The Gross Domestic Product (GDP) in Nigeria expanded 3.98 percent in the third 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.

The growth of the real gross domestic product (GDP) in Nigeria amounted to 4.06 percent in 2024. Between 1991 and 2024, the growth rose by 4.61 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The growth is forecast to decline by 0.07 percentage points from 2024 to 2030, fluctuating as it trends downward.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

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.

The Gross Domestic Product (GDP) in Nigeria was worth 187.76 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Nigeria represents 0.18 percent of the world economy. This dataset provides the latest reported value for - Nigeria GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus 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.

Full Year GDP Growth in Nigeria increased to 3.40 percent in 2024 from 2.74 percent in 2023. This dataset includes a chart with historical data for Nigeria Full Year Gdp Growth.

Key information about Nigeria Nominal GDP Growth

• Nigeria Nominal GDP Growth was reported at 18.914 % in Dec 2024.
• This records an increase from the previous number of 17.265 % for Sep 2024.
• Nigeria Nominal GDP Growth data is updated quarterly, averaging 13.035 % from Mar 2011 to Dec 2024, with 56 observations.
• The data reached an all-time high of 18.914 % in Dec 2024 and a record low of -2.796 % in Jun 2020.
• Nigeria Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices.

The gross domestic product (GDP) in current prices in Nigeria amounted to 252.11 billion U.S. dollars in 2024. Between 1990 and 2024, the GDP rose by 164.57 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by 191.49 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

Quarterly dataset of the Nigeria GDP Growth Rate (QoQ), including historical data, latest releases, and long-term trends from 2010-06-30 to 2024-09-30. Available for free download in CSV format.

Key information about Nigeria Investment: % of GDP

• Nigeria Investment accounted for 23.7 % of its Nominal GDP in Dec 2024, compared with a ratio of 25.3 % in the previous year.
• Nigeria investment share of Nominal GDP data is updated yearly, available from Dec 1981 to Dec 2024, with an average ratio of 27.6 %.
• The data reached an all-time high of 89.4 % in Dec 1981 and a record low of 14.9 % in Dec 2013.

CEIC calculates Investment as % of Nominal GDP from annual Nominal Gross Capital Formation and annual Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation and Changes in Inventories. The National Bureau of Statistics provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency.


Related information about Nigeria Investment: % of GDP

• In the latest reports, Nigeria GDP expanded 4.2 % YoY in Jun 2025.
• Nigeria Nominal GDP reached 63.8 USD bn in Jun 2025.
• Its GDP deflator (implicit price deflator) fell 55.7 % in Mar 2025.
• Nigeria GDP Per Capita reached 2,955.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 48.5 % in Dec 2024.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

Key information about Nigeria Nominal GDP

• Nigeria Nominal GDP reached 63.8 USD bn in Jun 2025, compared with 61.9 USD bn in the previous quarter.
• Nominal GDP in Nigeria is updated quarterly, available from Mar 2010 to Jun 2025, with an average number of 96.2 USD bn.
• The data reached an all-time high of 151.1 USD bn in Dec 2014 and a record low of 60.3 USD bn in Mar 2024.

CEIC converts quarterly Nominal GDP into USD. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices. The Central Bank of Nigeria average market exchange rate is used for currency conversions.


Related information about Nigeria Nominal GDP

• In the latest reports, Nigeria GDP expanded 4.2 % YoY in Jun 2025.
• Its GDP deflator (implicit price deflator) fell 55.7 % in Mar 2025.
• Nigeria GDP Per Capita reached 2,955.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 48.5 % in Dec 2024.
• For Nominal GDP contributions, Investment accounted for 23.7 % in Dec 2024.
• Public Consumption accounted for 4.6 % in Dec 2024.
• Private Consumption accounted for 47.0 % in Dec 2024.

Industry is the main economic sector in Nigeria. According to a forecast, the contribution of the industry sector to GDP in the country will grow by *** percent in 2025 compared to a *** percent growth in the previous year. On the other hand, the GDP contribution of agriculture is expected to grow by *** percent in 2025.

Key information about Nigeria GDP Deflator Growth

• Nigeria GDP deflator (implicit price deflator) fell 55.7 % in Mar 2025, compared with an increase of 11.4 % in the previous quarter.
• Nigeria GDP Deflator Growth data is updated quarterly, available from Mar 2011 to Mar 2025, with an average rate of 47.0 %.
• The data reached an all-time high of 69.2 % in Mar 2021 and a record low of 34.4 % in Sep 2012.

CEIC calculates GDP Deflator Growth from quarterly Nominal and Real GDP. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices and Real GDP in local currency, at basic 2019 prices. GDP Deflator Growth prior to Q1 2024 is calculated from Real GDP at basic 2010 prices.


Related information about Nigeria GDP Deflator Growth

• In the latest reports, Nigeria GDP expanded 4.2 % YoY in Jun 2025.
• Its Nominal GDP reached 63.8 USD bn in Jun 2025.
• Nigeria GDP Per Capita reached 2,955.3 USD in Dec 2022.
• Its Gross Savings Rate was measured at 48.5 % in Dec 2024.

The gross domestic product (GDP) per capita in Nigeria amounted to 1,083.51 U.S. dollars in 2024. Between 1990 and 2024, the GDP per capita rose by 148.33 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 599 U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

The 'GDP Growth Rate YoY' in Nigeria measures the annual percentage change in the country's Gross Domestic Product, reflecting the economy's overall health and growth.-2024-02-22

The Gross Domestic Product per capita in Nigeria was last recorded at 2447.64 US dollars in 2024. The GDP per Capita in Nigeria is equivalent to 19 percent of the world's average. This dataset provides the latest reported value for - Nigeria GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The 'GDP Growth Rate YoY' in Nigeria measures the annual percentage change in the country's Gross Domestic Product, reflecting the economy's overall health and growth.-2024-08-26

In 2023, agriculture contributed around 22.72 percent to Nigeria’s GDP, 32.58 percent came from industry, and 42.77 percent from the services sector. Economic sectors The most common breakdown of economic activity in a country is looking at three economic sectors: The primary sector, which involves agriculture, forestry, and fishing, the secondary sector, industry, that includes manufacturing, processing, or transforming goods, and finally, the tertiary sector, services, i.e. providing information or services to consumers, such as in IT, tourism, or banking. A country’s contribution to GDP, and thus its own economy, is easily visible when looking at the performance of these three sectors. Soaring services in NigeriaLike in most thriving economies nowadays, the services sector is gaining momentum in Nigeria, because more and more people are moving from the countryside to the cities to find jobs. Nigeria is a mixed economy which focuses mainly on telecommunications, financial services, and technology, a strategy that is likely to pay off in the future and will see its GDP soaring. Nigeria’s reliance on oil is also an important contributor to its economic success; between 2001 and 2010, it was one of the countries with the highest GDP growth worldwide. However, oil prices are also responsible for a GDP growth slump in 2016 and for the first trade deficit in over a decade.

Nigeria GDP: Seasonally Adjusted data was reported at 74,237,984.557 NGN mn in Dec 2024. This records an increase from the previous number of 71,063,095.227 NGN mn for Sep 2024. Nigeria GDP: Seasonally Adjusted data is updated quarterly, averaging 28,630,696.094 NGN mn from Mar 2010 (Median) to Dec 2024, with 60 observations. The data reached an all-time high of 74,237,984.557 NGN mn in Dec 2024 and a record low of 13,197,217.222 NGN mn in Mar 2010. Nigeria GDP: Seasonally Adjusted data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.GEM: Gross Domestic Products: Nominal: Quarterly.