The Gross Domestic Product (GDP) in Nigeria was worth 187.76 billion US dollars in 2024, according to official data from the World Bank. The GDP value of Nigeria represents 0.18 percent of the world economy. This dataset provides the latest reported value for - Nigeria GDP - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about Nigeria Nominal GDP

• Nigeria Nominal GDP reached 111.3 USD bn in Mar 2023, compared with 128.6 USD bn in the previous quarter.
• Nominal GDP in Nigeria is updated quarterly, available from Mar 2010 to Mar 2023, with an average number of 112.3 USD bn.
• The data reached an all-time high of 151.1 USD bn in Dec 2014 and a record low of 85.0 USD bn in Mar 2010.

CEIC converts quarterly Nominal GDP into USD. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices. The Central Bank of Nigeria average market exchange rate is used for currency conversions.


Related information about Nigeria Nominal GDP

• In the latest reports, Nigeria GDP expanded 3.5 % YoY in Dec 2022.
• Its GDP deflator (implicit price deflator) increased 11.3 % in Dec 2022.
• Nigeria GDP Per Capita reached 2,057.0 USD in Dec 2021.
• Its Gross Savings Rate was measured at 32.7 % in Dec 2021.
• For Nominal GDP contributions, Investment accounted for 33.8 % in Dec 2021.
• Public Consumption accounted for 5.1 % in Dec 2021.
• Private Consumption accounted for 62.2 % in Dec 2021.

Key information about Nigeria Investment: % of GDP

• Nigeria Investment accounted for 36.1 % of its Nominal GDP in Dec 2023, compared with a ratio of 33.0 % in the previous year.
• Nigeria investment share of Nominal GDP data is updated yearly, available from Dec 1981 to Dec 2023, with an average ratio of 33.8 %.
• The data reached an all-time high of 89.4 % in Dec 1981 and a record low of 14.9 % in Dec 2013.

CEIC calculates Investment as % of Nominal GDP from annual Nominal Gross Capital Formation and annual Nominal GDP. Gross Capital Formation is calculated as the sum of Gross Fixed Capital Formation and Changes in Inventories. The National Bureau of Statistics provides Nominal Gross Capital Formation in local currency and Nominal GDP in local currency.


Related information about Nigeria Investment: % of GDP

• In the latest reports, Nigeria GDP expanded 2.3 % YoY in Mar 2023.
• Nigeria Nominal GDP reached 111.3 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 10.5 % in Mar 2023.
• Nigeria GDP Per Capita reached 2,057.0 USD in Dec 2021.
• Its Gross Savings Rate was measured at 34.6 % in Dec 2023.

Key information about Nigeria Nominal GDP Growth

• Nigeria Nominal GDP Growth was reported at 18.914 % in Dec 2024.
• This records an increase from the previous number of 17.265 % for Sep 2024.
• Nigeria Nominal GDP Growth data is updated quarterly, averaging 13.035 % from Mar 2011 to Dec 2024, with 56 observations.
• The data reached an all-time high of 18.914 % in Dec 2024 and a record low of -2.796 % in Jun 2020.
• Nigeria Nominal GDP Growth data remains active status in CEIC and is reported by CEIC Data.
• The data is categorized under World Trend Plus’s Global Economic Monitor – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

CEIC calculates quarterly Nominal GDP Growth from quarterly Nominal GDP. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices.

