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.

The Gross Domestic Product (GDP) in Nigeria expanded 3.84 percent in the fourth quarter of 2024 over the same quarter of the previous year. This dataset provides - Nigeria GDP Annual Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The gross domestic product (GDP) in current prices in Nigeria stood at about 187.64 billion U.S. dollars in 2024. Between 1990 and 2024, the GDP rose by approximately 125.47 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by around 109.80 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the gross domestic product at current prices. The values are based upon the GDP in national currency converted to U.S. dollars using market exchange rates (yearly average). The GDP represents the total value of final goods and services produced during a year.

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.

The Gross Domestic Product (GDP) in Nigeria expanded 10 percent in the third quarter of 2024 over the previous quarter. This dataset provides - Nigeria GDP Growth Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Nigeria NG: GNI: PPP data was reported at 1,084,539.444 Intl $ mn in 2017. This records an increase from the previous number of 1,066,667.677 Intl $ mn for 2016. Nigeria NG: GNI: PPP data is updated yearly, averaging 368,523.009 Intl $ mn from Dec 1990 (Median) to 2017, with 28 observations. The data reached an all-time high of 1,084,539.444 Intl $ mn in 2017 and a record low of 169,701.776 Intl $ mn in 1990. Nigeria NG: GNI: 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 GNI (formerly PPP GNP) is gross national income (GNI) converted to international dollars using purchasing power parity rates. An international dollar has the same purchasing power over GNI as a U.S. dollar has in the United States. Gross national income 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 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 GDP per capita for 2023 was $1,597, a 25.37% decline from 2022.

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

<li>Nigeria GDP per capita for 2022 was <strong>$2,139</strong>, a <strong>6.05% increase</strong> from 2021.</li>
<li>Nigeria GDP per capita for 2021 was <strong>$2,017</strong>, a <strong>0.12% decline</strong> from 2020.</li>
<li>Nigeria GDP per capita for 2020 was <strong>$2,020</strong>, a <strong>10.84% decline</strong> from 2019.</li>
</ul>GDP per capita is gross domestic product divided by midyear population. 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 U.S. dollars.

Nigeria: Gross Domestic Product, billions of U.S. dollars: The latest value from 2023 is 363.85 billion U.S. dollars, a decline from 477.4 billion U.S. dollars in 2022. In comparison, the world average is 569.16 billion U.S. dollars, based on data from 184 countries. Historically, the average for Nigeria from 1960 to 2023 is 160.39 billion U.S. dollars. The minimum value, 4.2 billion U.S. dollars, was reached in 1960 while the maximum of 574.18 billion U.S. dollars was recorded in 2014.

In the second quarter of 2023, Nigeria's Gross Domestic Product stood at 52.1 trillion Nigerian naira (NGN), around 66.84 billion U.S. dollars. In 2021, the value reached around 173.5 trillion NGN, over 390 billion U.S. dollars at the time. Moreover, Nigeria has one of the largest GDPs in Africa. Its GDP per capita ranked the nation 22nd among African countries in 2022.

Key information about Nigeria Private Consumption: % of GDP

• Nigeria Private Consumption accounted for 61.2 % of its Nominal GDP in Dec 2023, compared with a ratio of 65.0 % in the previous year.
• Nigeria Private Consumption contribution to Nominal GDP ratio is updated yearly, available from Dec 1981 to Dec 2023, with an average share of 59.5 %.
• The data reached an all-time high of 81.5 % in Dec 2016 and a record low of 9.8 % in Dec 1981.

CEIC calculates Private Consumption as % of Nominal GDP from annual Private Consumption Expenditure and annual Nominal GDP. Private Consumption Expenditure is calculated as the sum of Household and NPISHs consumption. The National Bureau of Statistics provides Private Consumption Expenditure in local currency and Nominal GDP in local currency.


Related information about Nigeria Private Consumption: % of GDP

• In the latest reports, Nigeria GDP expanded 2.3 % YoY in Mar 2023.
• Its Nominal GDP reached 111.3 USD bn 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.

