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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.
COUNTRY REPORT | NIGERIA
Nigeria lacks one key element for stellar growth: a power sector commensurate with its prospects.
USD 42.8 billion (2018)
International Monetary Fund (IMF), data retrieved October 2019
Intl$ 1,168.5 billion (2018, estimate)
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
1980 | 1990 | 2000 | 2010 | 2019* |
0.48% | 0.44% | 0.45% | 0.92% | 0.86% |
*Estimate
(2018 estimate)
2015 | 2016 | 2017 | 2018* | 2019* |
9% | 15.7% | 16.5% | 12.1% | 11.3% |
*Estimate
2015 | 2016 | 2017* | 2018* | 2019 |
9% | 13.4% | 17.5% | 22.6% | N/A |
*Estimate
2015 | 2016 | 2017 | 2018* | 2019* |
20.3% | 23.4% | 25.3% | 27.3% | 29.8% |
*Estimate
2015 | 2016 | 2017 | 2018* | 2019* |
-3.5% | -4% | -5.4% | -4.5% | -5% |
*Estimate
Standard & Poor's: B
Moody's: B2
Standard & Poor's / Moody's
2016 | 2017 | 2018 |
USD 29.8 billion | USD 37.2 billion | USD 31.5 billion |
1.3 % (2018 estimate)
13.2% (2017)
0.31% (2018)
0.08% (2018)
Petroleum and petroleum products 95%, cocoa, rubber (2012 est.)
Machinery, chemicals, transport equipment, manufactured goods, food and live animals
India 30.6%, US 12.1%, Spain 6.6%, China 5.6%, France 5.5%, Netherlands 4.4%, Indonesia 4.4% (2017)
China 21.1%, Belgium 8.7%, US 8.4%, South Korea 7.5%, UK 4.4% (2017)
2016 | 2017 | 2018 |
USD 4,449 million | USD 3,503 million | USD 1,997 million |
2016 | 2017 | 2018 |
USD 1,305 million | USD 1,286 million | USD 1,381 million |
2015 | 2016 | 2017 | 2018 |
USD -336 million | USD 122 million | USD -31 million | USD -49 million |
N/A
N/A
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
116 out of 141 countries
(2019)
Ranking: 111 / Score: 57.3 (Mostly unfree)
(100=totally free 0=totally repressed)
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages
Muslim 51.6%, Roman Catholic 11.2%, other Christian 35.7%, traditionalist .9%, unspecified .5% (2013 est.)
1990 | 2000 | 2010 | 2015* | 2020* |
95.21 million | 122.28 million | 158.5 million | 181.14 million | 206.14 million |
*Estimate
1960 | 1980 | 2000 | 2018 |
15.4% | 22% | 34.8% | 50.3% |
Total population: 59.6%
Male: 69.2%
Female: 49.7%
Definition: age 15 and over can read and write (2015 est.)
77.6% (last available estimate, 2009)
43 (last available estimate, 2009)
Partly Free
Political Rights: 3
Civil Liberties: 5 (2019)
(1 represents the most free, 7 the least free rating)
Fixed: 0.1% Mobile: 88.2% (2018)
(fixed-telephone subscribers and mobile-cellular subscribers)