Nigeria Economy - 2023

Economic overview

one of the largest West African economies; oil-dependent exports, revenues, and credit; COVID-19 and oil price shocks have resulted in slowing growth, high inflation, increasing unemployment; frequent disruptions due to political instability, especially in the north

Real GDP (purchasing power parity)

$1.05 trillion (2021 est.)

$1.014 trillion (2020 est.)

$1.032 trillion (2019 est.)

note: data are in 2017 dollars

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Real GDP growth rate

3.65% (2021 est.)

-1.79% (2020 est.)

2.21% (2019 est.)

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Real GDP per capita

$4,900 (2021 est.)

$4,900 (2020 est.)

$5,100 (2019 est.)

note: data are in 2017 dollars

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GDP (official exchange rate)

$475.062 billion (2019 est.)

Inflation rate (consumer prices)

16.95% (2021 est.)

13.25% (2020 est.)

11.4% (2019 est.)

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Credit ratings

Fitch rating: B (2020)

Moody's rating: B2 (2017)

Standard & Poors rating: B- (2020)

note: The year refers to the year in which the current credit rating was first obtained.

GDP - composition, by sector of origin

agriculture: 21.1% (2016 est.)

industry: 22.5% (2016 est.)

services: 56.4% (2017 est.)

GDP - composition, by end use

household consumption: 80% (2017 est.)

government consumption: 5.8% (2017 est.)

investment in fixed capital: 14.8% (2017 est.)

investment in inventories: 0.7% (2017 est.)

exports of goods and services: 11.9% (2017 est.)

imports of goods and services: -13.2% (2017 est.)

Agricultural products

cassava, yams, maize, oil palm fruit, rice, vegetables, sorghum, groundnuts, fruit, sweet potatoes

Industries

crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel

Industrial production growth rate

-0.47% (2021 est.)

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Labor force

65.116 million (2021 est.)

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Labor force - by occupation

agriculture: 70%

industry: 10%

services: 20% (1999 est.)

Unemployment rate

9.79% (2021 est.)

9.71% (2020 est.)

8.53% (2019 est.)

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Youth unemployment rate (ages 15-24)

total: 19.6%

male: 19.8% NA

female: 19.4% (2021 est.) NA

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Population below poverty line

40.1% (2018 est.)

Gini Index coefficient - distribution of family income

35.1 (2018 est.)

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Average household expenditures

on food: 59% of household expenditures (2018 est.)

on alcohol and tobacco: 1% of household expenditures (2018 est.)

Household income or consumption by percentage share

lowest 10%: 1.8%

highest 10%: 38.2% (2010 est.)

Budget

revenues: $37.298 billion (2019 est.)

expenditures: $59.868 billion (2019 est.)

Budget surplus (+) or deficit (-)

-1.8% (of GDP) (2017 est.)

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Public debt

21.8% of GDP (2017 est.)

19.6% of GDP (2016 est.)

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Taxes and other revenues

3.4% (of GDP) (2017 est.)

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Fiscal year

calendar year

Current account balance

-$1.849 billion (2021 est.)

-$15.986 billion (2020 est.)

-$13.685 billion (2019 est.)

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Exports

$50.856 billion (2021 est.) note: data are in current year dollars

$39.937 billion (2020 est.) note: data are in current year dollars

$69.927 billion (2019 est.) note: data are in current year dollars

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Exports - partners

India 16%, Spain 10%, United States 7%, France 7%, Netherlands 6% (2019)

Exports - commodities

crude petroleum, natural gas, scrap vessels, cocoa beans, refined petroleum (2021)

Imports

$66.107 billion (2021 est.) note: data are in current year dollars

$72.178 billion (2020 est.) note: data are in current year dollars

$100.82 billion (2019 est.) note: data are in current year dollars

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Imports - partners

China 30%, Netherlands 11%, United States 6%, Belgium 5% (2019)

Imports - commodities

refined petroleum, cars, wheat, laboratory glassware, packaged medicines (2019)

Reserves of foreign exchange and gold

$36.73 billion (31 December 2020 est.)

$38.336 billion (31 December 2019 est.)

$42.839 billion (31 December 2018 est.)

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Debt - external

$26.847 billion (2019 est.)

$22.755 billion (2018 est.)

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Exchange rates

nairas (NGN) per US dollar -

358.811 (2020 est.)

306.921 (2019 est.)

306.084 (2018 est.)

305.79 (2017 est.)

253.492 (2016 est.)

NOTE: The information regarding Nigeria on this page is re-published from the 2023 World Fact Book of the United States Central Intelligence Agency and other sources. No claims are made regarding the accuracy of Nigeria 2023 information contained here. All suggestions for corrections of any errors about Nigeria 2023 should be addressed to the CIA or the source cited on each page.