The economy of Nigeria grew 1.5 percent year-on-year in the second quarter of 2018, slowing from a 1.9 percent expansion in the prior period. It was the weakest growth rate since the third quarter of last year, as oil output shrank while the non-oil sector continued to rise.
On a quarterly basis, the economy advanced 2.9 percent, after contracting 13.4 percent in the previous quarter. GDP Annual Growth Rate in Nigeria averaged 3.87 percent from 1982 until 2018, reaching an all time high of 19.17 percent in the fourth quarter of 2004 and a record low of -7.81 percent in the fourth quarter of 1983.
Nigeria is the biggest economy in Africa. Services is the largest sector of the economy, accounting for about 50 percent of total GDP. One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output.
Agriculture, which in the past was the biggest sector, now weights around 23 percent. Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP. This page provides – Nigeria GDP Annual Growth Rate – actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria GDP Annual Growth Rate – actual data, historical chart and calendar of releases – was last updated on October of 2018.