Economy of Nigeria
Population: 195.87 M (2018)
GDP per Capita: 2,028 USD (2018)
397,270 M.

GDP USD

(2018)

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61,550 M.

EXPORTS USD

(2018)

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69,550 M.

IMPORTS USD

(2018)

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19.09 %

PUBLIC DEBT

(2018)

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Data is provided by World Bank, FMI and Central Banks.

GDP and Economic Growth

Indicator Value
Economic Growth 1.94 % (2018)
GDP of 2010 USD USD 469.40 B. (2018)
GDP Current USD USD 397.27 B. (2018)
GDP per Capita Current USD USD 2,028 (2018)
GDP per capita, PPP USD 5,316 (2018)
GDP per Capita, 2010 USD USD 2,396 (2018)

Government spending and balances

Indicator Value
Government Spending % GDP 5.60 % (2018)
Government Spending USD 22.26 B. (2018)
Government Debt % GDP 19.09 % (2018)

International Trade and Investment

Indicator Value
Terms of Trade Base Year 2000 168.52 (2018)
Trade Openness 33.00 % (2018)
Exports of Goods and Services % GDP 15.49 % (2018)
Exports Goods & Services USD 61.55 B. (2018)
Exports Annual Growth 8.74 % (2017)
Imports as % GDP 17.51 % (2018)
Total Imports USD 69.55 B. (2018)
Foreign Direct Investment % GDP 0.50 % (2018)
Foreign Direct Investment USD 2.00 B. (2018)
Current Account Balance % GDP USD 1.34 % (2018)
Current Account Balance USD 5.33 B. (2018)
Trade Balance % GDP -2.01 % (2018)
Trade Balance USD -3.73 B. (2018)
Foreign Exchange Reserves incl Gold USD 42.84 B. (2018)
Remittances % GDP 6.12 % (2018)
Remittances USD 24,062 M. (2018)
Balance of Payments USD 20,773 M. (2015)

Labor Market

Indicator Value
Labor Force 62.45 M. (2019)
Unemployment Rate 6.11 % (2019)
Unemployment Rate Females 8.91 % (2019)
Unemployment Rate Males 7.43 % (2019)
Youth Unemployment (ages 15-24) 19.58 % (2019)
Labor Force Participation Rate 55.18 % (2019)
Labor Force (Percent Female) 44.94 % (2019)
Female Labor Force Participation Rate 50.62 % (2019)
Male Labor Force Participation Rate 59.68 % (2019)
Dependent People 87.32 % (2018)

Agriculture Sector

Indicator Value
Forest Area 7.20 % (2016)
Forest Area km² 65,834 km² (2016)
Agricultural Land 77.74 % (2016)
Agricultural Land km² 708,000 km² (2016)
Employment 36.38 % (2019)
Value added % GDP 21.20 % (2018)
Agriculture Value added USD 84.22 B. (2018)
Crop Production Index 118.90 (2016)
Precipitation 1,150 mm (2014)
Arable Land 37 % (2016)
Cereal Yield 1,462 kg/hectare (2017)
Food production index 125 (2016)
Rural Population 50 % (2018)
Fertilizer use of Arable Land 6 kg/hectare (2016)
Livestock Production Index 119 (2016)
Economy of Nigeria

According to the World Bank and its latest published data, the economy of the Nigeria presents a growth rate of 1.94 % (2018) to the previous year.

With a population that reaches 195.87 M (2018) and a gross domestic product of USD 397.27 B. (2018), it translates a Gross Domestic Product per Capita of USD 2,028 placing its inhabitants on the threshold of an Lower middle income country (according to the World Bank's updated classification).

Nigeria also has a workforce of 62.45 M. (2019) with an unemployment rate of 6.11 % (2019), where women represent 8.91 % (2019) and men 7.43 % (2019), the unemployment rate for young people between 15-24 years old stood at 19.58 % (2019). The total number of dependent people stands at 87.32 % (2018).

The central government spent 5.60 % (2018) of its gross domestic product that year, which in absolute terms is USD 22.26 B. (2018). Its consolidated public debt reached 19.09 of its GDP, not exceeding the 35% risk limit used by the European Union.

Regarding its international trade, Nigeria exported USD 61.55 B. (2018), which represents 15.49 % (2018) of its gross domestic product, in that same sense its imports reached USD 69.55 B. (2018) with a direct foreign investment of USD 2.00 B. (2018).

Nigeria has a forest area of 65,834 km² (2016), which represents 7.20 % (2016) of its total area, an average rainfall of 1,150 mm (2014) per year and a population of 50 % (2018) living in rural areas. With a total area of 708,000 km² (2016) available for agriculture and 36.38 % (2019) of its employments, the agricultural sector contributes to the economy of the Nigeria about USD 84.22 B. (2018) (21.20 % (2018) of its GDP).