Nigeria NG: GDP: Growth: Gross Capital Formation data was reported at -4.794 % in 2016. This records a decrease from the previous number of -1.534 % for 2015. Nigeria NG: GDP: Growth: Gross Capital Formation data is updated yearly, averaging -0.634 % from Dec 1982 (Median) to 2016, with 35 observations. The data reached an all-time high of 59.301 % in 2006 and a record low of -43.260 % in 1984. Nigeria NG: GDP: Growth: Gross Capital Formation data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.WDI: Gross Domestic Product: Annual Growth Rate. Annual growth rate of gross capital formation based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Gross capital formation (formerly gross domestic investment) consists of outlays on additions to the fixed assets of the economy plus net changes in the level of inventories. Fixed assets include land improvements (fences, ditches, drains, and so on); plant, machinery, and equipment purchases; and the construction of roads, railways, and the like, including schools, offices, hospitals, private residential dwellings, and commercial and industrial buildings. Inventories are stocks of goods held by firms to meet temporary or unexpected fluctuations in production or sales, and 'work in progress.' According to the 1993 SNA, net acquisitions of valuables are also considered capital formation.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted average;

Nigeria GOI: Economic Fundamentals data was reported at 120.000 NA in 2019. This records a decrease from the previous number of 141.000 NA for 2018. Nigeria GOI: Economic Fundamentals data is updated yearly, averaging 129.000 NA from Dec 2017 (Median) to 2019, with 3 observations. The data reached an all-time high of 141.000 NA in 2018 and a record low of 120.000 NA in 2019. Nigeria GOI: Economic Fundamentals data remains active status in CEIC and is reported by Milken Institute. The data is categorized under Global Database’s Nigeria – Table NG.Milken: Global Oportunity Index.

Nigeria NG: GDP: Deflator: Linked Series data was reported at 166.022 2010=100 in 2017. This records an increase from the previous number of 149.413 2010=100 for 2016. Nigeria NG: GDP: Deflator: Linked Series data is updated yearly, averaging 41.079 2010=100 from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 166.022 2010=100 in 2017 and a record low of 1.741 2010=100 in 1989. Nigeria NG: GDP: Deflator: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: Gross Domestic Product: Nominal. The GDP implicit deflator is calculated as the ratio of GDP in current local currency to GDP in constant local currency. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. The base year varies by country.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

Key information about Nigeria population

• The Nigeria population reached 211.5 million people in Dec 2021, compared with the previously reported figure of 206.3 million people in Dec 2020
• The data reached an all-time high of 211.5 million people in Dec 2021 and a record low of 37.9 million people in Dec 1950

Central Bank of Nigeria provides annual Population. Population prior to 2000 is a mid-year estimate sourced from the International Monetary Fund

Nigeria NG: Gross Domestic Product (GDP) data was reported at 102,575,419.200 NGN mn in 2016. This records an increase from the previous number of 95,177,735.900 NGN mn for 2015. Nigeria NG: Gross Domestic Product (GDP) data is updated yearly, averaging 1,259,070.460 NGN mn from Dec 1950 (Median) to 2016, with 47 observations. The data reached an all-time high of 102,575,419.200 NGN mn in 2016 and a record low of 524.000 NGN mn in 1950. Nigeria NG: Gross Domestic Product (GDP) data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Nigeria – Table NG.IMF.IFS: Gross Domestic Product: by Expenditure: Annual.

Key information about Nigeria GDP Deflator Growth

• Nigeria GDP deflator (implicit price deflator) increased 11.3 % in Dec 2022, compared with an increase of 13.3 % in the previous quarter.
• Nigeria GDP Deflator Growth data is updated quarterly, available from Mar 2011 to Dec 2022, with an average rate of 9.4 %.
• The data reached an all-time high of 18.1 % in Mar 2017 and a record low of 0.3 % in Mar 2015.

CEIC calculates GDP Deflator Growth from quarterly Nominal and Real GDP. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices and Real GDP in local currency, at basic 2010 prices.


Related information about Nigeria GDP Deflator Growth

• In the latest reports, Nigeria GDP expanded 3.5 % YoY in Dec 2022.
• Its Nominal GDP reached 128.6 USD bn in Dec 2022.
• Nigeria GDP Per Capita reached 2,057.0 USD in Dec 2021.
• Its Gross Savings Rate was measured at 32.7 % in Dec 2021.

