Includes Nigeria real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Nigeria economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Nigeria best banks and safest banks are also available.
Basic Information
Government Type: Federal presidential republic
Capital City: Abuja
GDP & Economic Information
Macroeconomy & Sovereign Data
| Central Bank |
Central Bank of Nigeria |
|---|---|
| Currency |
Nairas (NGN) |
| International Reserves |
USD 42.8 billion (2018) International Monetary Fund (IMF), data retrieved October 2019 |
| Gross Domestic Product – GDP |
USD 397.3 billion (2018, estimate) |
| GDP (Purchasing Power Parity) |
Intl$ 1,168.5 billion (2018, estimate) |
GDP Data
| Real GDP growth |
2007: 7.3% 2008: 7.2% 2009: 8.4% 2010: 11.3% 2011: 4.9% 2012: 4.3% 2013: 5.4% 2014: 6.3% 2015: 2.7% 2016: -1.6% 2017: 0.8% 2018*: 1.9% (*Estimate) |
|---|---|
| GDP per capita – current prices | USD 2,049.1 (2018, estimate) |
| GDP per capita – PPP |
Intl$ 6,027.2 (2018, estimate) |
| GDP (PPP) – share of world total |
1980: 0.48% 1990: 0.44% 2000: 0.45% 2010: 0.92% 2019*: 0.86% (*Estimate) |
| GDP – composition by sector |
agriculture: 21.2% industry: 23.9% services: 52% (2018 estimate) |
| Gross domestic expenditure on R&D; (% of GDP) | N/A |
| Inflation |
2015: 9% 2016: 15.7% 2017: 16.5% 2018*: 12.1% 2019*: 11.3% (*Estimate) |
Nigeria
Features
African Fintech: Untapped Potential
Emerging & Frontier Markets
Central Bank Governor Out As Nigeria Shifts To Floating Exchange…
Capital Raising & Corporate Finance
Nigerian Banks Adopt Holding Company StructuresInflation & Debt
| Inflation |
2015: 9% 2016: 15.7% 2017: 16.5% 2018*: 12.1% 2019*: 11.3% (*Estimate) |
|---|---|
| Government Bond Ratings |
Standard & Poor’s: B Moody’s: B2 Standard & Poor’s / Moody’s |
| Unemployment rate |
2015: 9% 2016: 13.4% 2017*: 17.5% 2018*: 22.6% 2019: N/A (*Estimate) |
| Household saving rates | N/A |
| Public debt (General government gross debt as a % of GDP) |
2015: 20.3% 2016: 23.4% 2017: 25.3% 2018*: 27.3% 2019*: 29.8% (*Estimate) |
| Public deficit (General government net lending/borrowing as a % of GDP) |
2015: -3.5% 2016: -4% 2017: -5.4% 2018*: -4.5% 2019*: -5% (*Estimate) |
| Market value of publicly traded shares |
2016: USD 29.8 billion 2017: USD 37.2 billion 2018: USD 31.5 billion |
| Largest Companies |
Dangote Cement, Zenith Bank |
Import/Export
| Exports as percent of GDP (Exports of goods and services) |
13.2% (2017) |
|---|---|
| Shares in world total merchandising export |
0.31% (2018) |
| Shares in world total commercial services export |
0.08% (2018) |
| Total exports |
USD 67.8 billion (2018 estimate) |
| Export commodities |
Petroleum and petroleum products 95%, cocoa, rubber (2012 est.) |
| Total imports |
USD 71.5 billion (2018 estimate) |
| Import commodities |
Machinery, chemicals, transport equipment, manufactured goods, food and live animals |
| Exports – major partners | India 30.6%, US 12.1%, Spain 6.6%, China 5.6%, France 5.5%, Netherlands 4.4%, Indonesia 4.4% (2017) |
| Imports – major partners |
China 21.1%, Belgium 8.7%, US 8.4%, South Korea 7.5%, UK 4.4% (2017) |
Competitiveness & Trade
| Current account balance |
USD 5.3 billion (2018 estimate) |
|---|---|
| Current account balance by percentage of GDP |
1.3 % (2018 estimate) |
| FDI inflows |
2016: USD 4,449 million 2017: USD 3,503 million 2018: USD 1,997 million |
| FDI Outflows |
2016: USD 1,305 million 2017: USD 1,286 million 2018: USD 1,381 million |
| Value of cross-border M&A, by country of purchaser |
2015: USD -336 million 2016: USD 122 million 2017: USD -31 million 2018: USD -49 million |
| Cross-border M&A deals worth over $3 billion completed in 2014 | N/A |
| Cross-border M&A deals worth over $3 billion completed in 2015 | N/A |
| Best countries for doing business |
Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm. Overall ranking: 131 out of 190 countries Subcategories: Starting a Business: 105 out of 190 countries Dealing with Construction Permits: 55 out of 190 countries Getting Electricity: 169 out of 190 countries Registering Property: 183 out of 190 countries Getting Credit: 15 out of 190 countries Protecting Minority Investors: 28 out of 190 countries Paying Taxes: 159 out of 190 countries Trading across Borders: 179 out of 190 countries Enforcing Contracts: 73 out of 190 countries Resolving Insolvency: 148 out of 190 countries |
| Global competitiveness ranking |
116 out of 141 countries (2019) |
| Index of Economic Freedom |
Ranking: 111 / Score: 57.3 (Mostly unfree) (100=totally free 0=totally repressed) |
Population & Geographic Data
| Total Area |
28,748 sq km |
|---|---|
| Total Population |
1990: 95.21 million 2000: 122.28 million 2010: 158.5 million 2015*: 181.14 million 2020*: 206.14 million (*Estimate) |
| Urban population as % of total population |
1960: 15.4% 1980: 22% 2000: 34.8% 2018: 50.3% |
| Population median age |
18.3 years |
| Population growth rate |
2.54% (2018 estimate) |
| Life expectancy |
59.3 years (2018 estimate) |
| % of population living on less than $3.10 a day |
77.6% (last available estimate, 2009) |
| Inequality of wealth distribution (Gini index) |
43 (last available estimate, 2009) |
| Freedom House rating |
Partly Free Political Rights: 3 Civil Liberties: 5 (2019) (1 represents the most free, 7 the least free rating) |
| Total telephone subscribers as % of population |
Fixed: 0.1% Mobile: 88.2% (2018) (fixed-telephone subscribers and mobile-cellular subscribers) |
| Internet users as % of total population |
42 % (2017) |
Language & Religon
| Languages |
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages |
|---|---|
| Literacy |
Total population: 59.6% Male: 69.2% Female: 49.7% Definition: age 15 and over can read and write (2015 est.) |
| Religions |
Muslim 51.6%, Roman Catholic 11.2%, other Christian 35.7%, traditionalist .9%, unspecified .5% (2013 est.) |
World Rankings
| Population | 206.14 M |
|---|---|
| Mercer Cost of living index |
Lagos: 25th Abuja: 85th (2019) |
| C02 Emissions per capita |
0.55 metric tons per capita (2014) |
Global Finance Rankings & Awards: Nigeria
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000