Nigeria: Economic growth

* indicates monthly or quarterly data series
 Nigeria

Economic growth: the rate of change of real GDP

 Latest value 2.86
 Year 2023
 Measure percent
 Data availability 1961 - 2023
 Average 3.66
 Min - Max -15.74 - 25.01
 Source The World Bank
The latest value from 2023 is 2.86 percent, a decline from 3.25 percent in 2022. In comparison, the world average is 3.34 percent, based on data from 179 countries. Historically, the average for Nigeria from 1961 to 2023 is 3.66 percent. The minimum value, -15.74 percent, was reached in 1967 while the maximum of 25.01 percent was recorded in 1970. See the global rankings for that indicator or use the country comparator to compare trends over time.
Select indicator
* indicates monthly or quarterly data series


Recent data
Nigeria - Economic growth - Recent values chart

Historical series
Nigeria - Economic growth - historical chart - 1961-2023




Economic growth in Nigeria and other countries is calculated as the percent change in the GDP from one year to the next. It measures whether production has increased or decreased, and by how much.

Looking across many countries and over long periods of time, the average rate of economic growth is about 2-3 percent per year. That changes from year to year as the economy goes through recessions and expansions. However, if an economy routinely grows at about 5 percent or more per year, this is a substantial rate of economic growth. Economic growth of 7-8 percent is extraordinary.
Definition: Annual percentage growth rate of GDP at market prices based on constant local currency. Aggregates are based on constant 2015 prices, expressed in U.S. dollars. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources.

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 Related indicators Latest Reference Measure
 Economic growth 2.86 2023 percent
 GDP, constant dollars 550.6 2023 billion U.S. dollars
 GDP, current U.S. dollars 362.81 2023 billion U.S. dollars
 GDP per capita, current dollars 1,621.12 2023 U.S. dollars
 GDP per capita, PPP 5,695 2023 U.S. dollars
 GDP per capita, constant dollars 2,460.39 2023 U.S. dollars
 Economic growth, quarterly 3.01 Q2/2024 percent
 Gross Domestic Product (GDP) 62,232.72 Q2/2024 billion
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