Countries
Nigeria
Key Economic Indicators
$2.11 trillion
$9,087
4.06%
33.24%
3.06%
$187.76 billion (2024 est.)
19.6% of GDP (2016 est.)
$17.22 billion
Economic Overview
largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to global energy price shocks; regional leader in critical infrastructure; primarily agrarian employment
All Economic Data
Agricultural products
cassava, yams, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2023)
note:
<b>note:</b> top ten agricultural products based on tonnage
Average household expenditures
On alcohol and tobacco:
0.9% of household expenditures (2023 est.)
On food:
59.3% of household expenditures (2023 est.)
Budget
Expenditures:
$59.868 billion (2019 est.)
Revenues:
$37.298 billion (2019 est.)
Currency
code:
NGN
name:
Nigerian naira (NGN) [₦]
Current account balance
$17.22 billion
Current account balance 2022:
$1.019 billion (2022 est.)
Current account balance 2023:
$6.423 billion (2023 est.)
Current account balance 2024:
$17.215 billion (2024 est.)
Note:
<b>note:</b> balance of payments - net trade and primary/secondary income in current dollars
Debt - external
$108.76 billion
Debt - external 2023:
$45.009 billion (2023 est.)
Note:
<b>note:</b> present value of external debt in current US dollars
Exchange rates
Currency:
nairas (NGN) per US dollar -
Exchange rates 2020:
358.811 (2020 est.)
Exchange rates 2021:
401.152 (2021 est.)
Exchange rates 2022:
425.979 (2022 est.)
Exchange rates 2023:
645.194 (2023 est.)
Exchange rates 2024:
1,478.965 (2024 est.)
Exports
Exports 2022:
$69.091 billion (2022 est.)
Exports 2023:
$60.261 billion (2023 est.)
Exports 2024:
$57.536 billion (2024 est.)
Note:
<b>note:</b> balance of payments - exports of goods and services in current dollars
Exports - commodities
crude petroleum, natural gas, gold, fertilizers, cocoa beans (2023)
note:
<b>note:</b> top five export commodities based on value in dollars
Exports - partners
USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023)
note:
<b>note:</b> top five export partners based on percentage share of exports
Foreign direct investment
net inflows:
$1.08 billion
GDP - composition, by sector of origin
Agriculture:
20.4% (2024 est.)
Industry:
29.6% (2024 est.)
Note:
<b>note:</b> figures may not total 100% due to non-allocated consumption not captured in sector-reported data
Services:
47% (2024 est.)
GDP (official exchange rate)
$187.76 billion (2024 est.)
note:
<b>note:</b> data in current dollars at official exchange rate
GDP per capita (nominal)
$1,084
Gini Index coefficient - distribution of family income
35.1 (2018)
Gini Index coefficient - distribution of family income 2018:
35.1 (2018 est.)
Note:
<b>note:</b> index (0-100) of income distribution; higher values represent greater inequality
GNI (gross national income)
$245.63 billion
GNI per capita
$1,700
Household income or consumption by percentage share
Highest 10%:
26.7% (2018 est.)
Lowest 10%:
2.9% (2018 est.)
Note:
<b>note:</b> % share of income accruing to lowest and highest 10% of population
Imports
Imports 2022:
$77.049 billion (2022 est.)
Imports 2023:
$65.423 billion (2023 est.)
Imports 2024:
$57.73 billion (2024 est.)
Note:
<b>note:</b> balance of payments - imports of goods and services in current dollars
Imports - commodities
refined petroleum, tanks and armored vehicles, wheat, plastics, cars (2023)
note:
<b>note:</b> top five import commodities based on value in dollars
Imports - partners
China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023)
note:
<b>note:</b> top five import partners based on percentage share of imports
Industrial production growth rate
2.4% (2024 est.)
note:
<b>note:</b> annual % change in industrial value added based on constant local currency
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
Inflation rate (consumer prices)
33.24%
Inflation rate (consumer prices) 2022:
18.8% (2022 est.)
Inflation rate (consumer prices) 2023:
24.7% (2023 est.)
Inflation rate (consumer prices) 2024:
33.2% (2024 est.)
Note:
<b>note:</b> annual % change based on consumer prices
Labor force
113.35 million (2024 est.)
note:
<b>note:</b> number of people ages 15 or older who are employed or seeking work
total:
116.58 million persons
Labor force - by occupation
agriculture:
33.53%
industry:
17.01%
services:
49.46%
Population below poverty line
40.1% (2018 est.)
note:
<b>note:</b> % of population with income below national poverty line
Public debt
Public debt 2016:
19.6% of GDP (2016 est.)
Real GDP (purchasing power parity)
$2.11 trillion
Note:
<b>note:</b> data in 2021 dollars
Real GDP (purchasing power parity) 2022:
$1.239 trillion (2022 est.)
Real GDP (purchasing power parity) 2023:
$1.275 trillion (2023 est.)
Real GDP (purchasing power parity) 2024:
$1.318 trillion (2024 est.)
Real GDP growth rate
4.06%
Note:
<b>note:</b> annual GDP % growth based on constant local currency
Real GDP growth rate 2022:
3.3% (2022 est.)
Real GDP growth rate 2023:
2.9% (2023 est.)
Real GDP growth rate 2024:
3.4% (2024 est.)
Real GDP per capita
$9,087
Note:
<b>note:</b> data in 2021 dollars
Real GDP per capita 2022:
$5,600 (2022 est.)
Real GDP per capita 2023:
$5,600 (2023 est.)
Real GDP per capita 2024:
$5,700 (2024 est.)
Remittances
$21.29 billion
Note:
<b>note:</b> personal transfers and compensation between resident and non-resident individuals/households/entities
Remittances 2022:
4.2% of GDP (2022 est.)
Remittances 2023:
5.4% of GDP (2023 est.)
Remittances 2024:
11.3% of GDP (2024 est.)
Reserves of foreign exchange and gold
$38.61 billion
Note:
<b>note:</b> holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars
Reserves of foreign exchange and gold 2022:
$35.564 billion (2022 est.)
Reserves of foreign exchange and gold 2023:
$32.035 billion (2023 est.)
Reserves of foreign exchange and gold 2024:
$38.612 billion (2024 est.)
Unemployment rate
3.06%
Note:
<b>note:</b> % of labor force seeking employment
Unemployment rate 2022:
3.9% (2022 est.)
Unemployment rate 2023:
3.1% (2023 est.)
Unemployment rate 2024:
3% (2024 est.)
Youth unemployment rate (ages 15-24)
Female:
6.5% (2024 est.)
Male:
3.7% (2024 est.)
Note:
<b>note:</b> % of labor force ages 15-24 seeking employment
Total:
5.1% (2024 est.)
World Bank Indicators
Currency
Nicaraguan cordoba (NIO) C$ (2025)
Gini Index
46.20 (2014)
Languages
Spanish (2025)
Economic Rankings
External Debt
#18
GDP (PPP)
#19
Inflation Rate
#20
Reserves
#52
Imports
#53
Exports
#57
GDP (Nominal)
#57
Gini Index
#108
Unemployment Rate
#128
GDP Growth Rate
#131
GDP per Capita
#132
Quick Facts
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
Agricultural products
cassava, yams, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2023)
Labor force
113.35 million (2024 est.)
Exports - partners
USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023)
Imports - partners
China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023)
Exchange rates
nairas (NGN) per US dollar -
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