Nigeria Economy

Is Nigeria a rich country?

Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% of Nigeria's over 180 million people still live in extreme poverty.

Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production had been contracting every year since 2012 until a slight rebound in 2017.

President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but has taken a primarily protectionist approach that favors domestic producers at the expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as implementation of a Treasury Single Account that allows the government to better manage its resources and a more transparent government payroll and personnel system that eliminated duplicate and "ghost workers." The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recovered and output stabilized.

Nigeria Economy Data

What is the GDP of Nigeria?

Currency Name and Code Nigerian Naira (NGN)
GDP - Gross Domestic Product (PPP) $1,053,000,000,000 (USD)
GDP - official exchange rate $493,000,000,000 (USD)
GDP - real growth rate 4%
GDP Per Capita $6,400.00 (USD)
GDP by Sector- agriculture 20.3%
GDP by Sector- Industry 23.6%
GDP by Sector- services 56.1%
GDP - composition, by end use household consumption: 74.1%

government consumption: 7.7%

investment in fixed capital: 16.8%

investment in inventories: 0%

exports of goods and services: 13%

imports of goods and services: -11.6%
Population Below Poverty Line 70%
Inflation Rate 13.9%
Labor Force 48,330,000
Labor Force By Occupation- agriculture 70%
Labor Force By Occupation- industry 10%
Labor Force By Occupation- services 20%
Unemployment Rate 4.9%
Fiscal Year calendar year
Annual Budget $18,160,000,000 (USD)
Budget Surplus or Deficit - percent of GDP -1.5%
Public Debt (% of GDP) 11.2%
Taxes and other revenues - percent of GDP 4.8%
Major Industries crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel
Industrial Growth Rate 4%
Agriculture Products cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Exchange Rate per US Dollar naira (NGN)
Child Labor - % of children ages 5-14 29%
Child Labor - # of children ages 5-14 11,396,823
Commercial Bank Prime Lending Rate 15.5%

Labor Force by Occupation- As reported by Nigeria

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