City in Nigeria

Nigeria Fixed Investment (ann. var. %)

Investment in Nigeria

GDP growth improves in Q4

The Nigerian economy closed 2022 with a bang as economic growth accelerated. GDP expanded at a stronger 3.5% year on year in the fourth quarter, accelerating from the 2.2% growth tallied in the third quarter. Q4’s upturn brought overall GDP growth for 2022 to 3.1%, only slightly below the 3.4% post-pandemic rebound seen in 2021.

The non-oil sector of the economy was the engine of growth—as it has been since late 2020. Growth in the sector picked up to 4.4% year on year in Q4 (Q3: +4.3% yoy). The acceleration chiefly reflected the agricultural sector gaining steam and growing 2.0% in Q4 (Q3:+1.3% yoy). That said, severe floods in the quarter capped the overall improvement. Meanwhile, the industrial sector shrank at a more moderate rate of 0.9% in Q4, improving from the 8.0% contraction logged in the prior quarter. Lastly, the services sector grew a softer 5.7% annually in the fourth quarter, slowing from the third quarter’s 7.0% increase. Despite the moderation, the sector’s contribution to overall growth was a larger 56.3% in Q4, up from the previous period’s 52.0%.

The key oil sector, meanwhile, continued to be a drag on overall growth, albeit less so than in previous quarters. In Q4, the sector posted a 13.4% decline, a more moderate contraction than Q3’s 22.7% plunge. Oil production rose to 1.34 million barrels per day (mbpd) in Q4 from 1.20 mbpd in the previous three months. The improvement in production was largely due to the government’s ongoing crackdown on oil theft and the restoration of operations at a terminal in November.

Nigeria Investment Chart

This chart displays Investment (annual variation in %) for Nigeria from 2012 to 2021.

Nigeria Investment Data

2017 2018 2019 2020 2021
Fixed Investment (ann. var. %) -3.0 9.7 8.3 -14.7 4.7

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