The Gross Domestic Product (GDP) in Nigeria expanded 4.23 percent in the second quarter of 2025 over the same quarter of the previous year. This dataset provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the second quarter of 2023, Nigeria's Gross Domestic Product stood at 52.1 trillion Nigerian naira (NGN), around 66.84 billion U.S. dollars. In 2021, the value reached around 173.5 trillion NGN, over 390 billion U.S. dollars at the time. Moreover, Nigeria has one of the largest GDPs in Africa. Its GDP per capita ranked the nation 22nd among African countries in 2022.

The Gross Domestic Product (GDP) in Nigeria expanded 10 percent in the third quarter of 2024 over the previous quarter. This dataset provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the first quarter of 2024, Nigeria's GDP increased by nearly three percent at basic prices. Nigeria's economy was impacted by the coronavirus pandemic in 2020, especially during the second and third quarters of that year. However, the last months of 2020 and the beginning of 2021 showed an increase.

In the second quarter of 2023, the largest contribution to Nigeria's GDP from the mining and quarrying sector was provided by crude petroleum and natural gas. The latter was responsible for close to ************** Nigerian naira of the country's GDP that year, roughly *********** U.S. dollars. This was followed by quarrying, which registered *********** Nigerian naira.

In the second quarter of 2023, Nigeria's real estate sector grew by about 1.87 percent compared to the same quarter of the previous year. Over the observed period, the growth rate reached its highest value in the third quarter of 2022, as it grew by 4.56 percent compared to the same quarter of the previous year.

In the second quarter of 2023, the agricultural sector generated about ** percent of Nigeria's gross domestic product. The largest contribution was from crop production, which covered nearly ** percent of the GDP. Agriculture accounted for a significant portion of Nigeria's GDP as a key activity for the country's economy after oil. Nevertheless, agricultural activities provide a livelihood for many Nigerians, whereas the wealth generated by oil reaches a restricted share of people.

Inflation Rate in Nigeria decreased to 20.12 percent in August from 21.88 percent in July of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In the second quarter of 2020, Nigeria's GDP decreased by some six percent at market prices, showing the impact of the COVID-19 pandemic on Nigeria's economy. In the first three months of 2021, Nigeria's real GDP recorded a slight increase compared to the first quarter of 2020. Eventually, it increased by 5.4 percent in the second quarter of 2021.

In the second quarter of 2023, the agricultural sector generated about ** percent of Nigeria's GDP. Other key activities for the country's economy were manufacturing, trade, mining and quarrying, and telecommunication. Moreover, around ***** percent of Nigeria's GDP was covered by the mining and quarrying sector. In particular, the largest contribution was from crude oil and natural gas. Nigeria is one of the key oil-producing countries and largest exporters in the world. Indeed, the country has one of the main oil reserves in the world.

In the second quarter of 2022, the sector of arts, entertainment, and recreation accounted for **** percent of Nigeria's GDP. The industry's participation declined compared to the second quarter of 2021, when it reached *** percent.

In the second quarter of 2023, the largest contribution for the Nigerian gross domestic production (GDP) from the manufacturing sector was from the food, beverage, and tobacco sector, which accounted for nearly *** percent of the GDP that year. Textile and cement sectors were other main contributors to the manufacturing sector, with shares of *** percent and *** percent, respectively.

Crop production in Nigeria has shown varied growth patterns in recent years. Between the first quarter of 2019 and the second quarter of 2023, the sector’s growth rate fluctuated significantly, reflecting the challenges and opportunities inherent in the country’s agricultural landscape. The quarter-on-quarter changes further depict the sector’s vulnerability to climatic variability, logistics, and policy directions. While some quarters witnessed positive growth, others experienced contractions at constant 2010 prices. These dynamics highlight the persistent need for strategic investment to stabilize and accelerate agricultural output. Land and labor Nigeria’s agricultural potential is anchored in its vast land resources. As of 2023, the country boasted around 69.4 million hectares of agricultural land, with approximately 36.9 million hectares classified as arable. This substantial land base is a key driver for major crops such as maize, cassava, and yam, securing rural livelihoods and contributing to food security. Despite rapid urban growth, agriculture remains a major employer in Nigeria. In 2023, the sector accounted for about 34.3 percent of all jobs nationwide, emphasizing its socio-economic relevance to the country. Export potential Agricultural exports, while notable, reveal untapped opportunities. In 2023, Nigeria exported agricultural products valued at 2.43 billion U.S. dollars, making up a modest portion of total national exports. This performance signals room for greater value addition and diversification, as well as the importance of policies that can transform raw production into higher foreign exchange earnings for the country.