City in Nigeria

Nigeria Economy

Nigeria's economy in numbers:

Nominal GDP of USD 478 billion in 2022.

Nominal GDP of USD 363 billion in 2023.

GDP per capita of USD 1,636 compared to the global average of USD 10,589.

GDP per capita of USD 2,205 compared to the global average of USD 10,589.

Average real GDP growth of 2.4% over the last decade.

Average real GDP growth of 2.3% over the last decade.

Share of the region's population
Share of the region's GDP

Economic structure:

In 2021, services accounted for 45% of overall GDP, manufacturing 15%, other industrial activity 17%, and agriculture 23%. Looking at GDP by expenditure, private consumption accounted for 62% of GDP in 2021, government consumption 5%, fixed investment 34%, and net exports -1%.

GDP by economic sector
GDP by type of expenditure

International trade:

In 2021, manufactured products made up 6% of total merchandise exports, mineral fuels 89%, food 3%, ores and metals 1% and agricultural raw materials 0%, with other categories accounting for 1% of the total. In the same period, manufactured products made up 53% of total merchandise imports, mineral fuels 31%, food 14%, ores and metals 1% and agricultural raw materials 1%, with other goods accounting for 0% of the total. Total exports were worth USD 64 billion in 2022, while total imports were USD 58 billion.

Key exports
Key imports
Key export partners
Key import partners

Economic growth:

The economy recorded average annual growth of 2.4% in the decade to 2022. To read more about GDP growth in Nigeria, go to our dedicated page.

Fiscal policy:

Nigeria's fiscal deficit averaged 4.1% of GDP in the decade to 2022. Find out more on our dedicated page.

Unemployment:

The unemployment rate averaged 11.3% in the decade to 2018. For more information on Nigeria's unemployment click here.

Inflation:

Inflation averaged 13.0% in the decade to 2022. Go to our Nigeria inflation page for extra insight.

Monetary Policy:

Nigeria's monetary policy rate ended 2022 at 16.50%, up from 12.00% a decade earlier. See our Nigeria monetary policy page for additional details.

Exchange Rate:

From end-2012 to end-2022 the naira weakened by 65.1% vs the U.S. dollar. For more info on the naira, click here.
Our Consensus is for annual GDP growth to have ticked down in Q3, and the data at hand supports this projection. The private-sector PMI remained in contractionary territory throughout the quarter, while credit growth nearly halved and merchandise exports contracted. That said, oil output increased at a faster clip than in Q2. Turning to Q4, our panel expects the economy to regain some momentum, though early signs call for caution. The PMI fell to an over one-year low in October, and the country suffered prolonged power blackouts in recent weeks. In other news, in late October, President Tinubu reshuffled the cabinet, firing five ministers and appointing seven new ones in a bid to boost the administration’s efficiency. Meanwhile, Fitch Ratings recently affirmed the country’s ‘B-’ rating with a positive outlook, citing reform progress but highlighting that multiple challenges remain.
Projections out to 2034.

48 indicators covered including both annual and quarterly frequencies.

Consensus Forecasts based on a panel of 23 expert analysts.

Want to get insight on the economic outlook for Nigeria in the coming years? FocusEconomics collects projections out to 2034 on 48 economic indicators for Nigeria from a panel of 23 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts, and averaged to provide one Consensus Forecast you can rely on for each indicator. This means you avoid the risk of relying on out of date, biased or outlier forecasts. Our Consensus Forecasts can be visualized in whichever way best suits your needs, including via interactive online dashboards , direct data delivery and executive-style reports which combine analysts' projections with timely written analysis from our in-house team of economists on the latest developments in the Nigeria economy. To download a sample report on the Nigeria's economy, click here. To get in touch with our team for more information, fill in the form at the bottom of this page.

Nigeria Economic Data

2019 2020 2021 2022 2023
Population (million) 201 206 211 217 222
GDP (USD bn) 475 433 441 478 363
GDP per capita (USD) 2,365 2,100 2,087 2,205 1,636
GDP (NGN bn) 145,639 154,252 176,076 202,365 234,426
Economic Growth (Nominal GDP, ann. var. %) 12.8 5.9 14.1 14.9 15.8
Economic Growth (GDP, ann. var. %) 2.3 -1.9 3.4 3.1 2.7
Domestic Demand (ann. var. %) 1.0 0.3 15.2 -3.2 -6.7
Private Consumption (ann. var. %) -1.1 -1.7 25.6 -4.1 -10.9
Government Consumption (ann. var. %) 8.8 61.6 -34.0 -9.9 12.2
Fixed Investment (ann. var. %) 8.3 -14.7 4.7 3.3 6.6
Exports (G&S, ann. var. %) 15.0 -33.4 -32.1 69.1 28.2
Imports (G&S, ann. var. %) 27.3 -61.9 44.4 53.9 -18.4
Industry (ann. var. %) 2.3 -5.8 -0.5 -4.6 0.7
Oil Production (mn barrels per day, aop) 1.79 1.58 1.38 1.20 1.31
Unemployment (% of active population, aop) 5.2 5.7 5.4 3.8 3.1
Fiscal Balance (% of GDP) -4.7 -5.6 -5.5 -5.4 -4.2
Public Debt (% of GDP) 29.2 34.5 35.7 39.7 46.4
Money (ann. var. of M2 %) 6.3 31.4 17.5 16.5 52.3
Inflation (CPI, ann. var. %, eop) 12.0 15.8 15.6 21.3 28.9
Inflation (CPI, ann. var. %, aop) 11.4 13.2 17.0 18.8 24.7
Monetary Policy Rate (%, eop) 13.50 11.50 11.50 16.50 18.75
Stock Market (ann. var. of NSE %) -16.9 39.2 2.3 9.8 51.4
Exchange Rate (NGN per USD, eop) 307 380 413 449 899
Exchange Rate (NGN per USD, aop) 306 356 399 423 645
Current Account Balance (USD bn) -13.7 -16.0 -3.3 3.5 6.0
Current Account Balance (% of GDP) -2.9 -3.7 -0.7 0.7 1.7
Merchandise Trade Balance (USD bn) 2.9 -16.4 -4.6 6.0 8.1
Merchandise Exports (USD bn) 65.0 35.9 46.9 64.2 55.8
Merchandise Imports (USD bn) 62.1 52.3 51.4 58.2 47.7
Merchandise Exports (ann. var. %) 6.1 -44.7 30.4 37.1 -13.1
Merchandise Imports (ann. var. %) 52.4 -15.7 -1.8 13.2 -18.0
Foreign Direct Investment (USD bn) 2.3 2.4 3.3 0.9 1.9
International Reserves (USD bn) 38.6 35.4 40.5 37.1 32.9
International Reserves (months of imports) 7.5 8.1 9.5 7.6 8.3
External Debt (USD bn) 77.7 82.8 90.9 98.3 -
External Debt (% of GDP) 16.3 19.1 20.6 20.6 -

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