Economic Growth in Nigeria
In the year 2024, the economic growth in Nigeria was 3.40%, compared to 6.22% in 2014 and 2.74% in 2023. It averaged 2.10% over the last decade. For more GDP information, visit our dedicated page.
Nigeria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Nigeria from 2024 to 2023.
Source: Macrobond.
Nigeria GDP Data
2019 | 2020 | 2021 | 2022 | 2023 | |
---|---|---|---|---|---|
Economic Growth (GDP, ann. var. %) | 2.3 | -1.9 | 3.4 | 3.1 | 2.7 |
GDP (USD bn) | 475 | 433 | 441 | 478 | 363 |
GDP (NGN bn) | 145,639 | 154,252 | 176,076 | 202,365 | 234,426 |
Economic Growth (Nominal GDP, ann. var. %) | 12.8 | 5.9 | 14.1 | 14.9 | 15.8 |
GDP growth records quickest expansion in three years in Q4
GDP growth exceeds market expectations: GDP growth edged up to 3.8% year on year in the fourth quarter from 3.5% in the third quarter, surprising markets on the upside and marking the best result since Q4 2021. Looking at 2024 as a whole, the economy expanded 3.4%, improving from both 2023’s 2.7% and the 2014–2023 average of 2.0%.
Non-oil activity underpins acceleration: The acceleration was driven by non-oil activity, which grew 4.0% in Q4, up from Q3’s 3.4%. The services sector grew 5.4% in the final quarter, edging up from the third quarter's 5.2% increase and marking the best reading since Q4 2022. In addition, the agricultural sector gained steam, growing 1.8% in Q4 (Q3:+1.1% yoy). Moreover, manufacturing sector growth accelerated to 1.8% in Q4, following the 0.9% expansion in the previous quarter. Meanwhile, the construction sector expanded 2.9% for the second successive quarter. That said, growth in the key oil sector slowed to 1.5% in Q4 from 5.2% in Q3, hit by slower momentum in crude production.
GDP growth to remain upbeat ahead: Our panelists see Q1 GDP growth near Q4’s outturn, comfortably above trend as price pressures cool and the Dangote refinery continues to raise its output. These factors, coupled with interest rate cuts in the second half of the year, will underpin momentum in 2025 as a whole; growth is expected to remain close to 2024’s figure, though our panelists could hike their forecasts in the coming weeks, given Q4’s upside surprise. Slowing reform momentum and greater insecurity in the oil-producing Niger Delta region pose downside risks.
How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Nigerian GDP projections for the next ten years from a panel of 20 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable GDP forecast available for Nigerian GDP.
Download one of our sample reports to visualize what a Consensus Forecast is and see our Nigerian GDP projections.
Want to get access to the full dataset of Nigerian GDP forecasts? Send an email to info@focus-economics.com.
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