Nigeria NG: GDP: Market Price: Linked Series data was reported at 114,906,663.516 NGN mn in 2017. This records an increase from the previous number of 102,575,418.035 NGN mn for 2016. Nigeria NG: GDP: Market Price: Linked Series data is updated yearly, averaging 11,626,597.491 NGN mn from Dec 1989 (Median) to 2017, with 29 observations. The data reached an all-time high of 114,906,663.516 NGN mn in 2017 and a record low of 303,811.109 NGN mn in 1989. Nigeria NG: GDP: Market Price: Linked Series data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.WDI: Gross Domestic Product: Nominal. GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. This series has been linked to produce a consistent time series to counteract breaks in series over time due to changes in base years, source data and methodologies. Thus, it may not be comparable with other national accounts series in the database for historical years. Data are in current local currency.; ; World Bank staff estimates based on World Bank national accounts data archives, OECD National Accounts, and the IMF WEO database.; ;

Key information about Nigeria Unemployment Rate

• Nigeria Unemployment Rate dropped to 4.10% in Mar 2023, from the previously reported figure of 5.30% in Dec 2022.
• Nigeria Unemployment Rate is updated quarterly, available from Dec 2022 to Mar 2023, with an average rate of 4.70%.
• The data reached an all-time high of 5.30% in Dec 2022 and a record low of 4.10% in Mar 2023.
• The data is reported by reported by CEIC Data.
• In the latest reports, Nigeria Population reached 211.49 million people in Dec 2021.

Nigeria NG: GDP: % of Total Value Added: Industry data was reported at 31.870 % in 2021. This records an increase from the previous number of 28.580 % for 2020. Nigeria NG: GDP: % of Total Value Added: Industry data is updated yearly, averaging 28.420 % from Dec 1990 (Median) to 2021, with 32 observations. The data reached an all-time high of 38.080 % in 1992 and a record low of 18.370 % in 2016. Nigeria NG: GDP: % of Total Value Added: Industry data remains active status in CEIC and is reported by Organisation for Economic Co-operation and Development. The data is categorized under Global Database’s Nigeria – Table NG.OECD.GGI: Governance: Economic Environment and Growth: Non OECD Member: Annual.

Key information about Nigeria Current Account Balance

• Nigeria Current Account recorded a surplus of 5.1 USD bn in Jun 2024, compared with a surplus of 3.4 USD bn in the previous quarter.
• Nigeria Current Account Balance: USD mn data is updated quarterly, available from Mar 2014 to Jun 2024, with an averaged value of 330.3 USD mn.
• The data reached an all-time high of 5.2 USD bn in Jun 2018 and a record low of -6.1 USD bn in Dec 2019.
• Foreign Direct Investment (FDI) increased by 1.2 USD bn in Mar 2023.
• Nigeria Direct Investment Abroad fell by 831.3 USD mn in Jun 2024.
• Its Foreign Portfolio Investment increased by 4.4 USD bn in Jun 2024.
• The country's Nominal GDP was reported at 111.3 USD bn in Mar 2023.

Nigeria NG: GDP: PPP data was reported at 1,118,755.475 Intl $ mn in 2017. This records an increase from the previous number of 1,090,101.955 Intl $ mn for 2016. Nigeria NG: GDP: PPP data is updated yearly, averaging 415,302.109 Intl $ mn from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 1,118,755.475 Intl $ mn in 2017 and a record low of 187,284.410 Intl $ mn in 1990. Nigeria NG: GDP: PPP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.WDI: Gross Domestic Product: Purchasing Power Parity. PPP GDP is gross domestic product converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GDP as the U.S. dollar has in the United States. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current international dollars. For most economies PPP figures are extrapolated from the 2011 International Comparison Program (ICP) benchmark estimates or imputed using a statistical model based on the 2011 ICP. For 47 high- and upper middle-income economies conversion factors are provided by Eurostat and the Organisation for Economic Co-operation and Development (OECD).; ; World Bank, International Comparison Program database.; Gap-filled total;

