Nigeria Economic Chart Park

Real GDP Growth Rate

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

Last recession in 2004Q1, recovery in 2004Q3

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

Current recession in 2016Q2, recovery?

On average, Nigerias 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.



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Crude Oil Price

Crude Oil Price: Crude oil price attained a historical low of $30.7 in January 2016 largely due to excess global oil supply. Crude Oil Production and Export: Oil production has continued to fall in

Capital Importation And Budgetary Allocation (Transport Sector)

Capital Importation: Since the dramatic decline in 2013, private and government sector investments in the sector have remained low in 2016. Budgetary Allocation: Budgetary allocations to the transpo

Balance Of Trade (Export And Import)

Balance of Trade (Export and Import): With export and, to lesser extent, import declining balance of trade fell deeply in 2015 and, to lesser extent, in 2016Q1.

Gross Federally Collected Revenue

Gross Federally Collected Revenue: Both oil and non-oil components of gross federal revenue fell below N40 billion in 2016, after recording a peak of N90 billion in 2013. The decline was most prominen