Economy of Nigeria

Economy of Nigeria
Lagos, the financial centre of Nigeria
CurrencyNigerian naira (NGN, ₦)
1 April – 31 March[1]
Trade organisations
AU, AfCFTA, ECOWAS, WTO
Country group
Statistics
PopulationIncrease 223,804,632 (2023)[4]
GDP
  • Decrease $199.72 billion (nominal, Q3 2024)[5]
  • Increase $1.44 trillion (PPP, 2024)[6]
GDP rank
GDP growth
  • 2.2% (2019)[7]
  • -3.0% (2020 est.)[7]
  • 3.1% (2024 est.)[7]
GDP per capita
  • Decrease $1,109 (nominal, 2024)[5]
  • Increase $6,320 (PPP, 2024)[5]
GDP per capita rank
GDP by sector
33.20% (2024 est.)[9]
Population below poverty line
Positive decrease 38.9% (2023 est.)[10]
Positive decrease 35.1 medium (2020)[11]
Increase 25 out of 100 points (2023, 145th rank)
Labour force
  • Increase 100,571,000 (Q1 2024)[13]
Labour force by occupation
Unemployment32.1% (Q1 2021)[15]
Main industries
cement, oil refining, construction and construction materials, food processing and food products, beverages and tobacco, textiles, apparel and footwear, pharmaceutical products, wood products, pulp paper products, chemicals, ceramic products, plastic and rubber products, electrical and electronic products, base metals: iron and steel, information technology, automobile manufacturing, and other manufacturing (2015)[16]
External
ExportsNegative increase $42.4 billion (2022)[17]
Export goods
petroleum and petroleum products, chemicals, vehicles, aircraft parts, vessels, vegetable products, processed food, beverages, spirits and vinegar, cashew nuts, processed leather, cocoa, tobacco, aluminum alloys
(2015)[18]
Main export partners
ImportsNegative increase $52 billion (2022)[17]
Import goods
industry supplies, machinery, appliances, vehicles, aircraft parts, chemicals, base metals
(2015)[18]
Main import partners
FDI stock
  • Increase $116.9 billion (31 December 2017 est.)[19]
  • Increase Abroad: $16.93 billion (31 December 2017 est.)[19]
Increase $10.38 billion (2017 est.)[19]
Negative increase $85.9 billion (31 December 2020 est.)[20]
Public finances
Negative increase 36.6% of GDP (2021 est.)[21]
$5.2 billion; 1% of GDP (2014)[22]
Revenues₦11.045 trillion[23]
14.16% of GDP (2023)[24]
Expenses₦21.827 trillion[23]
27.99% of GDP (2023)[24]
Increase $38.77 billion (31 December 2017 est.)[19]
All values, unless otherwise stated, are in US dollars.
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars.

The economy of Nigeria is a middle-income, mixed economy and emerging market[27][28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.[29][30] It is ranked as the 53rd-largest economy in the world in terms of nominal GDP, the fourth largest in Africa and the 27th-largest in terms of purchasing power parity.

The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa.[31] Nigeria's debt-to-GDP ratio was 36.63% in 2021 according to the IMF.[21]

Although oil revenues contributed 2/3 of state revenues,[32] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy. The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency.[33] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.[34]

According to a Citigroup report published in February 2011, Nigeria would have the highest average GDP growth in the world between 2010 and 2050.[35] Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.[36]

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  14. ^ "Labour Force Statistics, 2010". Nigerian Bureau of Statistics. 2010. Archived from the original on 24 April 2015. Retrieved 22 June 2015.
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  18. ^ a b "Foreign Trade Statistics". National Bureau of Statistics. 2015. Archived from the original on 15 September 2015. Retrieved 22 September 2015.
  19. ^ a b c d "The World Factbook". CIA.gov. Central Intelligence Agency. Archived from the original on 9 January 2021. Retrieved 8 February 2019.
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  23. ^ a b "Approved 2023 Budget of Fiscal Consolidation and Transition". Budget Office of the Federation. Retrieved 4 June 2023.[permanent dead link]
  24. ^ a b "Report for Selected Countries and Subjects: June 2023". imf.org. International Monetary Fund. Archived from the original on 4 June 2023. Retrieved 4 June 2023.
  25. ^ "Sovereigns rating list". Standard & Poor's. Archived from the original on 26 June 2015. Retrieved 26 May 2011.
  26. ^ a b Rogers, Simon; Sedghi, Ami (15 April 2011). "How Fitch, Moody's, and S&P rate each country's credit rating". The Guardian. London. Archived from the original on 25 December 2018. Retrieved 31 May 2011.
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  36. ^ "FORGET THE BRICs: Citi's Willem Buiter Presents The 11 "3G" Countries That Will Win The Future". Business Insider. 22 February 2011. Archived from the original on 22 November 2011. Retrieved 31 May 2011.