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Nigeria GDP Annual Growth Rate

Nigeria's GDP annual growth rate rose to 3.43% in 2024, up from 2.86% in 2023, according to World Bank. This represents an increase of 0.57% from the previous year. Nigeria has GDP annual growth rate higher than the global median (3.43% vs median 3.24%). Compared with the median in Africa, Nigeria is lower (3.43% vs regional median 3.99%) and ranks 33rd out of 52 countries in Africa.

Nigeria's real GDP rose to $569.52 billion in 2024, up from $550.65 billion in 2023.

Yearly Historical Data (1961-2024)

(in %)
Year GDP Annual Growth Rate (%)
2024 3.43%
2023 2.86%
2022 3.25%
2021 3.65%
2020 -1.79%
2019 2.21%
2018 1.92%
2017 0.81%
2016 -1.62%
2015 2.65%
2014 6.31%
2013 6.67%
2012 4.23%
2011 5.31%
2010 8.01%
2009 8.04%
2008 6.76%
2007 6.59%
2006 6.06%
2005 6.44%
2004 9.25%
2003 7.35%
2002 15.33%
2001 5.92%
2000 5.02%
1999 0.58%
1998 2.58%
1997 2.94%
1996 4.2%
1995 -0.07%
1994 -1.81%
1993 -2.04%
1992 4.63%
1991 0.36%
1990 11.78%
1989 1.92%
1988 7.33%
1987 3.2%
1986 0.06%
1985 5.91%
1984 -1.12%
1983 -10.92%
1982 -6.8%
1981 -13.13%
1980 4.2%
1979 6.76%
1978 -5.76%
1977 6.02%
1976 9.04%
1975 -5.23%
1974 11.16%
1973 5.39%
1972 3.36%
1971 14.24%
1970 25.01%
1969 24.2%
1968 -1.25%
1967 -15.74%
1966 -4.25%
1965 4.88%
1964 4.95%
1963 8.58%
1962 4.1%
1961 0.19%
Nigeria GDP Annual Growth Rate : Definition
GDP Annual Growth Rate measures the yearly percentage change in Nigeria's total economic output.
Indicator Last Value Prior Value Period
GDP $187.76B $363.85B 2024
GDP Growth Rate (QoQ) 10% 0% Sep'24
GDP Growth Rate (YoY) 4.2% 3.1% Jun'25
GDP per Capita $2,447.64 $2,416.36 2024
GDP per Capita PPP $5,665.45 $5,593.06 2024
R&D Expenditure (% GDP) 0.28% 0.13% 2019
Real GDP $569.52B $550.65B 2024