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 (2018): India, Netherlands, and China
Top 3 Exported Goods (2018): Oil & Mineral Fuels, Ships & Boats, and Cocoa

Top Industries Source: CIA World Factbook

Crude Oil; Coal; Tin; Columbite

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $1,171,386,850,320 (2018)
GDP Growth Rate (annual %) 1.937% (2018)
GDP Per Capita, PPP (current international) $5,980 (2018)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 24/196 (2018)

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 %) 12.095% (2018)
External debt stocks, total (DOD, current US$) $46,237,684,440 (2018)
Total tax rate (% of commercial profits) 34.8% (2018)
Real Interest Rate (5 year average %) 6.05% (2018)
Manufacturing, value added (% of GDP) 7.78% (2018)
Current Account Balance (BoP, current US$) $10,381,201,927 (2017)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 60,698,492 (2018)
Employment in Agriculture (% of total employment) 36.616% (2018)
Employment in Industry (% of total employment) 11.554% (2018)
Employment in Services (% of total employment) 51.83% (2018)
Unemployment Rate 6.026% (2018)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $49,508,363,954 (2017)
Exports of goods and services (current US$) $49,491,550,099 (2017)
Total Merchandise Trade (% of GDP) 25.813% (2018)
FDI, net inflows (BoP, current US$) $1,997,485,165 (2018)
Commercial Service Exports (current US$) $4,541,465,435 (2017)
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