.14 percent in Q4).

The non-oil sector went down 0.18 percent, from a 3.14 percent growth in the previous period. Services expanded at a much slower 0.8 percent, compared with a 3.69 percent increase in the previous period. Information and communication grew 4.07 percent (+4.21 percent in Q4); internal trade went up by 2.02 percent (+4.69 percent in Q4); while real estate decreased 4.69 percent (+0.79 percent) and finance and insurance fell 11.28 percent (+6.41 percent in Q4).

Agriculture grew 3.09 percent, lower than a 3.48 percent expansion in Q4.

Quarter on quarter, real GDP dropped by 13.7 percent, following a 3.1 percent growth in the previous period.


NBS | Mojdeh Kazemi | mojdeh@tradingeconomics.com
5/20/2016 7:42:16 PM

Nigeria GDP Last Previous Highest Lowest Unit
GDP Growth Rate -13.70 3.10 9.19 -13.70 percent [+]
GDP Annual Growth Rate -0.40 2.11 19.17 -7.81 percent [+]
GDP 568.51 514.97 568.51 4.20 USD Billion [+]
GDP Constant Prices 16137052.85 18745360.19 18745360.19 56260.04 NGN Million [+]
Gross Fixed Capital Formation 2672798.96 2410065.78 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 3274725.01 4481257.62 4816519.15 2594759.86 NGN Million [+]
GDP From Construction 659950.18 663347.24 740204.22 369190.91 NGN Million [+]
GDP From Manufacturing 1522488.05 1688339.78 1829246.64 875408.17 NGN Million [+]
GDP From Mining 1391091.74 1313243.35 3083257.13 1313243.35 NGN Million [+]
GDP From Public Administration 372471.20 449499.92 614330.87 372471.20 NGN Millions [+]
GDP From Services 7087965.27 6101561.96 7087965.27 4564086.31 NGN Millions [+]
GDP From Transport 190912.72 229523.13 229523.13 144848.60 NGN Millions [+]
GDP From Utilities 114401.69 87336.78 114401.69 51342.43 NGN Million [+]




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