GDP reading: GDP growth ticked up to 3.1% year on year in the second quarter from 3.0% in the first...
Economic Growth in Nigeria
Nigeria's economy recorded an average growth rate of 2.1% in the decade to 2024, compared to the 3.7% average for Sub-Saharan Africa. In 2024, real GDP growth was 3.4%. For more GDP information, visit our dedicated page.
Nigeria GDP Chart
Note: This chart displays Economic Growth (GDP, annual variation in %) for Nigeria from 2014 to 2024.
Source: Macrobond.
Nigeria GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -1.9 | 3.4 | 3.1 | 2.7 | 3.4 |
| GDP (USD bn) | 433 | 441 | 478 | 487 | 252 |
| GDP (NGN bn) | 154,252 | 176,076 | 202,365 | 314,024 | 372,833 |
| Economic Growth (Nominal GDP, ann. var. %) | 5.9 | 14.1 | 14.9 | 55.2 | 18.7 |
Consensus Forecasts and Projections for the next ten years
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 24 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.
Latest Global GDP News
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Hong Kong: GDP growth records best result since Q4 2023 in Q2 -
Canada: Economy flatlines in May GDP reading: GDP was flat in month-on-month seasonally adjusted terms in May, following April’s 0.1% decrease. On an annual basis,... -
Mexico: GDP growth accelerates in Q2 GDP reading: According to a preliminary estimate, GDP growth accelerated to 0.7% on a seasonally adjusted quarter on quarter basis... -
Taiwan: GDP growth records fastest expansion since Q2 2021 in the second quarter GDP reading: GDP growth picked up to 8.0% year on year in the second quarter from 5.5% in the first... -
United States: Economy rebounds in Q2 GDP reading: GDP rebounded 3.0% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 0.5% contraction... -
Malaysia: Economy edges up more than expected in the second quarter Economic activity surprises markets to the upside: According to a preliminary reading, GDP growth edged up to 4.5% year on... -
China: GDP growth loses steam in Q2 but beats expectations GDP reading: GDP growth moderated to 5.2% year on year in the second quarter from 5.4% in the first quarter...