Temporary factors boost output: GDP growth clocked 5.4% year on year in Q1 2025, matching the prior quarter’s reading and...
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 2024.
Source: Macrobond.
Nigeria GDP Data
| 2020 | 2021 | 2022 | 2023 | 2024 | |
|---|---|---|---|---|---|
| Economic Growth (GDP, ann. var. %) | -1.9 | 3.4 | 3.1 | 2.7 | 3.4 |
| GDP (USD bn) | 433 | 441 | 478 | 363 | 188 |
| GDP (NGN bn) | 154,252 | 176,076 | 202,365 | 234,426 | 277,494 |
| Economic Growth (Nominal GDP, ann. var. %) | 5.9 | 14.1 | 14.9 | 15.8 | 18.4 |
Panelist insight: Analysts at Fitch Solutions commented on the outlook: “After a stronger-than-anticipated 2024, we expect that Nigeria’s economic growth will accelerate further in 2025. We believe that exports were the primary driver of growth in expenditure terms last year, and this trend will persist in 2025. As the Dangote refinery continues to ramp up petrol production and increasingly supplies the local market, demand for fuel imports—historically Nigeria’s largest merchandise import—will continue to fall.”
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 22 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 info@focus-economics.com.
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