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.
Africa’s Leading Economy
As the largest economy in Africa, Nigeria is actively working to diversify its revenue sources beyond the dominant oil and gas sectors. Efforts have been focused on building a competitive manufacturing sector, expanding agricultural output, and leveraging the country’s technological and innovative potential. With the largest population in Africa, Nigeria presents an attractive market for both domestic and foreign investors. Yet, about 40% of the population still lives below the poverty line, and while recent reforms have improved the overall business environment, bureaucratic delays, political interference and lack of transparency have slowed the pace of progress.
Nigeria GDP & Economic Overview
Key Facts
Total Area | 28,748 sq km |
---|---|
Type of Government | Democratic republic |
Capital City | Abuja |
Total Population | 82.98 million |
Median Age | 17.2 |
Total GDP | USD 1,372,620 millions |
Adult Per Capita Income (PPP) | USD 11,700.15 |
Nigeria
Trade & Finance
International Trade
Total Exports | USD 65,364 million |
---|---|
Major Exports |
Crude petroleum Natural gas Scrap vessels Aircraft Cocoa beans Refined petroleum |
Major Trade Partners – Export |
India Spain France Netherlands Canada |
Total Imports | USD 69,918 million |
Major Imports |
Cars Refined petroleum Cars Wheat Labratory glassware Packaged medicines |
Major Trade Partners – Imports |
China Netherlands India Belgium United States |
Inbound and Outbound Investment
Leading Companies
Construction materials | Dangote Cement |
---|---|
Bank | Zenith Bank |
Telecom | Globacom |
Logistics | Jumia Technologies |
Payments | Interswitch |
Energy | Nigerian National Petroleum Corporation |
Data Shows Nigeria’s Debt Load To Be Among
Africa’s Lowest
The chart at left compares Nigeria’s debt-to-GDP ratio to the regional average. It illustrates how the country has been successful at keeping its debt burden in line with its national productive capacity.
Global Finance Rankings & Awards: Nigeria
Global Finance Magazine holds several conferences and awards ceremonies throughout the year to recognize the winning financial institutions and companies in a host of categories including World’s Best Trade Finance Banks, World's Biggest Banks, World's Safest Banks, World's Best Developed & Emerging Markets Banks, World's Best Internet Banks, and World’s Best Investment Banks.
Data Sources
Data Sources:
IMF World Economic Outlook
UN World Population Prospects
World Inequality Report
S&P Global Ratings
Moody’s
Fitch Ratings
IMF Direction of Trade Statistics (DOTS)
UN Conference on Trade and Development (UNCTAD)
CIA The World Factbook
World Bank’s World Integrated Trade Solution
Forbes Global 2000