The economy of Nigeria shrank 3.6% yoy in the third quarter of 2020, following a 6.1% plunge in the previous period. It marks the second recession in the country in four years, amid still-subdued oil prices and lingering effects of the restrictions implemented across the country in early Q2 in response to the COVID-19. The oil sector declined 13.9%, following a 6.6% slump in the second quarter, amid lower crude oil production (1.67 million barrels per day, down from 1.81 mbps in Q2 and 2.04 mbps a year ago). Meanwhile, the non-oil sector shrank 2.5%, less than 6.1% in the Q2 amid softer declines in transportation & storage (-43% vs -49%); accommodation & food service (-22.6% vs -40.2%); trade (-12.1% vs -17%) and manufacturing (-1.5% vs -8.8%). Meantime, the information & communication continued to grow notably (14.6% vs 16.5%). On a quarterly basis, the GDP grew 12.1%, the most since at least the Q2 of 2010, recovering sharply from a 5% contraction in the previous quarter. source: National Bureau of Statistics, Nigeria
GDP Annual Growth Rate in Nigeria averaged 3.68 percent from 1982 until 2020, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983. This page provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate - data, historical chart, forecasts and calendar of releases - was last updated on December of 2020.
GDP Annual Growth Rate in Nigeria is expected to be -6.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate GDP Annual Growth Rate in Nigeria to stand at 2.30 in 12 months time. In the long-term, the Nigeria GDP Annual Growth Rate is projected to trend around 2.30 percent in 2021 and 3.00 percent in 2022, according to our econometric models.