NIGERIA: LIGHTING UP THE POWER SECTOR
COUNTRY REPORT | NIGERIA
Nigeria lacks one key element for stellar growth: a power sector commensurate with its prospects.
Nigeria GDP and Economic Data
Includes Nigeria real Gross Domestic Product growth rate, with latest forecasts and historical data, GDP per capita, GDP composition and breakdown by sector.
Browse additional economic indicators and data sets, selected by Global Finance editors, to learn more about Nigeria economic outlook, debt to GDP ratio, international trade performance and population trends. Rankings of Nigeria best banks and safest banks are also available.
Advertisement
Source
International Reserves
USD 42.8 billion (2018)
International Monetary Fund (IMF), data retrieved October 2019
GDP (Purchasing Power Parity)
Intl$ 1,168.5 billion (2018, estimate)
Source
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
Source
GDP (PPP) - share of world total
| 1980 | 1990 | 2000 | 2010 | 2019* |
| 0.48% | 0.44% | 0.45% | 0.92% | 0.86% |
*Estimate
Source
Advertisement
Source
GDP - composition by sector
- agriculture: 21.2%
- industry: 23.9%
- services: 52%
(2018 estimate)
Inflation
| 2015 | 2016 | 2017 | 2018* | 2019* |
| 9% | 15.7% | 16.5% | 12.1% | 11.3% |
*Estimate
Source
Unemployment rate
| 2015 | 2016 | 2017* | 2018* | 2019 |
| 9% | 13.4% | 17.5% | 22.6% | N/A |
*Estimate
Source
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
Source
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
Source
Government bond ratings
Standard & Poor's: B
Moody's: B2
Standard & Poor's / Moody's
Source
Market value of publicly traded shares
| 2016 | 2017 | 2018 |
| USD 29.8 billion | USD 37.2 billion | USD 31.5 billion |
Source
Current account balance by percentage of GDP
1.3 % (2018 estimate)
Source
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)
Export commodities
Petroleum and petroleum products 95%, cocoa, rubber (2012 est.)
Advertisement
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
Source
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
Source
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
Advertisement
Source
Urban population as % of total population
| 1960 | 1980 | 2000 | 2018 |
| 15.4% | 22% | 34.8% | 50.3% |
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)
Source
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)