Nigeria GDP Annual Growth Rate

Last Release

Dec 31, 2023

Actual

3.46

Units In

2.54

Frequency

Quarterly

Next Release

May 24, 2024

Time to Release

2 Months 29 Days 9 Hours

Highest	Lowest	Average	Date Range	Source
6.88 Mar 2011	-6.1 Jun 2020	2.67 %	2011-2023	Central Bank of Nigeria

Nigeria is the biggest economy 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.

Latest Updates

Nigeria's annual economic growth accelerated to 3.46% in the fourth quarter of 2023, up from 2.54% in the prior period, surprising analysts who expected it at 2.4%. It marks the 13th consecutive quarter of economic expansion and the strongest in a year, driven mainly by the non-oil sector (3.07% vs 2.75% in Q3). Notably, the services sector recorded a growth of 3.98%, contributing 56.55% to the aggregate GDP, primarily due to finance & insurance (+29.8%) and information & communication (+6.3%). Meanwhile, the key oil sector experienced a sharp rebound (12.1% vs -0.83%), ending over three years of contraction, as production increased to 1.55 million barrels per day, from 1.34 million barrels a year earlier. On a quarterly basis, the GDP jumped by 12% in Q4. Considering the entire year of 2023, Nigeria's economic growth reached 2.74%, compared to 3.10% a year earlier. President Tinubu’s administration is targeting a growth rate of about 3.8% in 2024 and 6% or more in the coming years.