Nigeria’s GDP growth peaked at 14.6% in 2002 after years of expansion, now averaging around 3.3% annually

  • From recession to recovery, Nigeria’s GDP growth journey reveals three decades of economic volatility and slow transformation.
  • Nigeria's economy grew by 14.6% in 2002, which is still the highest in the country's history.
  • The country entered a recession in 2016, with the economy shrinking by -1.6%.
  • Nigeria enjoyed a long period of strong growth between 2003 and 2010: The economy grew between 7% and 11%, powered by high oil prices and booming sectors like telecoms and banking.

After the return to democracy in 1999, Nigeria’s economy experienced a brief surge, peaking at 14.6% in 2002, before settling into moderate growth through the 2000s. Momentum slowed after the 2014 oil crash, with growth turning negative in 2016 (-1.6%) and 2020 (-1.8%).

In recent years, the economy has stabilised, averaging about 3% annual growth since 2021, reflecting a slower, more fragile post-oil and post-pandemic recovery

Source:

International Monetary Funf (IMF)

Period:

1991-2024
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Nigeria’s slice of Africa’s economy since independence: From a peak of 31% to 7% in 2024
  • At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
  • Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
  • Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
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