Nigeria: Economy
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Income Level (by per capita GNI) Source: The World Bank Possible values: High Income, Upper Middle Income, Lower Middle Income and Low Income |
Lower Middle Income |
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Level of Development
Source: United Nations Possible values: Developed, In Transition and Developing |
Developing |
| Economic Trivia | The oil sector provides for 95% of Nigeria's foreign exchange earnings and 80% of its budgetary revenues. |
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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 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) | $5,860 (2022) |
GDP Country Rank 25/197 (2022)
Economic Indicators [1]
| Inflation, consumer prices (annual %) | 18.847% (2022) |
| External debt stocks, total (DOD, current US$) | $76,214,593,269 (2021) |
| Total tax rate (% of commercial profits) | 34.8% (2019) |
| Real Interest Rate (5 year average %) | 0.919% (2022) |
| Manufacturing, value added (% of GDP) | 13.594% (2022) |
| Current Account Balance (BoP, current US$) | $1,018,598,846 (2022) |
Labor and Employment [1]
| Labor Force, Total | 73,272,344 (2022) |
| Employment in Agriculture (% of total employment) | 35.205% (2021) |
| Employment in Industry (% of total employment) | 12.661% (2021) |
| Employment in Services (% of total employment) | 52.134% (2021) |
| Unemployment Rate | 5.761% (2022) |
Trade [1]
| Imports of goods and services (current US$) | $52,186,247,815 (2021) |
| Exports of goods and services (current US$) | $47,338,716,492 (2021) |
| Total Merchandise Trade (% of GDP) | 24.36% (2022) |
| FDI, net inflows (BoP, current US$) | ($186,792,429) (2022) |
| Commercial Service Exports (current US$) | $4,408,199,241 (2022) |
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.