Nigeria NG: GDP: Growth: Gross Value Added: Services data was reported at -0.815 % in 2016. This records a decrease from the previous number of 4.781 % for 2015. Nigeria NG: GDP: Growth: Gross Value Added: Services data is updated yearly, averaging 4.434 % from Dec 1982 (Median) to 2016, with 35 observations. The data reached an all-time high of 28.503 % in 2004 and a record low of -7.872 % in 1984. Nigeria NG: GDP: Growth: Gross Value Added: Services data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for value added in services based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Services correspond to ISIC divisions 50-99. They include value added in wholesale and retail trade (including hotels and restaurants), transport, and government, financial, professional, and personal services such as education, health care, and real estate services. Also included are imputed bank service charges, import duties, and any statistical discrepancies noted by national compilers as well as discrepancies arising from rescaling. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The industrial origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3 or 4.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average;

Nigeria NG: GDP: Real data was reported at 69,211,634.638 NGN mn in 2017. This records an increase from the previous number of 68,652,430.365 NGN mn for 2016. Nigeria NG: GDP: Real data is updated yearly, averaging 19,662,024.960 NGN mn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 69,780,692.718 NGN mn in 2015 and a record low of 8,758,728.424 NGN mn in 1968. Nigeria NG: GDP: Real data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank.WDI: Gross Domestic Product: Real. GDP is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in constant local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Nigeria NG: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Bahamas data was reported at -1.548 USD mn in 2017. This records an increase from the previous number of -1.757 USD mn for 2016. Nigeria NG: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Bahamas data is updated yearly, averaging -0.588 USD mn from Dec 1985 (Median) to 2017, with 24 observations. The data reached an all-time high of 597.037 USD mn in 1985 and a record low of -2.613 USD mn in 2011. Nigeria NG: Trade Balance: Emerging and Developing Economies: Western Hemisphere: Bahamas data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Nigeria – Table NG.IMF.DOT: Trade Balance: by Country: Annual.

Nigeria NG: GDP: Gross National Income data was reported at 111,392,356.761 NGN mn in 2017. This records an increase from the previous number of 100,370,320.780 NGN mn for 2016. Nigeria NG: GDP: Gross National Income data is updated yearly, averaging 176,740.445 NGN mn from Dec 1960 (Median) to 2017, with 58 observations. The data reached an all-time high of 111,392,356.761 NGN mn in 2017 and a record low of 2,981.277 NGN mn in 1960. Nigeria NG: GDP: Gross National Income data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: Gross Domestic Product: Nominal. GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and property income) from abroad. Data are in current local currency.; ; World Bank national accounts data, and OECD National Accounts data files.; ;

Nigeria NG: GDP: Growth: Gross Value Added: Industry: Manufacturing data was reported at -0.212 % in 2017. This records an increase from the previous number of -4.318 % for 2016. Nigeria NG: GDP: Growth: Gross Value Added: Industry: Manufacturing data is updated yearly, averaging 4.524 % from Dec 1982 (Median) to 2017, with 36 observations. The data reached an all-time high of 39.050 % in 1985 and a record low of -33.827 % in 1983. Nigeria NG: GDP: Growth: Gross Value Added: Industry: Manufacturing data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Nigeria – Table NG.World Bank: Gross Domestic Product: Annual Growth Rate. Annual growth rate for manufacturing value added based on constant local currency. Aggregates are based on constant 2010 U.S. dollars. Manufacturing refers to industries belonging to ISIC divisions 15-37. Value added is the net output of a sector after adding up all outputs and subtracting intermediate inputs. It is calculated without making deductions for depreciation of fabricated assets or depletion and degradation of natural resources. The origin of value added is determined by the International Standard Industrial Classification (ISIC), revision 3.; ; World Bank national accounts data, and OECD National Accounts data files.; Weighted Average; Note: Data for OECD countries are based on ISIC, revision 4.