Economy - overview:
Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% of Nigeria's over 180 million people still live in extreme poverty.

Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production had been contracting every year since 2012 until a slight rebound in 2017.

President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but has taken a primarily protectionist approach that favors domestic producers at the expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as implementation of a Treasury Single Account that allows the government to better manage its resources and a more transparent government payroll and personnel system that eliminated duplicate and "ghost workers." The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recovered and output stabilized.

GDP (purchasing power parity):
$1.121 trillion (2017 est.)
$1.112 trillion (2016 est.)
$1.13 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 24
[see also: GDP country ranks ]

GDP (official exchange rate):
$376.4 billion (2017 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2017 est.)
-1.6% (2016 est.)
2.7% (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 187
[see also: GDP - real growth rate country ranks ]

GDP - per capita (PPP):
$5,900 (2017 est.)
$6,100 (2016 est.)
$6,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world (CIA rank, may be based on non-current data): 166
[see also: GDP - per capita country ranks ]

Gross national saving:
18.2% of GDP (2017 est.)
16% of GDP (2016 est.)
12.3% of GDP (2015 est.)
country comparison to the world (CIA rank, may be based on non-current data): 110
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 80% (2017 est.)
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 5.8% (2017 est.)
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.8% (2017 est.)
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.7% (2017 est.)
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 11.9% (2017 est.)
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -13.2% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.1% (2016 est.)
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 22.5% (2016 est.)
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 56.4% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

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:
2.2% (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 126
[see also: Industrial production growth rate country ranks ]

Labor force:
60.08 million (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 10
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
[see also: Labor force - by occupation - industry country ranks ]
services: 20% (1999 est.)
[see also: Labor force - by occupation - services country ranks ]

Unemployment rate:
16.5% (2017 est.)
13.9% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 178
[see also: Unemployment rate country ranks ]

Population below poverty line:
70% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 38.2% (2010 est.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
48.8 (2013)
50.6 (1997)
country comparison to the world (CIA rank, may be based on non-current data): 21
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: 12.92 billion (2017 est.)
[see also: Budget - revenues country ranks ]
expenditures: 19.54 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
3.4% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 220
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.8% (of GDP) (2017 est.)
country comparison to the world (CIA rank, may be based on non-current data): 99
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
21.8% of GDP (2017 est.)
19.6% of GDP (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 185
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
16.5% (2017 est.)
15.7% (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 213
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010)
6% (31 December 2009)
country comparison to the world (CIA rank, may be based on non-current data): 96
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.58% (31 December 2017 est.)
16.87% (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 25
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$36.13 billion (31 December 2017 est.)
$37.02 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$36.13 billion (31 December 2017 est.)
$37.02 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$84.66 billion (31 December 2017 est.)
$88.2 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 58
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$53.07 billion (31 December 2016 est.)
$63.47 billion (31 December 2014 est.)
$80.61 billion (31 December 2013 est.)
country comparison to the world (CIA rank, may be based on non-current data): 51
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$10.38 billion (2017 est.)
$2.714 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 21
[see also: Current account balance country ranks ]

Exports:
$1.146 billion (2017 est.)
$34.7 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 154
[see also: Exports country ranks ]

Exports - partners:
India 30.6%, US 12.1%, Spain 6.6%, China 5.6%, France 5.5%, Netherlands 4.4%, Indonesia 4.4% (2017)

Exports - commodities:
petroleum and petroleum products 95%, cocoa, rubber (2012 est.)

Imports:
$32.67 billion (2017 est.)
$35.24 billion (2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 62
[see also: Imports country ranks ]

Imports - commodities:
machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports - partners:
China 21.1%, Belgium 8.7%, US 8.4%, South Korea 7.5%, UK 4.4% (2017)

Reserves of foreign exchange and gold:
$38.77 billion (31 December 2017 est.)
$25.84 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 45
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$40.96 billion (31 December 2017 est.)
$31.41 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 73
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$116.9 billion (31 December 2017 est.)
$113.4 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 44
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$16.93 billion (31 December 2017 est.)
$15.65 billion (31 December 2016 est.)
country comparison to the world (CIA rank, may be based on non-current data): 57
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar -
323.5 (2017 est.)
253 (2016 est.)
253 (2015 est.)
192.73 (2014 est.)
158.55 (2013 est.)