GDP in Nigeria
Nigeria - GDP (billions of U.S. Dollars)
GDP growth records slowest increase since Q1 2021 in Q3
The Nigerian economy lost steam in the third quarter of 2022: GDP growth moderated to 2.2% year on year, from 3.5% in the second quarter. Q3's reading marked the softest expansion since Q1 2021.
The annual deceleration was chiefly due to the key oil sector continuing to drag on overall growth. It plunged a whopping 22.7% in Q3 (Q2: -11.8% yoy). Oil production fell to 1.20 million barrels per day (mbpd) in Q3 from 1.43 mbpd in Q2. The sector continues to suffer from security issues related to theft and lingering instability in the Niger Delta.
The non-oil sector of the economy continued to be the engine of growth—as it has been since late 2020. Growth in this sector eased to 4.3% in Q3 (Q2: +4.8% yoy). The industrial sector posted an 8.0% year-on-year contraction in Q3 (Q2: -2.3% yoy), marking the worst reading since Q2 2020. More positively, services sector growth increased to an annual 7.0% in the third quarter, accelerating from the second quarter's 6.7% increase. Additionally, the agricultural sector gained steam, growing 1.3% in Q3 (Q2: +1.2% yoy).
FocusEconomics panelists project that the economy will expand 3.1% in 2023, which is unchanged from last month’s forecast. In 2024, GDP growth is seen at 3.2%.
Nigeria - GDP (USD bn) Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| GDP (USD bn) | 497 | 412 | 374 | 428 | 475 |
Nigeria Facts
| Value | Change | Date | |
|---|---|---|---|
| Bond Yield | 11.10 | 0.0 % | Dec 31 |
| Exchange Rate | 306.5 | 3.08 % | Jan 01 |
| Stock Market | 0.1 | 0.0 % | Jan 07 |
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Economic News
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Nigeria: PMI softens in January; conditions continue to improve strongly
February 1, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at a five-month low of 53.5 in January, down from December’s 54.6.
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Nigeria: Inflation recedes for the first time in 14 months in December
January 18, 2023
Inflation receded for the first time in over a year in December; it softened to 21.3%, down from November’s 21.5%.
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Nigeria: PMI rises in December
January 3, 2023
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.6 in December, up from November’s 54.3.
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Nigeria: Private-sector conditions improve at stronger clip in November
December 1, 2022
The Purchasing Managers’ Index (PMI)—produced by Stanbic IBTC Bank and S&P Global—came in at 54.3 in November, up from October's 53.6.
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Nigeria: GDP growth records slowest increase since Q1 2021 in Q3
November 24, 2022
The Nigerian economy lost steam in the third quarter of 2022: GDP growth moderated to 2.2% year on year, from 3.5% in the second quarter.
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