Nigeria Economy - 2024

Economic overview

largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to energy prices; regional leader in critical infrastructure; primarily agrarian employment

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

Real GDP growth rate

3.65% (2021 est.)
-1.79% (2020 est.)
2.21% (2019 est.)

Real GDP per capita

$4,900 (2021 est.)
$4,900 (2020 est.)
$5,100 (2019 est.)

note: data are in 2017 dollars

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.)

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.)

Labor force

65.116 million (2021 est.)

Unemployment rate

9.79% (2021 est.)
9.71% (2020 est.)
8.53% (2019 est.)

Youth unemployment rate (ages 15-24)

total: 19.6% (2021 est.)

male: 19.8% NA

female: 19.4% NA

Population below poverty line

40.1% (2018 est.)

Gini Index coefficient - distribution of family income

35.1 (2018 est.)

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.)

Remittances

4.42% of GDP (2021 est.)
3.98% of GDP (2020 est.)
5.31% of GDP (2019 est.)

Budget

revenues: $37.298 billion (2019 est.)

expenditures: $59.868 billion (2019 est.)

Budget surplus (+) or deficit (-)

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

Public debt

21.8% of GDP (2017 est.)
19.6% of GDP (2016 est.)

Taxes and other revenues

3.4% (of GDP) (2017 est.)

Fiscal year

calendar year

Current account balance

-$1.849 billion (2021 est.)
-$15.986 billion (2020 est.)
-$13.685 billion (2019 est.)

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

Exports - partners

India 16%, Spain 12%, United States 6%, France 6%, China 5% (2021)

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

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.)

Debt - external

$26.847 billion (2019 est.)
$22.755 billion (2018 est.)

Exchange rates

nairas (NGN) per US dollar -

Exchange rates:
358.811 (2020 est.)
306.921 (2019 est.)
306.084 (2018 est.)
305.79 (2017 est.)
253.492 (2016 est.)