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Nigeria

Headline economic indicators for Nigeria, with the most recent official readings.

Prices

Prices — Nigeria
Indicator Value Change
Inflation rate · 23.0% -10.23 (-30.8%)
Consumer price index · 860.3 +160.93 (+23.0%)
GDP deflator inflation · 13.9% -0.22 (-1.6%)

GDP

GDP — Nigeria
Indicator Value Change
GDP growth rate · 4.0% -0.06 (-1.4%)
GDP per capita · 1,224.25 +140.09 (+12.9%)
GDP per capita, long-run history · 5,070 +41.40 (+0.8%)
GDP · 290,794,361,542.11 +38,532,481,402 (+15.3%)
GDP, PPP · 2,264,022,356,238 +146,669,485,387 (+6.9%)
GDP per capita, PPP · 9,532 +431.74 (+4.7%)
GDP per capita growth · 1.9% -0.04 (-1.8%)
GNI per capita · 1,360 -350.00 (-20.5%)
Agriculture to GDP · 23.0% -2.89 (-11.2%)
Industry to GDP · 16.4% -1.75 (-9.6%)
Manufacturing to GDP · 8.3% -0.40 (-4.6%)
Services to GDP · 58.2% +4.50 (+8.4%)

Labour

Labour — Nigeria
Indicator Value Change
Unemployment rate · 3.1% +0.02 (+0.6%)
Labour force participation rate · 82.5% -0.05 (-0.1%)
Female labour force participation rate · 80.7% -0.01 (-0.0%)
Youth unemployment rate · 5.3% +0.25 (+5.0%)
Employment to population ratio · 80.0% -0.06 (-0.1%)
Employment in agriculture · 33.5% -0.57 (-1.7%)
Employment in industry · 17.0% +0.17 (+1.0%)
Employment in services · 49.5% +0.40 (+0.8%)

Money

Money — Nigeria
Indicator Value Change
Real interest rate · 4.0% +2.10 (+108.3%)
Broad money to GDP · 28.7% -1.68 (-5.5%)
Private sector credit to GDP · 13.2% +3.64 (+38.1%)
Lending rate · 18.5% +2.16 (+13.3%)
Bank deposit rate · 11.3% -0.35 (-3.0%)
Stock market capitalization to GDP · 29.9% +8.33 (+38.6%)
Bank nonperforming loans · 8.1% +3.25 (+66.6%)
Official exchange rate · 1,518.38 +39.42 (+2.7%)

Trade

Trade — Nigeria
Indicator Value Change
Current account to GDP · 4.8% -2.72 (-36.0%)
Exports to GDP · 9.2% unchanged
Imports to GDP · 16.9% unchanged
Trade to GDP · 26.2% unchanged
Exports of goods and services · 387,790,744.88 unchanged
Imports of goods and services · 710,201,795.92 unchanged
Trade balance, goods and services (annual) · -71,952,230.08 +122,433,476 (+63.0%)
Current account balance (annual) · 14,039,095,685.71 -4,991,880,030 (-26.2%)
Foreign direct investment to GDP · 1.4% +0.74 (+115.3%)
Remittances received to GDP · 7.8% -0.93 (-10.7%)
Total reserves, including gold · 46,024,916,767.41 +5,618,922,743 (+13.9%)
Reserves in months of imports · 7.1 -0.09 (-1.3%)
External debt to GNI · 60.0% +31.01 (+106.8%)

Government

Government — Nigeria
Indicator Value Change
Education spending to GDP · 0.3% -0.03 (-8.4%)
Health spending to GDP · 4.2% -0.02 (-0.5%)

Demography

Demography — Nigeria
Indicator Value Change
Population · 237,527,782 +4,848,304 (+2.1%)
Population, long-run history · 223,735 +5,262 (+2.4%)
Population growth · 2.1% -0.02 (-1.0%)
Life expectancy · 54.6 +0.17 (+0.3%)
Fertility rate · 4.38 -0.10 (-2.2%)
Birth rate · 32.5 -0.46 (-1.4%)
Death rate · 11.6 -0.10 (-0.8%)
Urban population share · 63.8% +0.80 (+1.3%)
Population aged 65 and over · 3.1% +0.02 (+0.7%)
Under-five mortality rate · 115.6 -1.20 (-1.0%)
Population density · 255.5 +5.27 (+2.1%)
Net migration · -15,258 +19,944 (+56.7%)
Gini index · 33.9 -1.20 (-3.4%)

Source: Bolt, J. and van Zanden, J.L. (2024), Maddison style estimates of the evolution of the world economy: A new 2023 update, Journal of Economic Surveys, 1-41, DOI 10.1111/joes.12618. Licensed under CC BY 4.0. The original sources are listed on each page.

All data sources

Original sources of these estimates

GDP pc: 2008 - 2022: Total Economy Database the Conference Board for all countries included in TED. Otherwise UN national accounts statistics

Nigeria

Economies nearby

Comparable readings from neighbouring economies.