GDP reading: GDP rebounded 3.0% in seasonally adjusted annualized rate terms (SAAR) in the second quarter, contrasting the 0.5% contraction...
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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United States: Economy rebounds in Q2 -
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... -
Singapore: Economic growth accelerates in the second quarter Stronger-than-expected GDP growth in Q2: According to an advanced estimate, year-on-year GDP growth accelerated to 4.3% in the second quarter... -
Guatemala: GDP growth moderates in Q1 Economic momentum lost in Q1: Annual GDP growth lost momentum in the first quarter of this year, easing to 3.9%... -
United Kingdom: Decline in economy softens in May GDP reading: GDP declined 0.1% month-on-month in seasonally adjusted terms in May (April: -0.3% mom), contrasting market expectations for an... -
Vietnam: Economic growth hits a two-year high in Q2 GDP growth overshoots market expectations: Vietnam’s economy continued to gallop ahead in Q2, with GDP surging 8.0% annually (Q1: +7.0%...