These changes were known as the 2014 Nigeria

Also, the non-oil sector posted the first decline since the third quarter of 2017 (-6.1% vs 1.6%), as the pandemic hit critical activities such as transportation & storage (-49% vs 2.8% in Q1); accommodation & food services (-40.2% vs -3%); construction (-31.8% vs 1.7%) and internal trade (-16.6% vs -2.8%).On a quarterly basis, the GDP shrank 5%, following a 14.27% plunge in the preceding quarter. The non-oil sector increased 2.26%, quickening from a downwardly revised 1.84% advance in the prior period, boosted by telecommunications & information services (10.26% vs 12.16% in Q3), crop production (2.52% vs 2.41%), financial services (22.33% vs 0.61%) and manufacturing (1.24% vs 1.10%).
The Gross Domestic Product (GDP) in Nigeria contracted 14.30 percent in the first quarter of 2020 over the previous quarter. On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period.

Following the oil price collapse in 2014-2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015. It was the fastest expansion since the fourth quarter of 2018, as oil output grew the most in over three years. Between 2000 and 2014, Nigeria’s gross domestic product (GDP) grew at an average rate of 7% per year. In April 2014, the National Bureau of Statistics, Nigeria, under the government of Nigeria, announced changes to the way it calculated GDP, changing the calculation to more accurately reflect current prices and market structure, thus giving more weight to Nollywood and mobile phone services that had grown a lot recently. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. GDP Growth Rate YoY


The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. [38] GDP Growth Rate YoY The economy of Nigeria advanced 2.28 percent year-on-year in the third quarter of 2019 compared to an upwardly revised 2.12 percent rise in the previous period. The economy of Nigeria advanced 1.87% year-on-year in the first quarter of 2020 compared to a 2.55% growth in the previous period, against the backdrop of significant global disruptions resulting from the Covid-19 public health crisis, a sharp fall in oil prices and restricted international trade.

Industry and Construction account for the remaining 16 percent of GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output. The Trading Economics Application Programming Interface (API) provides direct access to our data. Constant 2010 Prices

It was the first contraction since the Q1 of 2017 and the steepest since the Q1 of 2004, amid still-subdued oil prices and lower levels of global economic activity resulting from nationwide shutdown efforts aimed at containing the Covid-19 pandemic. As a result, Nigeria's estimate of its GDP increased by 89%, moving it from Africa's second biggest economy to the biggest economy. The base year for calculation (including information on the market structure) was updated from 1990 to 2010.GDP can be estimated through three methods: production, income, and expenditure.The estimate of total GDP of Nigeria increased from 42.4 trillion naira (US$270 billion at exchange rates) to 80.2 trillion naira (US$510 billion at exchange rates), an 89% increase.Nigeria's GDP increase far exceeded the expectations of analysts who had forecast an increase of between 40 and 60 per cent following the rebasing exercise.As a result of the size change, the stock market capitalization to GDP ratio estimate reduced from 33% to 18% (for comparison, the corresponding ratio for As a result of this change, more weight was given in the new series to services, with the role of In a report for the Brookings Institution on the rebasing in Nigeria as well as similar rebasings in Overall estimate of economy size increased significantlySectoral composition shifted toward services and away from oilOverall estimate of economy size increased significantlySectoral composition shifted toward services and away from oil World Bank national accounts data, and OECD National Accounts data files.

The economy of Nigeria advanced 2.55% year-on-year in the fourth quarter of 2019 compared to an upwardly revised 2.28% rise in the previous period. [37] In 2005, Nigeria reached an agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. GDP Growth Rate in Nigeria averaged 1.04 percent from 2010 until 2020, reaching an all time high of 10.59 percent in the third quarter of 2010 and a record low of -14.30 percent in the first quarter of 2020. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Trading Economics members can view, download and compare data from nearly 200 countries, including more than 20 million economic indicators, exchange rates, government bond yields, stock indexes and commodity prices. GDP Growth Rate YoY GDP Growth Rate YoY On a quarterly basis, the GDP grew 5.59%, following a 9.23% expansion in the previous period. It allows API clients to download millions of rows of historical data, to query our real-time economic calendar, subscribe to updates and receive quotes for currencies, commodities, stocks and bonds.

The oil sector declined 6.6%, after rising 5.1% in the first quarter, amid lower crude oil production (1.81 million barrels per day, down from 2.07 mbpd in Q1 and 2.02 mbpd a year ago).

Nigeria - GDP growth (annual %) The value for GDP growth (annual %) in …

It was the strongest expansion since the third quarter of 2015, mainly driven by the oil sector (6.36% vs 6.49% in Q3), amid higher crude oil production (2.00 million barrels per day, up from 1.91 mbpd in the same period a year earlier) and more favourable prices.


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