Economy
Nigeria
Budget
revenues
$37.298 billion (2019 est.)
expenditures
$59.868 billion (2019 est.)
Exports
Exports 2022
$69.091 billion (2022 est.)
Exports 2023
$60.261 billion (2023 est.)
Exports 2024
$57.536 billion (2024 est.)
Imports
Imports 2022
$77.049 billion (2022 est.)
Imports 2023
$65.423 billion (2023 est.)
Imports 2024
$57.73 billion (2024 est.)
Industries
crude oil, coal, tin, columbite; rubber products, timber; hides and skins, textiles, cement and various construction materials, food items, footwear, chemicals, fertilizers, printing, ceramics, steel
Labor force
113.35 million (2024 est.)
Public debt
Public debt 2016
19.6% of GDP (2016 est.)
Remittances
Remittances 2022
4.2% of GDP (2022 est.)
Remittances 2023
5.4% of GDP (2023 est.)
Remittances 2024
11.3% of GDP (2024 est.)
Exchange rates
Currency
nairas (NGN) per US dollar -
Exchange rates 2020
358.811 (2020 est.)
Exchange rates 2021
401.152 (2021 est.)
Exchange rates 2022
425.979 (2022 est.)
Exchange rates 2023
645.194 (2023 est.)
Exchange rates 2024
1,478.965 (2024 est.)
Debt - external
Debt - external 2023
$45.009 billion (2023 est.)
Economic overview
largest market economy in Africa; vast but predominantly lower middle-income workforce; significant oil exporter; prominent telecommunications and financial sectors; vulnerable to fluctuations in global energy prices; regional frontrunner in essential infrastructure; majorly agrarian employment
Unemployment rate
Unemployment rate 2022
3.9% (2022 est.)
Unemployment rate 2023
3.1% (2023 est.)
Unemployment rate 2024
3% (2024 est.)
Exports - partners
USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023)
Imports - partners
China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023)
Real GDP per capita
Real GDP per capita 2022
$5,600 (2022 est.)
Real GDP per capita 2023
$5,600 (2023 est.)
Real GDP per capita 2024
$5,700 (2024 est.)
Real GDP growth rate
Real GDP growth rate 2022
3.3% (2022 est.)
Real GDP growth rate 2023
2.9% (2023 est.)
Real GDP growth rate 2024
3.4% (2024 est.)
Agricultural products
cassava, yams, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2023)
Exports - commodities
crude petroleum, natural gas, gold, fertilizers, cocoa beans (2023)
Imports - commodities
refined petroleum, tanks and armored vehicles, wheat, plastics, cars (2023)
Current account balance
Current account balance 2022
$1.019 billion (2022 est.)
Current account balance 2023
$6.423 billion (2023 est.)
Current account balance 2024
$17.215 billion (2024 est.)
GDP (official exchange rate)
$187.76 billion (2024 est.)
Population below poverty line
40.1% (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.)
Inflation rate (consumer prices)
Inflation rate (consumer prices) 2022
18.8% (2022 est.)
Inflation rate (consumer prices) 2023
24.7% (2023 est.)
Inflation rate (consumer prices) 2024
33.2% (2024 est.)
Industrial production growth rate
2.4% (2024 est.)
Real GDP (purchasing power parity)
Real GDP (purchasing power parity) 2022
$1.239 trillion (2022 est.)
Real GDP (purchasing power parity) 2023
$1.275 trillion (2023 est.)
Real GDP (purchasing power parity) 2024
$1.318 trillion (2024 est.)
Youth unemployment rate (ages 15-24)
male
3.7% (2024 est.)
total
5.1% (2024 est.)
female
6.5% (2024 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 2023
$32.035 billion (2023 est.)
Reserves of foreign exchange and gold 2024
$38.612 billion (2024 est.)
GDP - composition, by sector of origin
industry
29.6% (2024 est.)
services
47% (2024 est.)
agriculture
20.4% (2024 est.)
Household income or consumption by percentage share
lowest 10%
2.9% (2018 est.)
highest 10%
26.7% (2018 est.)
Gini Index coefficient - distribution of family income
Gini Index coefficient - distribution of family income 2018
35.1 (2018 est.)