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.

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 Saturday, August 1, 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% 4.09%
2015-11-16 12:00 PM Q3 4.2%


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 a year earlier. As a result, industrial production shrank 2.53 percent (+7.96 percent in Q4): Manufacturing declined 0.7 percent, boosted by oil refining (-53.85 percent) and textile apparel and footwear production (-5.23 percent); Electricity, gas, steam and water supply slowed by 27.92 percent; and mining and quarrying contracted 7.91 percent. In contrast, construction grew 11.17 percent.

Services expanded at a faster 7.04 percent, compared with a 6.15 percent rise in the previous period. Information and communication sector grew 9.49 percent; internal trade went up 6.47 percent; finance and insurance grew 9.01 percent and real estate activities increased 3.08 percent. Also, other services real GDP grew by 21.06 percent.

Agriculture expansion accelerated to 4.7 percent (+3.64 percent in Q4). Crop production was the main driver of growth in this sector with a growth share of 82.57 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
7/2/2015 11:34:37 AM


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 Growth Accelerates in Q2
Nigerian GDP advanced 6.54 percent year-on-year in the April to June period, driven by a rebound in oil production. According to Nigeria National Bureau of Statistics estimates, the economy accelerated from a 6.21 percent expansion in the first three months of 2014 and a 5.4 percent increase a year earlier.
Published on 2014-09-08

Nigeria GDP Growth Slows in Q1
According to Nigeria National Bureau of Statistics estimates, the country’s GDP advanced 6.21 percent year-on-year in the first quarter of 2014, lower than the revised figure of 6.77 percent recorded in the previous period. Growth was mainly driven by the services sector, while the oil sector contracted again.
Published on 2014-07-15


Nigeria GDP Last Previous Highest Lowest Unit
GDP 568.51 514.97 568.51 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 16050601.38 18150356.45 18150356.45 56260.04 NGN Million [+]
GDP per capita 1091.64 1055.84 1091.64 468.10 USD [+]
Gross Fixed Capital Formation 2780352.23 2793779.10 2805531.46 17236.65 NGN Million [+]
GDP per capita PPP 5606.56 5422.69 5606.56 2739.59 USD [+]
GDP From Agriculture 3176598.13 4330646.27 4655322.16 2594759.86 NGN Million [+]
GDP From Construction 697366.62 665698.56 697366.62 369190.91 NGN Million [+]
GDP From Manufacturing 1637067.07 1681932.05 1718985.30 875408.17 NGN Million [+]
GDP From Mining 1391091.74 2042836.91 3083257.13 1391091.74 NGN Million [+]
GDP From Public Administration 389597.47 517338.18 614330.87 389597.47 NGN Millions [+]
GDP From Services 5984386.62 6864557.92 6864557.92 4564086.31 NGN Millions [+]
GDP From Transport 166402.03 219878.67 219878.67 144848.60 NGN Millions [+]
GDP From Utilities 78894.38 110386.78 110386.78 51342.43 NGN Million [+]


GDP Annual Growth Rate Reference Previous Highest Lowest Unit
Australia 2.30 Mar/15 2.50 9.00 -3.40 percent [+]
Brazil -1.60 Mar/15 -0.20 10.10 -3.15 percent [+]
Canada 2.06 Mar/15 2.63 8.80 -3.70 percent [+]
China 7.00 Jun/15 7.00 14.20 3.80 percent [+]
Euro Area 1.00 Mar/15 0.90 5.00 -5.60 percent [+]
France 0.82 Mar/15 0.03 12.50 -3.95 percent [+]
Germany 1.10 Mar/15 1.60 5.20 -6.80 percent [+]
India 7.50 Mar/15 6.60 11.40 -5.20 percent [+]
Indonesia 4.71 Mar/15 5.01 7.16 1.56 percent [+]
Italy 0.10 Mar/15 -0.50 10.30 -6.90 percent [+]
Japan -0.90 Mar/15 -1.00 9.40 -9.40 percent [+]
Mexico 2.50 Mar/15 2.60 8.50 -8.10 percent [+]
Netherlands 2.50 Mar/15 1.60 5.80 -4.40 percent [+]
Russia -2.20 Mar/15 0.40 12.10 -11.20 percent [+]
South Korea 2.20 Jun/15 2.50 18.20 -7.30 percent [+]
Spain 3.10 Jun/15 2.70 5.60 -4.30 percent [+]
Switzerland 1.10 Mar/15 1.90 7.30 -3.70 percent [+]
Turkey 2.30 Mar/15 2.60 12.60 -14.70 percent [+]
United Kingdom 2.60 Jun/15 2.90 9.80 -5.80 percent [+]
United States 2.30 Jun/15 2.40 13.40 -4.10 percent [+]