Source
Central bank

Central Bank of Nigeria

International Reserves

USD 42.8 billion (2018)

International Monetary Fund (IMF), data retrieved October 2019

Gross Domestic Product - GDP

USD 397.3 billion (2018, estimate)

GDP (Purchasing Power Parity)

Intl$ 1,168.5 billion (2018, estimate)

Real GDP growth
2007 2008 2009 2010 2011 2012 2013
7.3% 7.2% 8.4% 11.3% 4.9% 4.3% 5.4%
2014 2015 2016 2017 2018*    
6.3% 2.7% -1.6% 0.8% 1.9%    

*Estimate

GDP per capita - current prices

USD 2,049.1 (2018, estimate)

GDP per capita - PPP

Intl$ 6,027.2 (2018, estimate)

GDP (PPP) - share of world total
1980 1990 2000 2010 2019*
0.48% 0.44% 0.45% 0.92% 0.86%

*Estimate

 
 
Source
GDP - composition by sector
  • agriculture: 21.2% 
  • industry: 23.9% 
  • services: 52%

(2018 estimate)

Gross domestic expenditure on R&D; (% of GDP)

N/A

Inflation
2015 2016 2017 2018* 2019*
9% 15.7% 16.5% 12.1% 11.3%

*Estimate

Unemployment rate
2015 2016 2017* 2018* 2019
9% 13.4% 17.5% 22.6% N/A

*Estimate

Household saving rates

N/A

 

Public debt (General government gross debt as a % of GDP)
2015 2016 2017 2018* 2019*
20.3% 23.4% 25.3% 27.3% 29.8%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2015 2016 2017 2018* 2019*
-3.5% -4% -5.4% -4.5% -5%

*Estimate   

Government bond ratings

Standard & Poor's: B

Moody's: B2

Standard & Poor's / Moody's 

Market value of publicly traded shares
2016 2017 2018
USD 29.8 billion USD 37.2 billion USD 31.5 billion
Largest companies

Dangote Cement, Zenith Bank

 
 
Source
Current account balance

USD 5.3 billion (2018 estimate)

Current account balance by percentage of GDP

1.3 % (2018 estimate)

Exports as percent of GDP(Exports of goods and services)

13.2% (2017)

Shares in world total merchandising export

0.31% (2018)

Shares in world total commercial services export

0.08% (2018)

Total exports

USD 67.8 billion (2018 estimate)

Export commodities

Petroleum and petroleum products 95%, cocoa, rubber (2012 est.)

Total imports

USD 71.5 billion (2018 estimate)

 
 
Source
Import commodities

Machinery, chemicals, transport equipment, manufactured goods, food and live animals

Exports - major partners

India 30.6%, US 12.1%, Spain 6.6%, China 5.6%, France 5.5%, Netherlands 4.4%, Indonesia 4.4% (2017)

Imports - major partners

China 21.1%, Belgium 8.7%, US 8.4%, South Korea 7.5%, UK 4.4% (2017)

FDI inflows
2016 2017 2018
USD 4,449 million USD 3,503 million USD 1,997 million
FDI outflows
2016 2017 2018
USD 1,305 million USD 1,286 million USD 1,381 million
Value of cross-border M&A, by country of purchaser
2015 2016 2017 2018
USD -336 million USD 122 million USD -31 million USD -49 million
Cross-border M&A deals worth over $3 billion completed in 2014

N/A

Cross-border M&A deals worth over $3 billion completed in 2015

N/A

Best countries for doing business

Economies are ranked on their ease of doing business. A high ease of doing business ranking means the regulatory environment is more conducive to the starting and operation of a local firm.

Overall ranking:

131 out of 190 countries

​Subcategories:
Starting a Business: 105 out of 190 countries
Dealing with Construction Permits: 55 out of 190 countries
Getting Electricity: 169 out of 190 countries
Registering Property: 183 out of 190 countries
Getting Credit: 15 out of 190 countries
Protecting Minority Investors: 28 out of 190 countries
Paying Taxes: 159 out of 190 countries
Trading across Borders: 179 out of 190 countries
Enforcing Contracts: 73 out of 190 countries
Resolving Insolvency: 148 out of 190 countries

Global competitiveness ranking

116 out of 141 countries

(2019)

Index of Economic Freedom

Ranking: 111 / Score: 57.3 (Mostly unfree)

(100=totally free 0=totally repressed)

 
 
Source
Time zone

UTC+1

Total area

923,768 sq km 

Capital

Abuja

Currency

Nairas (NGN)

Government type

Federal presidential republic

Languages

English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages

Religions

Muslim 51.6%, Roman Catholic 11.2%, other Christian 35.7%, traditionalist .9%, unspecified .5% (2013 est.)

Total population
1990 2000 2010 2015* 2020*
95.21 million 122.28 million 158.5 million 181.14 million 206.14 million

*Estimate

 
 
Source
Urban population as % of total population
1960 1980 2000 2018
15.4% 22% 34.8% 50.3%
Population median age

18.3 years 

Population growth rate

2.54% (2018 estimate)

Life expectancy

59.3 years (2018 estimate)

Literacy

Total population: 59.6% 
Male: 69.2% 
Female: 49.7%
Definition: age 15 and over can read and write (2015 est.)

% of population living on less than $3.10 a day

77.6% (last available estimate, 2009)

Inequality of wealth distribution (Gini index)

43 (last available estimate, 2009)

Freedom House rating

Partly Free
Political Rights: 3
Civil Liberties: 5 (2019)
(1 represents the most free, 7 the least free rating)

Source
Total telephone subscribers as % of population

Fixed: 0.1% Mobile: 88.2% (2018)

(fixed-telephone subscribers and mobile-cellular subscribers)

Internet users as % of total population

42 % (2017)

Mercer Cost of living index

Lagos: 25th
Abuja: 85th

(2019)

CO2 emissions

0.55 metric tons per capita (2014)

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