City in Nigeria

Nigeria Exports (G&S, ann. var. %)

Exports in Nigeria

GDP growth softens in Q1 2023

The Nigerian economy started 2023 on a weaker footing. Economic growth waned to 2.3% year on year in the first quarter, slowing from the 3.5% expansion tallied in the final quarter of 2022. The deceleration chiefly reflected the fallout from the cash crunch in Q1, most notably in February and March.

Growth in the non-oil sector of the economy softened to 2.8% year on year in Q1 (Q4 2022: +4.4% yoy), explaining the smaller GDP increase. The slowdown chiefly reflected a 0.9% year-on-year decline in the agricultural sector, swinging from the previous quarter’s 2.0% annual growth. Meanwhile, growth in the services sector weakened (Q1 2023: +4.3% yoy; Q4 2022: +5.7% yoy). Despite the cooling, the sector’s contribution to overall growth was a larger 57.3% in Q1, up from the previous quarter’s 56.3%. In addition, the industrial sector returned to growth, posting a 0.3% annual increase (Q4: -0.9% yoy).

The oil sector, meanwhile, contracted at a markedly softer pace of 4.2% year on year in Q1 (Q4 2022: -13.4% yoy). Oil production rose to 1.51 million barrels per day (mbpd) in Q1, from 1.34 mbpd in the previous three months.

Nigeria Exports Chart

This chart displays Exports (G&S, ann. var. %) for Nigeria from 2013 to 2022.

Nigeria Exports Data

2017 2018 2019 2020 2021
Exports (G&S, ann. var. %) 8.2 -0.9 15.0 -33.4 -32.1

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest