The Gross Domestic Product per capita in Nigeria was last recorded at 2447.64 US dollars in 2024. The GDP per Capita in Nigeria is equivalent to 19 percent of the world's average. This dataset provides the latest reported value for - Nigeria GDP per capita - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Nigeria inflation rate for 2023 was 24.66%, a 5.81% increase from 2022.

<ul style='margin-top:20px;'>

<li>Nigeria inflation rate for 2022 was <strong>18.85%</strong>, a <strong>1.89% increase</strong> from 2021.</li>
<li>Nigeria inflation rate for 2021 was <strong>16.95%</strong>, a <strong>3.71% increase</strong> from 2020.</li>
<li>Nigeria inflation rate for 2020 was <strong>13.25%</strong>, a <strong>1.85% increase</strong> from 2019.</li>
</ul>Inflation as measured by the consumer price index reflects the annual percentage change in the cost to the average consumer of acquiring a basket of goods and services that may be fixed or changed at specified intervals, such as yearly. The Laspeyres formula is generally used.

Nigeria’s inflation has been higher than the average for African and Sub-Saharan countries for years now, and even exceeded 16 percent in 2017 – and a real, significant decrease is nowhere in sight. The bigger problem is its unsteadiness, however: An inflation rate that is bouncing all over the place, like this one, is usually a sign of a struggling economy, causing prices to fluctuate, and unemployment and poverty to increase. Nigeria’s economy - a so-called “mixed economy”, which means the market economy is at least in part regulated by the state – is not entirely in bad shape, though. More than half of its GDP is generated by the services sector, namely telecommunications and finances, and the country derives a significant share of its state revenues from oil.

Because it got high

To simplify: When the inflation rate rises, so do prices, and consequently banks raise their interest rates as well to cope and maintain their profit margin. Higher interest rates often cause unemployment to rise. In certain scenarios, rising prices can also mean more panicky spending and consumption among end users, causing debt and poverty. The extreme version of this is called hyperinflation: A rapid increase of prices that is out of control and leads to bankruptcies en masse, devaluation of money and subsequently a currency reform, among other things. But does that mean that low inflation is better? Maybe, but only to a certain degree; the ECB, for example, aspires to maintain an inflation rate of about two percent so as to keep the economy stable. As soon as we reach deflation territory, however, things are starting to look grim again. The best course is a stable inflation rate, to avoid uncertainty and rash actions.

Nigeria today

Nigeria is one of the countries with the largest populations worldwide and also the largest economy in Africa, with its economy growing rapidly after a slump in the aforementioned year 2017. It is slated to be one of the countries with the highest economic growth over the next few decades. Demographic key indicators, like infant mortality rate, fertility rate, and the median age of the population, all point towards a bright future. Additionally, the country seems to make big leaps forward in manufacturing and technological developments, and boasts huge natural resources, including natural gas. All in all, Nigeria and its inflation seem to be on the upswing – or on the path to stabilization, as it were.

Inflation Rate in Nigeria decreased to 22.97 percent in May from 23.71 percent in April of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of August 1, 2023, one U.S. dollar could buy 21,021.7 Sierra Leonean leones (SLL), the highest exchange rate among the African currencies. Furthermore, one U.S. dollar corresponded to 758.9 Nigerian naira (NGN), 30.85 Egyptian pounds (EGP), 18.03 South African rand (ZAR), and 9.86 Moroccan dirhams (MAD) as of the same date.

Exchange rates and inflation: a case study of West African countries

Exchange rates can affect a country's inflation rate and the purchasing power of its currency. If a country's currency depreciates significantly, it can lead to higher inflation as the cost of imported goods and services increases. Indeed, the inflation rate in Sierra Leone increased steeply over the past two years. The IMF further estimates that inflation will continue to rise before falling again. This high inflation and other factors also led to the depreciation of the SLL. Furthermore, a regional perspective showed that Nigeria and Liberia faced similar high inflation rates.

Businesses' strategies for tackling inflation

Unfavorable exchange rates negatively impact countries' economies. It does this in various ways, including limiting businesses' ability to grow. Issues such as inflation affect purchasing power and businesses' investment decisions. In 2023, a survey revealed that a substantial number of micro, small, and medium enterprises (MSMEs) employed various measures to offset the impact of inflation. Approximately 36 percent of these businesses tapped into their personal savings to bolster their operations, while another 32 percent opted to scale down their business activities.

GDP from Agriculture in Nigeria increased to 5785472.38 NGN Million in the fourth quarter of 2024 from 5763385.21 NGN Million in the third quarter of 2024. This dataset provides the latest reported value for - Nigeria Gdp From Agriculture - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The national gross income per capita in Nigeria decreased to ***** U.S. dollars compared to the previous year. This marks the lowest national gross income during the observed period. Gross national income (GNI) per capita is the total amount of money received by a country (regardless of whether it originates in the country or abroad) divided by the midyear population. The World Bank uses a conversion system known as the Atlas method, which uses a price adjusted, three year moving average, which smooths out exchange rate fluctuations.Find more statistics on other topics about Nigeria with key insights such as gross national income (GNI), value of personal remittances paid, and personal remittances received.

Le PIB aux prix constants au Nigéria a augmenté pour atteindre 79 289 392,63 millions de Naira au quatrième trimestre de 2024, contre 20 115 766,93 millions de Naira au troisième trimestre de la même année. Cette dataset fournit - PIB Nigeria Prix Constant - valeurs réelles, données historiques, prévisions, graphiques, statistiques, calendrier économique et actualités.

Genevieve Nnaji is Nigeria's richest actress. As of 2023, her net worth was estimated at 10 million U.S. dollars, equivalent to around 7.9 billion Nigerian naira (NGN). In 2005, she won the Africa Movie Academy Award for Best Actress in a leading role. Besides acting, she is also a producer and director. The second richest Nollywood actress is Ibinabo Fiberesima, with a net worth of eight million U.S. dollars, which corresponds to around 6.1 billion NGN. Among male actors in Nigeria, Jim Iyke was the wealthiest as of 2020, as his net worth amounted to 30 million U.S. dollars, approximately 23.7 billion NGN, in that year. Jim Iyke (James Ikechukwu Esomugha) was born in Gabon and began his career as an actor in 2001. Some of his most recent movies are Merry Men 2: Another Mission and The Set Up.

Nigerian cinemas and Nollywood

Nigeria had around 80 cinemas as of 2020. The Silverbird Cinema registered the highest number of seats in the country and in anglophone West Africa. The Nigerian film industry released 70 titles in 2020, with Omo Ghetto, a comedy, recording the highest box office revenue. More recently, between March 25 and 27, 2022, The Simple Lie was the local movie that obtained the highest box office income.

The creative industry contributes to economic growth

The arts and entertainment sector contributed over 158 billion NGN to Nigeria’s GDP in 2020. This was equal to approximately 380 million U.S. dollars. Moreover, the Nigerian creative and information industry is a promising actor in the nation’s economy. For instance, movie theaters spread across the country generated a total income that exceeded 900 million NGN in 2020. The states of Imo and Kwara maintained the largest shares of the box office revenue that year.