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: yams, cassava, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2022).
More about the economy of Nigeria
| Labor force | 75.721 million (2023 est.) |
|---|---|
| Industrial production growth rate | 0.72% (2023 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 | 3.4% (of GDP) (2017 est.) |
| Fiscal year | |
| Exchange rates | |
| Currency | nairas (NGN) per US dollar - |
| Exchange rates 2022 | 425.979 (2022 est.) |
| Exchange rates 2021 | 401.152 (2021 est.) |
| Exchange rates 2020 | 358.811 (2020 est.) |
| Exchange rates 2019 | 306.921 (2019 est.) |
| Exchange rates 2018 | 306.084 (2018 est.) |
| Debt - external | |
| Debt - external 2022 | $37.911 billion (2022 est.) |
| Reserves of foreign exchange and gold | |
| Reserves of foreign exchange and gold 2022 | $35.564 billion (2022 est.) |
| Reserves of foreign exchange and gold 2021 | $40.476 billion (2021 est.) |
| Reserves of foreign exchange and gold 2020 | $36.73 billion (2020 est.) |
| Current account balance | |
| Current account balance 2023 | -$805.777 million (2023 est.) |
| Current account balance 2022 | $1.019 billion (2022 est.) |
| Current account balance 2021 | -$3.254 billion (2021 est.) |
| Public debt | |
| Public debt 2017 | 21.8% of GDP (2017 est.) |
| Budget | |
| Revenues | $37.298 billion (2019 est.) |
| Expenditures | $59.868 billion (2019 est.) |
| Budget surplus (+) or deficit (-) | |
| Remittances | |
| Remittances 2023 | 5.65% of GDP (2023 est.) |
| Remittances 2022 | 4.26% of GDP (2022 est.) |
| Remittances 2021 | 4.42% of GDP (2021 est.) |
| Household income | |
| Lowest 10% | 2.9% (2018 est.) |
| Highest 10% | 26.7% (2018 est.) |
| Average household expenditures | |
| On food | 59% of household expenditures (2022 est.) |
| On alcohol and tobacco | 1% of household expenditures (2022 est.) |
| Imports | |
| Imports 2023 | $72.251 billion (2023 est.) |
| Imports 2022 | $77.049 billion (2022 est.) |
| Imports 2021 | $67.478 billion (2021 est.) |
| Imports (partners) | China 32%, Belgium 11%, Netherlands 10%, India 8%, US 5% (2022) |
| Comodities Imports force | refined petroleum, wheat, garments, plastics, cars (2022) |
| Exports | |
| Imports 2023 | $72.251 billion (2023 est.) |
| Imports 2022 | $77.049 billion (2022 est.) |
| Imports 2021 | $67.478 billion (2021 est.) |
| Exports (partners) | Spain 13%, India 12%, France 7%, US 7%, Netherlands 6% (2022) |
| Comodities Exports force | crude petroleum, natural gas, fertilizers, refined petroleum, gold (2022) |
| Real GDP (purchasing power parity) | |
| Real GDP (purchasing power parity) 2023 | $1.275 trillion (2023 est.) |
| Real GDP (purchasing power parity) 2022 | $1.239 trillion (2022 est.) |
| Real GDP (purchasing power parity) 2021 | $1.2 trillion (2021 est.) |
| GDP (official exchange rate) | $362.815 billion (2023 est.) |
| Real GDP Per capita | |
| Real GDP per capita 2023 | $5,700 (2023 est.) |
| Real GDP per capita 2022 | $5,700 (2022 est.) |
| Real GDP per capita 2021 | $5,600 (2021 est.) |
| GDP - composition, by sector of origin | |
| Agriculture | 22.7% (2023 est.) |
| Industry | 32.6% (2023 est.) |
| Services | 42.8% (2023 est.) |
| GDP - composition, by end use | |
| Household consumption | 80% (2017 est.) |
| Government consumption | 5.8% (2017 est.) |
| Investment in fixed capital | 14.8% (2017 est.) |
| Investment in inventories | 0.7% (2017 est.) |
| Exports of goods and services | 11.9% (2017 est.) |
| Imports of goods and services | -13.2% (2017 est.) |
| Unemployment rate | |
| Unemployment rate 2023 | 3.07% (2023 est.) |
| Unemployment rate 2022 | 3.83% (2022 est.) |
| Unemployment rate 2021 | 5.39% (2021 est.) |
| Youth unemployment rate (ages 15-24) | |
| Total | 5.8% (2023 est.) |
| Male | 4.8% (2023 est.) |
| Female | 7.1% (2023 est.) |
All Important Facts about Nigeria
Want to know more about Nigeria? Check all different factbooks for Nigeria below.
