Nigeria GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

3.84

Units In

3.46

Frequency

Quarterly

Next Release

Aug 26, 2025

Time to Release

28 Days 13 Hours

Highest	Lowest	Average	Date Range	Source
6.88 Mar 2011	-6.1 Jun 2020	2.72 %	2011-2024	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 economy expanded by 3.13% year-on-year in the first quarter of 2025, accelerating from 2.27% in the same period last year. The services sector remained the key growth engine, rising 4.33% and contributing 57.5% to GDP. Within services, telecommunications and information services posted a robust 7.40% expansion, accounting for 10.59% of overall output. The industrial sector gained further traction, rising 3.42% (vs. 2.35% in Q1 2024). However, growth in the oil sector moderated to 1.87% (vs. 4.71%). Meanwhile, the manufacturing sector recorded a modest pickup of 1.69% (vs. 0.11%), contributing 9.62% to GDP. Key drivers included food, beverage and tobacco, chemical and pharmaceutical products, and cement. Moreover, the agriculture sector edged up 0.07%, rebounding from a 1.79% contraction in Q1 2024.