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Nigeria

Federal Republic of Nigeria

Last updated: 2026-03-28 (today)

Budget

revenues

$37.298 billion (2019 est.)

expenditures

$59.868 billion (2019 est.)

Exports

note

note: balance of payments - exports of goods and services in current dollars

Exports 2022

$69.091 billion (2022 est.)

Exports 2023

$60.261 billion (2023 est.)

Exports 2024

$57.536 billion (2024 est.)

Imports

note

note: balance of payments - imports of goods and services in current dollars

Imports 2022

$77.049 billion (2022 est.)

Imports 2023

$65.423 billion (2023 est.)

Imports 2024

$57.73 billion (2024 est.)

Industries

crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel

Labor force

113.35 million (2024 est.)

note: number of people ages 15 or older who are employed or seeking work

Public debt

Public debt 2016

19.6% of GDP (2016 est.)

Remittances

note

note: personal transfers and compensation between resident and non-resident individuals/households/entities

Remittances 2022

4.2% of GDP (2022 est.)

Remittances 2023

5.4% of GDP (2023 est.)

Remittances 2024

11.3% of GDP (2024 est.)

Exchange rates

Currency

nairas (NGN) per US dollar -

Exchange rates 2020

358.811 (2020 est.)

Exchange rates 2021

401.152 (2021 est.)

Exchange rates 2022

425.979 (2022 est.)

Exchange rates 2023

645.194 (2023 est.)

Exchange rates 2024

1,478.965 (2024 est.)

Debt - external

note

note: present value of external debt in current US dollars

Debt - external 2023

$45.009 billion (2023 est.)

Economic overview

largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to global energy price shocks; regional leader in critical infrastructure; primarily agrarian employment

Unemployment rate

note

note: % of labor force seeking employment

Unemployment rate 2022

3.9% (2022 est.)

Unemployment rate 2023

3.1% (2023 est.)

Unemployment rate 2024

3% (2024 est.)

Exports - partners

USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023)

note: top five export partners based on percentage share of exports

Imports - partners

China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023)

note: top five import partners based on percentage share of imports

Real GDP per capita

note

note: data in 2021 dollars

Real GDP per capita 2022

$5,600 (2022 est.)

Real GDP per capita 2023

$5,600 (2023 est.)

Real GDP per capita 2024

$5,700 (2024 est.)

Real GDP growth rate

note

note: annual GDP % growth based on constant local currency

Real GDP growth rate 2022

3.3% (2022 est.)

Real GDP growth rate 2023

2.9% (2023 est.)

Real GDP growth rate 2024

3.4% (2024 est.)

Agricultural products

cassava, yams, maize, oil palm fruit, rice, taro, bananas, vegetables, sorghum, groundnuts (2023)

note: top ten agricultural products based on tonnage

Exports - commodities

crude petroleum, natural gas, gold, fertilizers, cocoa beans (2023)

note: top five export commodities based on value in dollars

Imports - commodities

refined petroleum, tanks and armored vehicles, wheat, plastics, cars (2023)

note: top five import commodities based on value in dollars

Current account balance

note

note: balance of payments - net trade and primary/secondary income in current dollars

Current account balance 2022

$1.019 billion (2022 est.)

Current account balance 2023

$6.423 billion (2023 est.)

Current account balance 2024

$17.215 billion (2024 est.)

GDP (official exchange rate)

$187.76 billion (2024 est.)

note: data in current dollars at official exchange rate

Population below poverty line

40.1% (2018 est.)

note: % of population with income below national poverty line

Average household expenditures

on food

59.3% of household expenditures (2023 est.)

on alcohol and tobacco

0.9% of household expenditures (2023 est.)

Inflation rate (consumer prices)

note

note: annual % change based on consumer prices

Inflation rate (consumer prices) 2022

18.8% (2022 est.)

Inflation rate (consumer prices) 2023

24.7% (2023 est.)

Inflation rate (consumer prices) 2024

33.2% (2024 est.)

Industrial production growth rate

2.4% (2024 est.)

note: annual % change in industrial value added based on constant local currency

Real GDP (purchasing power parity)

note

note: data in 2021 dollars

Real GDP (purchasing power parity) 2022

$1.239 trillion (2022 est.)

Real GDP (purchasing power parity) 2023

$1.275 trillion (2023 est.)

Real GDP (purchasing power parity) 2024

$1.318 trillion (2024 est.)

Youth unemployment rate (ages 15-24)

male

3.7% (2024 est.)

note

note: % of labor force ages 15-24 seeking employment

total

5.1% (2024 est.)

female

6.5% (2024 est.)

Reserves of foreign exchange and gold

note

note: holdings of gold (year-end prices)/foreign exchange/special drawing rights in current dollars

Reserves of foreign exchange and gold 2022

$35.564 billion (2022 est.)

Reserves of foreign exchange and gold 2023

$32.035 billion (2023 est.)

Reserves of foreign exchange and gold 2024

$38.612 billion (2024 est.)

GDP - composition, by sector of origin

note

note: figures may not total 100% due to non-allocated consumption not captured in sector-reported data

industry

29.6% (2024 est.)

services

47% (2024 est.)

agriculture

20.4% (2024 est.)

Household income or consumption by percentage share

note

note: % share of income accruing to lowest and highest 10% of population

lowest 10%

2.9% (2018 est.)

highest 10%

26.7% (2018 est.)

Gini Index coefficient - distribution of family income

note

note: index (0-100) of income distribution; higher values represent greater inequality

Gini Index coefficient - distribution of family income 2018

35.1 (2018 est.)