Nigeria - Economy
How is the economy of Nigeria? Based on the information we have, Nigeria has a 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. Key agricultural products in this country include: cassava, yams, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2023).
More about the economy of Nigeria
| Labor force | 113.35 million (2024 est.) |
|---|---|
| Industrial production growth rate | 2.4% (2024 est.) |
| 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 |
| Population below poverty line | 40.1% (2018 est.) |
| Taxes and other revenues | |
| Fiscal year | |
| Exchange rates | |
| Currency | nairas (NGN) per US dollar - |
| Exchange rates 2024 | 1,478.965 (2024 est.) |
| Exchange rates 2023 | 645.194 (2023 est.) |
| Exchange rates 2022 | 425.979 (2022 est.) |
| Exchange rates 2021 | 401.152 (2021 est.) |
| Exchange rates 2020 | 358.811 (2020 est.) |
| Debt - external | |
| Debt - external 2023 | $45.009 billion (2023 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2024 | $38.612 billion (2024 est.) |
| Reserves of foreign exchange and gold 2023 | $32.035 billion (2023 est.) |
| Reserves of foreign exchange and gold 2022 | $35.564 billion (2022 est.) |
| Current account balance | |
| Current account balance 2024 | $17.215 billion (2024 est.) |
| Current account balance 2023 | $6.423 billion (2023 est.) |
| Current account balance 2022 | $1.019 billion (2022 est.) |
| Public debt | |
| Public debt 2016 | 19.6% of GDP (2016 est.) |
| Budget | |
| Revenues | $37.298 billion (2019 est.) |
| Expenditures | $59.868 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2024 | 11.3% of GDP (2024 est.) |
| Remittances 2023 | 5.4% of GDP (2023 est.) |
| Remittances 2022 | 4.2% of GDP (2022 est.) |
| Household income | |
| Lowest 10% | 2.9% (2018 est.) |
| Highest 10% | 26.7% (2018 est.) |
| Average household expenditures | |
| On food | 59.3% of household expenditures (2023 est.) |
| On alcohol and tobacco | 0.9% of household expenditures (2023 est.) |
| Imports | |
| Imports 2024 | $57.73 billion (2024 est.) |
| Imports 2023 | $65.423 billion (2023 est.) |
| Imports 2022 | $77.049 billion (2022 est.) |
| Imports (partners) | China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023) |
| Comodities Imports force | refined petroleum, tanks and armored vehicles, wheat, plastics, cars (2023) |
| Exports | |
| Imports 2024 | $57.73 billion (2024 est.) |
| Imports 2023 | $65.423 billion (2023 est.) |
| Imports 2022 | $77.049 billion (2022 est.) |
| Exports (partners) | USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023) |
| Comodities Exports force | crude petroleum, natural gas, gold, fertilizers, cocoa beans (2023) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2024 | $1.318 trillion (2024 est.) |
| Real GDP (purchasing power parity) 2023 | $1.275 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.239 trillion (2022 est.) |
| GDP (official exchange rate) | $187.76 billion (2024 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2024 | $5,700 (2024 est.) |
| Real GDP per capita 2023 | $5,600 (2023 est.) |
| Real GDP per capita 2022 | $5,600 (2022 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 20.4% (2024 est.) |
| Industry | 29.6% (2024 est.) |
| Services | 47% (2024 est.) |
| Unemployment rate | |
| Unemployment rate 2024 | 3% (2024 est.) |
| Unemployment rate 2023 | 3.1% (2023 est.) |
| Unemployment rate 2022 | 3.9% (2022 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 5.1% (2024 est.) |
| Male | 3.7% (2024 est.) |
| Female | 6.5% (2024 est.) |
All Important Facts about Nigeria
Want to know more about Nigeria? Check all different factbooks for Nigeria below.
