Reference The economy of Nigeria advanced 2.28 percent year-on-year in the third quarter of 2019 compared to an upwardly revised 2.12 percent rise in the previous period. What is GDP growth? The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period. License: CC BY-4.0 Line Bar Map. Nigeria Economic Growth The pandemic and oil price shock is set to plunge the economy into a severe recession this year. Compared to the fourth quarter of 2018 which recorded a growth rate of 2.38… The non-oil sector increased 2.26%, quickening from a downwardly revised 1.84% advance in the prior period, boosted by telecommunications & information services (10.26% vs 12.16% in Q3), crop production (2.52% vs 2.41%), financial services (22.33% vs 0.61%) and manufacturing (1.24% vs 1.10%). Industry and Construction account for the remaining 16 percent of GDP. Also Show.

Agriculture was hurt by sporadic flooding and by conflicts between herdsmen and local farmers.

Agriculture, which in the past was the biggest sector, now weights around 23 percent.
GDP Growth Rate QoQ On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period. … GDP growth (annual %) - Nigeria. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. Industry and Construction account for the remaining 16 percent of GDP. 2010-2020 Data | 2021-2022 Forecast | Calendar | Historical Growth was mainly in transport, an improved oil sector, and information and communications technology. 1961 - 2019. World Bank national accounts data, and OECD National Accounts data files. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. Also, the non-oil sector posted the first decline since the third quarter of 2017 (-6.1% vs 1.6%), as the pandemic hit critical activities such as transportation & storage (-49% vs 2.8% in Q1); accommodation & food services (-40.2% vs -3%); construction (-31.8% vs 1.7%) and internal trade (-16.6% vs -2.8%).On a quarterly basis, the GDP shrank 5%, following a 14.27% plunge in the preceding quarter. GDP Growth Rate YoY

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It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds. None; Aggregates; Same region; Similar values; Highest values; Lowest values; Share Details.
The Trading Economics Application Programming Interface (API) provides direct access to our data. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. The oil sector declined 6.6%, after rising 5.1% in the first quarter, amid lower crude oil production (1.81 million barrels per day, down from 2.07 mbpd in Q1 and 2.02 mbpd a year ago).

Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Also, output grew less in manufacturing (0.43% vs 1.24%) and agriculture (2.20% vs 2.31%). In 2019, the economy expanded 2.27%, the most since 2015, and compared to 1.98% in 2018.

Though Nigeria GDP growth fluctuated substantially in recent years, it tended to decrease through 1969 - 2018 period ending at 1.9 % in 2018. GDP Growth Rate YoY The description is composed by our digital data assistant.

GDP Growth Rate YoY In 2018, GDP growth for Nigeria was 1.9 %.

GDP Growth Rate YoY

Real GDP growth was estimated at 2.3% in 2019, marginally higher than 1.9% in 2018. Agriculture, which in the past was the biggest sector, now weights around 23 percent. Constant 2010 Prices At the same time, the all-important oil sector lost steam (5.06% vs 6.36%). Considerable job and income losses as well as likely lower remittances will hamper consumer spending, while business investment will be hammered due to greater uncertainty.


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