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 (2021): China, India, and Netherlands
Top 3 Exported Goods (2021): Oil & Mineral Fuels, Ships & Boats, and Fertilizers

Top Industries Source: CIA World Factbook

Crude Oil; Coal; Tin; Columbite

Gross Domestic Product (GDP) [1]

GDP, PPP (current international) $1,280,715,695,745 (2022)
GDP Growth Rate (annual %) 3.252% (2022)
GDP Per Capita, PPP (current international) $5,860 (2022)
Click on a row to display its 5-year graph on the right.

GDP Country Rank 25/197 (2022)

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 %) 18.847% (2022)
External debt stocks, total (DOD, current US$) $76,214,593,269 (2021)
Total tax rate (% of commercial profits) 34.8% (2019)
Real Interest Rate (5 year average %) 0.919% (2022)
Manufacturing, value added (% of GDP) 13.594% (2022)
Current Account Balance (BoP, current US$) $1,018,598,846 (2022)
Click on a row to display its 5-year graph on the right.

Labor and Employment [1]

Labor Force, Total 73,272,344 (2022)
Employment in Agriculture (% of total employment) 35.205% (2021)
Employment in Industry (% of total employment) 12.661% (2021)
Employment in Services (% of total employment) 52.134% (2021)
Unemployment Rate 5.761% (2022)
Click on a row to display its 5-year graph on the right.

Trade [1]

Imports of goods and services (current US$) $52,186,247,815 (2021)
Exports of goods and services (current US$) $47,338,716,492 (2021)
Total Merchandise Trade (% of GDP) 24.36% (2022)
FDI, net inflows (BoP, current US$) ($186,792,429) (2022)
Commercial Service Exports (current US$) $4,408,199,241 (2022)
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