Gross Domestic Product — Annual growth Standard Local Currency in Nigeria
Nigeria: Gross Domestic Product — Annual growth Standard Local Currency was 18.37 % in 2024. ◆ Volatile
Gross Domestic Product — Annual growth Standard Local Currency in Nigeria, 1971–2024
Source: Food and Agriculture Organization of the United Nations. Measured in %.
Analysis
Nigeria recorded 18.37 % for gross domestic product — annual growth standard local currency in 2024.
The figure is up 16.0% on the previous year and up 61.8% over ten years.
Over the whole period, gross domestic product — annual growth standard local currency in Nigeria peaked at 75.27 % in 1995 and was at its lowest, 4.47 %, in 1984.
Nigeria ranks 21st of 202 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Gross Domestic Product — Annual growth Standard Local Currency in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 1971 | 15.78 % | — |
| 1972 | 12.23 % | -22.5% |
| 1973 | 14.89 % | +21.8% |
| 1974 | 55.12 % | +270.1% |
| 1975 | 24.18 % | -56.1% |
| 1976 | 24.18 % | -0.0% |
| 1977 | 19.72 % | -18.4% |
| 1978 | 9.95 % | -49.5% |
| 1979 | 15.06 % | +51.2% |
| 1980 | 17.43 % | +15.8% |
| 1981 | 4.48 % | -74.3% |
| 1982 | 6.99 % | +56.0% |
| 1983 | 6.51 % | -6.9% |
| 1984 | 4.47 % | -31.2% |
| 1985 | 13.25 % | +196.1% |
| 1986 | 5.48 % | -58.6% |
| 1987 | 23.5 % | +328.8% |
| 1988 | 28.99 % | +23.4% |
| 1989 | 31.45 % | +8.5% |
| 1990 | 19.23 % | -38.8% |
| 1991 | 19.29 % | +0.3% |
| 1992 | 53.55 % | +177.6% |
| 1993 | 38.76 % | -27.6% |
| 1994 | 40.7 % | +5.0% |
| 1995 | 75.27 % | +85.0% |
| 1996 | 31.8 % | -57.8% |
| 1997 | 8.14 % | -74.4% |
| 1998 | 8.75 % | +7.4% |
| 1999 | 14.09 % | +61.1% |
| 2000 | 28.83 % | +104.5% |
| 2001 | 16.59 % | -42.4% |
| 2002 | 39.67 % | +139.1% |
| 2003 | 17.87 % | -55.0% |
| 2004 | 33.69 % | +88.5% |
| 2005 | 27.58 % | -18.1% |
| 2006 | 31.37 % | +13.8% |
| 2007 | 14.16 % | -54.9% |
| 2008 | 15.22 % | +7.5% |
| 2009 | 8.78 % | -42.3% |
| 2010 | 29.6 % | +237.2% |
| 2011 | 14.42 % | -51.3% |
| 2012 | 14.03 % | -2.7% |
| 2013 | 11.49 % | -18.1% |
| 2014 | 11.36 % | -1.2% |
| 2015 | 5.46 % | -51.9% |
| 2016 | 6.62 % | +21.2% |
| 2017 | 12.01 % | +81.6% |
| 2018 | 12.35 % | +2.8% |
| 2019 | 12.82 % | +3.8% |
| 2020 | 5.91 % | -53.9% |
| 2021 | 14.15 % | +139.2% |
| 2022 | 14.93 % | +5.5% |
| 2023 | 15.84 % | +6.1% |
| 2024 | 18.37 % | +16.0% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 21.24 % | 9.95 % | 55.12 % | 9 |
| 1980s | 14.26 % | 4.47 % | 31.45 % | 10 |
| 1990s | 30.96 % | 8.14 % | 75.27 % | 10 |
| 2000s | 23.38 % | 8.78 % | 39.67 % | 10 |
| 2010s | 13.01 % | 5.46 % | 29.6 % | 10 |
| 2020s | 13.84 % | 5.91 % | 18.37 % | 5 |
Countries ranked near Nigeria
More economy & growth data for Nigeria
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.04 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.32 Percent per annum (2029)
- Agriculture, forestry, and fishing, value added (current LCU), annual 5.18 % change on previous year (2025)
- Agriculture, forestry, and fishing, value added (current LCU), per 348.91 current LCU per US$ of GDP (2025)
- Agriculture, forestry, and fishing, value added (current LCU), per 427,154 current LCU per person (2025)
- Agriculture, forestry, and fishing, value added (constant 2015 US$) 2.92 % change on previous year (2025)
- Agriculture, forestry, and fishing, value added (constant 2015 US$) 0.4555 constant 2015 US$ per US$ of GDP (2025)
- Agriculture, forestry, and fishing, value added (constant 2015 US$) 557.59 constant 2015 US$ per person (2025)
- Agriculture, forestry, and fishing, value added (constant LCU) 2.92 % change on previous year (2025)
- Agriculture, forestry, and fishing, value added (constant LCU), per 209.92 constant LCU per US$ of GDP (2025)
Frequently asked questions
- What is gross domestic product — annual growth standard local currency in Nigeria?
- Gross domestic product — annual growth standard local currency in Nigeria was 18.37 % in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — annual growth standard local currency recorded in Nigeria?
- The highest recorded value was 75.27 % in 1995.
- What is the lowest gross domestic product — annual growth standard local currency recorded in Nigeria?
- The lowest recorded value was 4.47 % in 1984.
- How does Nigeria rank for gross domestic product — annual growth standard local currency?
- Nigeria ranks 21st out of 202 countries with data for 2024.
- Is gross domestic product — annual growth standard local currency rising or falling in Nigeria?
- Over the last ten years it is up 61.8%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from Food and Agriculture Organization of the United Nations, published as part of Gross Domestic Product — Annual growth Standard Local Currency. Statizoid updates them automatically from the source API.
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About this data
The FAOSTAT Macro Indicators database provides a selection of country-level macro indicators relating to total economy (Gross Domestic Product, Gross Fixed Capital Formation); agriculture activity; agriculture, forestry and fishing activity; total manufacturing activity; manufacturing of food products and beverages activity; manufacturing activity of tobacco products; and manufacturing activity of food, beverage and tobacco products.It releases time series for a selection of National Accounts variables, including gross domestic product, gross fixed capital formation, industry-level value added and gross output. The database also proposes additional indicators such as gross domestic product per capita, year-on-year growth rates and measures of industry contribution to gross domestic product. All data relating to Gross Domestic Product, Gross Fixed Capital Formation, agriculture, forestry and fishing activity, and to total manufacturing activity originates from the United Nations Statistics Division (UNSD) National Accounts Estimates of Main Aggregates database, which consists of a complete and consistent set of time series of the main National Accounts aggregates of all UN Members States and other territories in the world for which National Accounts information is available. The UNSD database's content is based on the countries' official National Accounts data reported to UNSD through the annual National Accounts Questionnaire, supplemented with data estimates for any years and countries with incomplete or inconsistent information (See http://unstats.un.org/unsd/snaama/Introduction.asp). Data series relating to the sub-industry Agriculture activity are obtained from the UNSD national accounts Official Country Data databases while series on the Manufacturing activity of food and beverages products, manufacturing activity of tobacco products and manufacturing activity of food, beverages and tobacco products originates from the United Nations Industrial Development Organization (UNIDO) INDSTAT2 database. In order to ensure that sub-industry series are consistent in levels with National Accounts based series, which is needed to support comparability across industries (agriculture vs. agro-industry and sub-industries), UNIDO originating series are rescaled on UNSD National Accounts Estimates of Main Aggregates data series (See Section 17.5 for a more detailed description of the data processing steps).