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.

Cost of food in Nigeria increased 21.97 percent in June of 2025 over the same month in the previous year. This dataset provides - Nigeria Food Inflation - actual values, historical data, forecast, chart, statistics, economic calendar and news.

In July 2024, Taraba State recorded the highest average diesel price in Nigeria. Consumers in this State paid on average 1721.79 Nigerian naira (NGN) per liter, around 1.08 U.S. dollars. Moreover, the price of diesel in Borno State was 1694.17 NGN, roughly 1.07 U.S. dollars, the second-highest price nationwide.

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.

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.

As of January 2021, the greatest majority of Nigerian households reported experiencing an increase in the prices of essential food items, as over ** percent of households said the prices of beans, cassava, yam, and sorghum shot higher since January 2020. Moreover, ** percent of respondents said that the prices of rice increased over the same timespan and ** percent found onion more expensive than it used to be.

Nigeria NG: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data was reported at 6.753 % pa in 2016. This records a decrease from the previous number of 7.455 % pa for 2015. Nigeria NG: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate data is updated yearly, averaging 6.753 % pa from Dec 1992 (Median) to 2016, with 25 observations. The data reached an all-time high of 14.577 % pa in 2009 and a record low of 2.473 % pa in 1999. Nigeria NG: Risk Premium on Lending: Lending Rate Minus Treasury Bill Rate 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: Interest Rates. Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the 'risk free' treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its best corporate clients to be lower risk than the government. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics database.; ;

Inflation Rate in Nigeria decreased to 22.22 percent in June from 22.97 percent in May of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

As of July 2024, Katsina state had the highest average petrol prices in Nigeria. On average, consumers in Katsina paid 950 Nigerian naira (NGN) per liter, about 0.6 U.S. dollars. Jigawa state recorded the second most expensive petrol price in the country, at approximately 903 NGN, roughly 0.57 U.S. dollars.

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.

As of July 08, 2025, the price of one barrel of the Bonny Light crude oil in Nigeria reached ***** U.S. dollars, which was a increase of **** U.S dollars from the preceding month. Bonny Light crude oil is a high-grade crude oil produced in Nigeria that is known for its low sulfur content. A low sulfur content means low corrosive effects on the petroleum refinery infrastructure and a low environmental impact of the byproducts.

This dataset titled "Nigeria PMS Pump Price" encompasses crucial economic indicators of Nigeria, including the GDP growth rate, PMS (Premium Motor Spirit) pump prices, CPI (Consumer Price Index), and Average Crude Oil prices. The PMS pump price data was meticulously collected from the National Bureau of Statistics (NBS), while the GDP, Crude Oil Price, and CPI data were sourced from the esteemed World Bank.

This comprehensive dataset serves as a valuable resource for researchers, economists, and data analysts interested in examining the relationship between PMS pump prices and other economic factors in Nigeria. It offers a significant opportunity for in-depth analysis, trend identification, and policy evaluation related to the country's petroleum industry and overall economic performance.

By exploring this dataset, users can gain valuable insights into the dynamics and fluctuations of Nigeria's PMS pump prices, along with its correlation with GDP growth, CPI, and Crude Oil prices over time.

Disclaimer: The dataset has been compiled with utmost care and accuracy, drawing information from reliable sources. However, users are encouraged to exercise due diligence and verify the data's authenticity and relevance for their specific research or analytical purposes.

We invite researchers and analysts to leverage this dataset for various studies, forecasting models, and policy-making initiatives related to Nigeria's petroleum sector.

Note: The dataset will be periodically updated to ensure its relevance and incorporate the latest available data from the respective sources.

Please feel free to contact us for any further inquiries or assistance related to this dataset.

In 2024, the Nigerien laptop and tablet computer market decreased by -24% to $60M for the first time since 2021, thus ending a two-year rising trend. Over the period under review, consumption recorded a deep contraction. Over the period under review, the market attained the peak level at $165M in 2013; however, from 2014 to 2024, consumption remained at a lower figure.

The price per unit in the 'Fish & Seafood' segment of the food market in Nigeria was forecast to continuously increase between 2025 and 2030 by in total **** U.S. dollars (+***** percent). After the ***** consecutive increasing year, the price per unit is estimated to reach ***** U.S. dollars and therefore a new peak in 2030. Notably, the price per unit of the 'Fish & Seafood' segment of the food market was continuously increasing over the past years.Find further information concerning the price per unit in the 'Chocolate Confectionery' segment of the food market in Brazil and the average revenue per capita in the 'Ready-to-Eat Meals' segment of the food market in Israel. The Statista Market Insights cover a broad range of additional markets.

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.

The benchmark interest rate in Nigeria was last recorded at 27.50 percent. This dataset provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

Unemployment Rate in Nigeria decreased to 4.30 percent in the second quarter of 2024 from 5.30 percent in the first quarter of 2024. This dataset provides the latest reported value for - Nigeria Unemployment Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Nigeria GNP for 2023 was 429.50 billion US dollars, a 9.2% decline from 2022.

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

<li>Nigeria GNP for 2022 was <strong>473.00 billion US dollars</strong>, a <strong>2.6% increase</strong> from 2021.</li>
<li>Nigeria GNP for 2021 was <strong>461.01 billion US dollars</strong>, a <strong>4.66% increase</strong> from 2020.</li>
<li>Nigeria GNP for 2020 was <strong>440.49 billion US dollars</strong>, a <strong>2.61% increase</strong> from 2019.</li>
</ul>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 U.S. dollars. GNI, calculated in national currency, is usually converted to U.S. dollars at official exchange rates for comparisons across economies, although an alternative rate is used when the official exchange rate is judged to diverge by an exceptionally large margin from the rate actually applied in international transactions. To smooth fluctuations in prices and exchange rates, a special Atlas method of conversion is used by the World Bank. This applies a conversion factor that averages the exchange rate for a given year and the two preceding years, adjusted for differences in rates of inflation between the country, and through 2000, the G-5 countries (France, Germany, Japan, the United Kingdom, and the United States). From 2001, these countries include the Euro area, Japan, the United Kingdom, and the United States.

China Import Price: Crude Oil: Africa: Nigeria data was reported at 721.220 USD/Ton in Feb 2025. This records an increase from the previous number of 672.266 USD/Ton for Jan 2025. China Import Price: Crude Oil: Africa: Nigeria data is updated monthly, averaging 623.766 USD/Ton from Mar 2008 (Median) to Feb 2025, with 130 observations. The data reached an all-time high of 79,000.000 USD/Ton in Dec 2017 and a record low of 197.676 USD/Ton in May 2020. China Import Price: Crude Oil: Africa: Nigeria data remains active status in CEIC and is reported by CEIC Data. The data is categorized under China Premium Database’s Price – Table CN.PH: Crude Oil Import and Export Price.

The Nigerien lead market rose significantly to $576M in 2024, increasing by 11% against the previous year. In general, the total consumption indicated buoyant growth from 2012 to 2024: its value increased at an average annual rate of +5.2% over the last twelve-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, consumption increased by +85.0% against 2016 indices.