Nigeria GDP Annual Growth Rate

Last Release

Sep 30, 2024

Actual

3.46

Units In

3.19

Frequency

Quarterly

Next Release

Feb 21, 2025

Time to Release

2 Months 25 Days 14 Hours

Highest	Lowest	Average	Date Range	Source
6.88 Mar 2011	-6.1 Jun 2020	2.7 %	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 3.46% year-on-year in Q3 2024, the most since Q4 2023 and quickening from 3.19% in the previous quarter. The non-oil sector grew by 3.37%, accelerating from 2.80% in the prior period, primarily driven by the services sector, which saw a 5.19% increase and accounted for 53.58% of overall GDP. Key contributors to growth included financial and insurance services (+30.8%), information and communication (+5.9%), transportation and storage (+12.2%), trade (+0.7%), and construction (+2.9%). In the meantime, the industrial sector advanced by 2.18% and agricultural activity rose by 1.14%. Meanwhile, the all-important oil sector rose by 5.17% in Q3, following a 10.15% jump in the previous period. Average daily crude oil production reached 1.47 million barrels per day in Q3, up from 1.41 million bpd in Q2 2024 and 1.45 million bpd in the same period last year. On a quarterly basis, the GDP grew by 10% in Q3, after showing no growth in the previous quarter.