Nigeria

Between 2006 and 2016, Nigeria’s GDP grew at an average rate of 5.7 percent per year, as volatile oil prices drove growth to a high of 8 percent in 2006 and to a low of -1.5 percent in 2016. While Nigeria’s economy has performed much better in recent years than it did during previous boom-bust oil-price cycles, such as in the late 1970s or mid-1980s, oil prices continue to dominate the country’s growth pattern.