Economic Trivia

The oil sector provides for 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues.

Trade Source: United Nations Comtrade
Note: Top 3 trade partners are calculated by imports + exports.

Top 3 Trade Partners (2016): India, China, and United States
Top 3 Exported Goods (2016): Oil & Mineral Fuels, Cocoa, and Tobacco

Top Industries Source: CIA World Factbook

Crude Oil; Coal; Tin; Columbite

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $1,091,227,625,574 (2016)
GDP Growth Rate (annual %) -1.541% (2016)
GDP Per Capita, PPP (current international) $5,867 (2016)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 21/194 (2016)

GDP Composition %

Note: GDP composition percentage may exceed 100. Manufacturing is included in the Industry figures and is also reported separately because it plays a critical role in many economies.

Economic Indicators [1]

Inflation, consumer prices (annual %) 15.697% (2016)
External debt stocks, total (DOD, current US$) $31,151,475,000 (2016)
Total tax rate (% of commercial profits) 34.8% (2017)
Real Interest Rate (5 year average %) 6.654% (2016)
Manufacturing, value added (% of GDP) 8.763% (2016)
Current Account Balance (BoP, current US$) ($15,763,233,056) (2015)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 60,434,712 (2017)
Employment in Agriculture (% of total employment) 30.57% (2010)
Employment in Industry (% of total employment) 14.15% (2010)
Employment in Services (% of total employment) 55.28% (2010)
Unemployment Rate 5.424% (2017)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $50,475,462,162 (2015)
Exports of goods and services (current US$) $51,146,640,721 (2015)
Total Merchandise Trade (% of GDP) 17.725% (2016)
FDI, net inflows (BoP, current US$) $4,448,730,000 (2016)
Commercial Service Exports (current US$) $2,729,544,157 (2015)
Click on a row to display its 5-year graph on the right.

Economic Snapshot [1]

Note: Percentile ranks are calculated using the latest available data for all countries within the last 5 years.

How to interpret the graph: The purpose of this graph is to take a snapshot of a country’s economy in comparison to other economies. For example, Nigeria’s Exports rank is higher than (please wait...) of the countries in the dataset. For Exports, FDI and GDP measures, a higher rank (closer to 100%) indicates a stronger economy. Conversely, for Unemployment and Inflation, a lower rank (closer to 0%) indicates a stronger economy.

Due to unavailable data the following indicators have been omitted:
  • Exports
  • FDI, net inflows
  • GDP Growth Rate
  • GDP Per Capita
  • Inflation
  • Unemployment


  1. The World Bank