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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.
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%.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.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.
48 indicators covered including both annual and quarterly frequencies.
Consensus Forecasts based on a panel of 21 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 21 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.