Nigeria GDP Annual Growth Rate

Last Release

Dec 31, 2024

Actual

3.84

Units In

3.46

Frequency

Quarterly

Next Release

May 23, 2025

Time to Release

2 Months 24 Days 9 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 advanced by 3.84% year-on-year in Q4 2024, the most since Q4 2021 and accelerating from 3.46% in the previous three-month period. The services sector remained the primary engine of growth, expanding by 5.37% and accounting for 57.38% of total GDP., largely propelled by financial and insurance institutions and the telecommunications sector. In the meantime, growth in the industrial sector moderated to 2% from 3.86% in Q3, and agricultural output slowed to 1.76%, down from 2.10%. The real growth of the oil sector was 1.48%, down sharply from 5.17% in Q3. The average daily crude oil production reached 1.54 million barrels per day in Q4, up from 1.47 million bpd in Q3 2024 but below 1.56 million bpd in the same period last year. Considering the whole year of 2024, Nigeria's economic growth reached 3.40%, compared to 2.74% a year earlier.