In 2023, agriculture contributed around 22.72 percent to Nigeria’s GDP, 32.58 percent came from industry, and 42.77 percent from the services sector. Economic sectors The most common breakdown of economic activity in a country is looking at three economic sectors: The primary sector, which involves agriculture, forestry, and fishing, the secondary sector, industry, that includes manufacturing, processing, or transforming goods, and finally, the tertiary sector, services, i.e. providing information or services to consumers, such as in IT, tourism, or banking. A country’s contribution to GDP, and thus its own economy, is easily visible when looking at the performance of these three sectors. Soaring services in NigeriaLike in most thriving economies nowadays, the services sector is gaining momentum in Nigeria, because more and more people are moving from the countryside to the cities to find jobs. Nigeria is a mixed economy which focuses mainly on telecommunications, financial services, and technology, a strategy that is likely to pay off in the future and will see its GDP soaring. Nigeria’s reliance on oil is also an important contributor to its economic success; between 2001 and 2010, it was one of the countries with the highest GDP growth worldwide. However, oil prices are also responsible for a GDP growth slump in 2016 and for the first trade deficit in over a decade.

This dataset provides values for GDP reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

South Africa's GDP was estimated at just over 403 billion U.S. dollars in 2024, the highest in Africa. Egypt followed, with a GDP worth around 380 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with about 260 billion U.S. dollars. These African economies are among some of the fastest-growing economies worldwide. Dependency on oil For some African countries, the oil industry represents an enormous source of income. In Nigeria, oil generates over five percent of the country’s GDP in the third quarter of 2023. However, economies such as the Libyan, Algerian, or Angolan are even much more dependent on the oil sector. In Libya, for instance, oil rents account for over 40 percent of the GDP. Indeed, Libya is one of the economies most dependent on oil worldwide. Similarly, oil represents for some of Africa’s largest economies a substantial source of export value. The giants do not make the ranking Most of Africa’s largest economies do not appear in the leading ten African countries for GDP per capita. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. For instance, South Africa has Africa’s highest GDP, but also counts the sixth-largest population, so wealth has to be divided into its big population. The GDP per capita also indicates how a country’s wealth reaches each of its citizens. In Africa, Seychelles has the greatest GDP per capita.

Nigeria: GDP per capita, Purchasing Power Parity: The latest value from 2024 is 5665 U.S. dollars, an increase from 5593 U.S. dollars in 2023. In comparison, the world average is 27291 U.S. dollars, based on data from 177 countries. Historically, the average for Nigeria from 1990 to 2024 is 4591 U.S. dollars. The minimum value, 3218 U.S. dollars, was reached in 1999 while the maximum of 5985 U.S. dollars was recorded in 2015.

Nigeria: GDP per capita, constant dollars: The latest value from 2023 is 2460.39 U.S. dollars, an increase from 2449.59 U.S. dollars in 2022. In comparison, the world average is 14679.80 U.S. dollars, based on data from 180 countries. Historically, the average for Nigeria from 1960 to 2023 is 1886.05 U.S. dollars. The minimum value, 1223.53 U.S. dollars, was reached in 1968 while the maximum of 2679.55 U.S. dollars was recorded in 2015.

The Gross Domestic Product per capita in Nigeria was last recorded at 5665.45 US dollars in 2024, when adjusted by purchasing power parity (PPP). The GDP per Capita, in Nigeria, when adjusted by Purchasing Power Parity is equivalent to 32 percent of the world's average. This dataset provides - Nigeria GDP per capita PPP - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of 2023, the GDP of Africa was estimated at roughly 3.1 trillion U.S. dollars. This was the highest value since 2010 when the continent's GDP amounted to approximately 2.1 trillion U.S. dollars. The GDP value in Africa generally followed an upward trend in recent years and was estimated to exceed 4.2 trillion U.S. dollars by 2027.

Leading the charge: the three leading African economies

Among the African countries, in 2021, Nigeria had the highest GDP with approximately 442 billion U.S. dollars. South Africa and Egypt followed. These three countries have the largest economies for various reasons. The most notable factors are their population size, natural resources, and level of economic development. Furthermore, Africa was projected to have a real GDP growth rate of 3.9 percent in 2023. Libya was the economy experiencing the highest growth rate in that year.

The Sub-Saharan African economy on the rise

A global comparison showed that Sub-Saharan Africa had the smallest GDP among all world regions in 2021, amounting to 1.87 trillion U.S. dollars. A closer look revealed that Sub-Saharan Africa had a GDP per capita of 1,626.3 U.S. dollars in 2021, again the lowest worldwide. However, the region's economy was forecast to experience continued growth in the following years, with the real GDP increasing by 3.7 percent in 2023.

The latest data from show economic growth of 3.12 percent, which is an increase from the rate of growth of 3.01 percent in the previous quarter and
an increase compared to the growth rate of 3.09 percent in the same quarter last year. The economic growth time series for Nigeria cover the period...

Full Year GDP Growth in Nigeria increased to 3.40 percent in 2024 from 2.74 percent in 2023. This dataset includes a chart with historical data for Nigeria Full Year Gdp Growth.