City in Nigeria

Nigeria GDP

Nigeria GDP

Economic Growth in Nigeria

Nigeria's economy recorded an average growth rate of 2.2% in the decade to 2022, below the 3.0% average for Sub-Saharan Africa. In 2022, real GDP growth was 3.1%. 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 2023.
Source: National Bureau of Statistics Nigeria.

Nigeria GDP Data

2018 2019 2020 2021 2022
Economic Growth (GDP, ann. var. %) 1.9 2.3 -1.9 3.4 3.1
GDP (USD bn) 422 475 433 441 478
GDP (NGN bn) 129,087 145,639 154,252 176,076 202,365
Economic Growth (Nominal GDP, ann. var. %) 12.3 12.8 5.9 14.1 14.9

GDP growth steady in Q3

GDP growth was unchanged at 2.5% year on year in the third quarter. Q3's reading marked the joint-best result since Q4 2022.

Growth in the non-oil sector of the economy decelerated to 2.7% in Q3 from 3.5% in Q2. The downturn was broad-based and chiefly spurred by naira weakness and the removal of fuel subsidies in June. Agricultural sector growth slowed to 1.3% (Q2: +1.5%), while growth in the services sector ticked down to 4.0% in Q3 from 4.4% in Q2. Moreover, the manufacturing sector weakened markedly, posting a modest expansion of 0.5% (Q2: +2.2%). On a brighter note, growth in the construction sector accelerated to 3.9% in Q3 from 3.4% in Q2. Meanwhile, the oil sector contracted at a significantly softer rate of 0.8% in Q3 (Q2: -13.4%), as year-on-year crude production growth accelerated sharply to 19.5% in Q3 from 2.0% in Q2.

Economic growth is seen decelerating slightly in Q4 before picking up steam in 2024. Next year’s upturn will be chiefly driven by a stronger oil sector; an improved security situation in the Niger Delta is set to boost oil production growth. Moreover, private consumption and fixed investment are seen strengthening. That said, stubbornly high inflation and elevated interest rates will cap the overall improvement. Monetary policy—the Central Bank skipped its September and November meetings—and the strength of the naira are key factors to watch.

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

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