Last recession in 2004Q1, recovery in 2004Q3
Real GDP Growth Rate (%) at 1990 Base (y/y)

Real GDP Growth Rate (%) at 1990 Base (y/y)

Current recession in 2016Q2, recovery?
Real GDP Growth Rate (%) at 2010 Base (y/y)

 Real GDP Growth Rate (%) at 2010 Base (y/y)

On average, Nigeria’s GDP growth rate has averaged about 5 percent; attaining an unusual trough of nearly -10 percent in 2003Q4 and a peak of nearly 20 percent in 2004Q4. However, the Nigerian economy recently slipped into a recession – recording a negative GDP growth rate of -0.36 in 2016Q1 and -2.06 in 2016Q2. This is attributable to prolonged low crude oil price and production shortages and the attendant foreign exchange (FOREX) scarcity.