Nigeria GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

3.84

Units In

3.46

Frequency

Quarterly

Next Release

N/A

Time to Release

N/A

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

The economy of Nigeria grew by 3.98% year-on-year in Q3 2025, slowing from a 4.23% expansion in the prior period, which was the strongest since Q2 2021. The non-oil sector, which contributed 96.6% to the GDP, rose by 3.91% in Q3, up from 3.64% in Q2, mainly boosted by agriculture (3.79% vs 2.82% in Q2); information and communication (5.78% vs 6.61%); real estate (3.50% vs 3.79%); financial and Insurance (19.63% vs 16.13%); trade (1.98% vs 1.29%); construction (5.57% vs 5.27%); and manufacturing (1.25% vs 1.60%). Meanwhile, the oil sector expanded by 5.84%, decelerating sharply from 20.46% in the previous period. The average daily crude oil production reached 1.64 million barrels per day in Q3, below 1.68 million bpd in Q2 but higher than 1.47 million bpd in Q3 2024.