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. 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 … Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. The Trading Economics Application Programming Interface (API) provides direct access to our data. Agriculture, which in the past was the biggest sector, now weights around 23 percent. TEForecast 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 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

GDP Growth Rate YoY 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. The economy of Nigeria shrank 6.1% yoy in the second quarter of 2020 compared to a 1.9% growth in the prior period. Download historical data for 20 million indicators using your browser.Direct access to our calendar releases and historical data. 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. 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. On a quarterly basis, the GDP grew 5.59%, following a 9.23% expansion in the previous period. 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. 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. GDP growth (annual %) - 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. Industry and Construction account for the remaining 16 percent of GDP. It was the fastest expansion since the fourth quarter of 2018, as oil output grew the most in over three years. 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. At the same time, the all-important oil sector lost steam (5.06% vs 6.36%). As a result, Nigeria's estimate of its GDP increased by 89%, moving it from Africa's second biggest economy to the biggest economy. GDP Growth Rate YoY In 2019, the economy expanded 2.27%, the most since 2015, and compared to 1.98% in 2018. [37] In 2005, Nigeria reached an agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. Between 2000 and 2014, Nigeria’s gross domestic product (GDP) grew at an average rate of 7% per year. On a quarterly basis, the GDP shrank 14.27%, following a 5.59% expansion in the previous period. The NBS stated:” Nigeria’s GDP decreased by –6.10 per cent YoY in real terms in the, ending the 3-year trend of low but positive real growth rates recorded since the 2016/17 recession. Constant 2010 Prices

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