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Economic Indicators

Nigeria's economy is a key regional player in the West African region. The country accounts for about half of West Africa's population with approximately 202 million people and one of the largets populations of youth in the world. Nigeria is Africa's biggest oil exporter, and has the largest natural gas reserves in the continent. 

Oil price volatility continues to influence Nigeria's growth performance. Between 2000 and 2014, Nigeria's Gross Domestic Product (GDP) grew at an average rate of 7% per year. Following the oil price collapse in 2014 to 2016, combined with negative production shocks, the GDP growth rate dropped to 2.7% in 2015. In 2016 during its first recession in 25 years, the economy contracted by 1.6%. 

Nigeria's economic growth remains muted since 2015, as growth averaged 1.9% in 2018 nd remained stable at 2% in the first half of 2019. Domestic demands remains constrained by stagnating private consumption in the context of high inflation (11% in the first half of 2019).

  • Gross Domestic Product (GDP) in purchaser's value: 129, 086, 907, 450, 900 (2018 Q1 est.)
  • Gross Domestic Product (GDP) in purchaser's value: 102, 575, 418, 034, 600 (2016 Q1 est.)
  • Gross Domestic Product (GDP) in purchaser's value: 95, 117, 735, 683, 700 (2015 est.)
  • Gross Domestic Product (GDP) in purchaser's value: 90, 136, 984, 656, 200 (2014 est.)
  • Gross Domestic Product (GDP) in purchaser's value: 81, 009, 964, 620, 100 (2013 est.)
  • Gross Domestic Product (GDP) in purchaser's value: 72, 351, 452, 212, 200 (2012 est.)
  • GDP per capita: $2,028.18 (2018 est.)
  • GDP growth rate: 1.9% (2012 est.)
  • GNP/Capita: $2,030 
  • GDP composition by sector: Agriculture - 21.9%, Industry - 27.38%, Services - 49.73% (2019 est.)
  • Income per capita: $5,710
  • Income per capita growth: $2,033 (2018 est.)
  • Gross national income: $1,119 trillion (2018 est.)
  • Budget Revenue: 10.32 trillion naira
  • Budget Expenditures: 75 billion naira (2018 est.)
  • Budget Deficit: 3.6% of GDP (2020 est.)
  • Total debt: 31 trillion naira
  • Per capita debt: $554 dollars per inhabitant (31 December 2018 est.)
  • Debt Service Payment: $4.45 billion as of 2020.
  • Debt Service Ratio: 14.34%
  • Current account balance: - $ 1 billion (2019 est.)
  • Inflation rate: 12.09% in August of 2018.
  • Interest rate: 11.22%
  • Forex reserves: $36.57 
  • Growth rate (IMF projection): 3.4% (2020 est.)

 

Labour

  • Labour force: 52.7 million (2020 est.)
  • Labour force (by occupation): In 2018, 27.1% are employed and 76.90% are unemployed
  • Unemployment rate: 
  • Minimum daily wage: 26,000 naira (2018).

 

Trade

  • Exports: $46.68 billion (2017)
  • Commodities: Petroleum Gas ($7.39 billion), Cocoa beans ($504 million), refined petroleum ($603 million), rough wood ($333 million), crude petroleum ($36.9 billion), Other products include scrap copper, tanned goat hides, cocoa butter, rolled tobacco, rubber. 
  • Partners: India $8.3 billion (15.4%), Spain $5.3 billion (9.9%), Netherlands $4.9 billion (9.1%), Ghana $4 billion (7.5%), France $3.6 billion (6.6%), South Africa $3.2 billion (5.9%)
  • Imports: $48.7 billion (2018 Q1 est.)
  • Commodities: Top 5 products imported by Nigeria - Refined petroleum $6 billion, wheat $1.09 billion, raw sugar $406 million, rice $302 million, palm oil $199 million.

 

Electricity

  • Production: Nigeria is equipped with large oil, gas, hydro and solar resources. The country already has the potential to generate 12,522 megawatts (MW) of eectric power from existing plants, but most days is only able to generate about 4,000 MW, which is insufficient.
  • Consumption: 763.63kg energy use per capita (2014 est.)
  • Exports: $81.48 billion (2018 est.)
  • Imports: 

 

Industries

  • Production: Growth rate 5.41% (2019 Q1 est.)
  • Main: Petroleum, Tourism, Agriculture, Mining.
  • Agriculture: Agriculture accounts for about 40% of GDP and employs about 70% of the working population in Nigeria (CIA, 2012)

 

Economic aid

  • Nigeria's debt stock was 31.009 trillion naira as of June 30, 2020

 

Currency

  • Exchange rates naira (N) per US dollar -
  • 0.0026 (2020), 0.028 (2019 est.), 0.0027 (2018 est.)