Nigeria GDP Annual Growth Rate

Last Release

Jun 30, 2024

Actual

3.19

Units In

2.98

Frequency

Quarterly

Next Release

Nov 25, 2024

Time to Release

2 Months 28 Days 0 Hours

Highest	Lowest	Average	Date Range	Source
6.88 Mar 2011	-6.1 Jun 2020	2.68 %	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 grew by 3.19% year-on-year in Q2 2024, accelerating from 2.98% in the previous three-month period. The crucial oil sector expanded by 10.15% in Q2, much faster than 5.70% in the previous period, driven by increased oil output. Average daily crude oil production reached 1.41 million barrels per day in Q2, slightly down from 1.57 million bpd in Q1 2024 but notably higher than 1.22 million bpd in the same period last year. Additionally, the non-oil sector maintained solid growth at 2.80%, consistent with the pace in Q1, primarily driven by robust performance in the services sector, which expanded by 3.79% and accounted for 58.76% of GDP. Key contributors included Financial and Insurance services (28.79%) and Information and Communication, particularly telecommunications, which grew by 5.17%. Meanwhile, the industrial sector advanced by 3.53% and the agricultural sector rose by 1.41%. On a quarterly basis, the GDP was almost flat in Q2, following a 16.1% decline in Q1.