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.

In 2024, goods valued at a total of 40.91 billion U.S. dollars were imported into Nigeria. Imports generally grew from 2000 until their peak in 2014, although there was a sharp drop in 2009 due to the Great Recession. Over the past decade, Nigerian import values have fluctuated as the government has attempted to capitalize on its rapid economic growth and clear international debts, as well as dealing with the economic impact of fluctuating oil prices and the covid pandemic. Over the given period, Nigeria has been a net exporter of goods, although it was a net importer in select years, including 2021, where exports totaled at just 47 billion U.S. dollars.

Merchandise imports by the reporting economy (current US$) in Nigeria was reported at 64304882433 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Merchandise imports by the reporting economy - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

The Gross Domestic Product (GDP) in Nigeria expanded 3.13 percent in the first quarter of 2025 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.

Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Debit data was reported at 0.000 USD mn in Jun 2024. This records a decrease from the previous number of 13.228 USD mn for Mar 2024. Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Debit data is updated quarterly, averaging 0.290 USD mn from Mar 2014 (Median) to Jun 2024, with 42 observations. The data reached an all-time high of 399.067 USD mn in Dec 2023 and a record low of 0.000 USD mn in Jun 2024. Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Debit data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.JB001: BPM6: Balance of Payments.

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.

Merchandise exports by the reporting economy (current US$) in Nigeria was reported at 62935553625 USD in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Merchandise exports by the reporting economy - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

In 2024, the budget balance in relation to the gross domestic product (GDP) in Nigeria amounted to approximately -3.37 percent. Between 1990 and 2024, the figure dropped by around 2.70 percentage points, though the decline followed an uneven course rather than a steady trajectory. The budget balance is forecast to decline by about 1.30 percentage points from 2024 to 2030, fluctuating as it trends downward.The indicator describes the general government net lending / borrowing, which is calculated as revenue minus total expenditure. The International Monetary Fund defines the general government expenditure as consisting of total expenses and the net acquisition of nonfinancial assets. The general government revenue consists of the revenue from taxes, social contributions, grants receivable, and other revenue.

Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Credit data was reported at 0.000 USD mn in Jun 2024. This stayed constant from the previous number of 0.000 USD mn for Mar 2024. Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Credit data is updated quarterly, averaging 0.000 USD mn from Mar 2014 (Median) to Jun 2024, with 42 observations. The data reached an all-time high of 0.000 USD mn in Jun 2024 and a record low of 0.000 USD mn in Jun 2024. Nigeria BOP: Current Account: GS: Services: Construction: in Reporting Economy: Credit data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.JB001: BPM6: Balance of Payments.

Merchandise exports by the reporting economy, residual (% of total merchandise exports) in Nigeria was reported at 0.00025 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Merchandise exports by the reporting economy, residual (% of total merchandise exports) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

The Nigeria Digital Transformation Market is experiencing robust growth, projected to reach a significant market size by 2033. Driven by increasing government initiatives promoting digitalization, rising smartphone penetration, and a burgeoning young population eager to adopt new technologies, the market demonstrates considerable potential. Key growth drivers include the expanding adoption of Artificial Intelligence (AI) and Machine Learning (ML) across sectors like healthcare and finance, the increasing utilization of IoT devices for enhanced efficiency, and the rising demand for robust cybersecurity solutions. The market is segmented across various technologies, including AI/ML, Extended Reality (XR), IoT, Industrial Robotics, Blockchain, 3D Printing, Cybersecurity, and Cloud Edge Computing, each contributing to the overall market expansion. End-user industries such as manufacturing, oil and gas, retail, and telecommunications are actively investing in digital transformation projects, further fueling market growth. Challenges include infrastructure limitations, digital literacy gaps, and cybersecurity threats which need to be addressed for sustained expansion. However, the overall trajectory points towards a highly promising market, attracting significant investment from global technology giants like Google, IBM, and Microsoft, alongside local players. The sustained growth in digital adoption is reshaping various sectors in Nigeria, improving efficiency, productivity, and overall economic development. While specific regional data for Nigeria is missing, projecting based on the provided CAGR of 18.17% and a 2025 market size of $9.91 million (assuming this is USD), we can reasonably estimate future growth. This high CAGR reflects the rapidly evolving digital landscape of Nigeria. The projected growth will be largely influenced by the successful implementation of government digitalization strategies, investment in technological infrastructure, and the increasing affordability and accessibility of digital technologies for businesses and consumers across the country. Key segments like AI/ML and Cybersecurity are anticipated to exhibit particularly strong growth, driven by increasing security concerns and the need for data-driven decision-making in various sectors. The considerable untapped market potential, combined with government support and the drive towards a digitally empowered economy, ensures a positive outlook for the Nigerian digital transformation market. Recent developments include: July 2024: NeuRaL AI, a Nigerian firm specializing in artificial intelligence, unveiled REACTOR, its latest AI platform. REACTOR is tailored to help enterprises and institutions effortlessly incorporate Generative AI into their workflows. Through this initiative, NeuRaL AI seeks to aid developers and software firms by providing a platform where they may host their personalized AI models trained on their specific datasets., April 2024: The Nigerian Ministry of Communication, Innovation, and Digital Economy unveiled plans to relaunch the National Centre for Artificial Intelligence and Robotics (NCAIR). The initiative includes introducing four key solutions: Nigeria's inaugural multilingual large language model, the pilot program for the Nigeria Computing Infrastructure, establishing the Nigeria Artificial Intelligence Collective, and appointing the country's first AI Rapporteur.. Key drivers for this market are: Increasing Mobile and Internet Penetration, Government Investments in Digital Infrastructure. Potential restraints include: Increasing Mobile and Internet Penetration, Government Investments in Digital Infrastructure. Notable trends are: Growing Adoption of IoT in the Country.

Nigeria BOP: Current Account: GS: Services: on Physical Inputs: Goods for Processing in Reporting Economy: Debit data was reported at 0.000 USD mn in Jun 2024. This stayed constant from the previous number of 0.000 USD mn for Mar 2024. Nigeria BOP: Current Account: GS: Services: on Physical Inputs: Goods for Processing in Reporting Economy: Debit data is updated quarterly, averaging 0.000 USD mn from Mar 2014 (Median) to Jun 2024, with 42 observations. The data reached an all-time high of 0.000 USD mn in Jun 2024 and a record low of 0.000 USD mn in Jun 2024. Nigeria BOP: Current Account: GS: Services: on Physical Inputs: Goods for Processing in Reporting Economy: Debit data remains active status in CEIC and is reported by Central Bank of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.JB001: BPM6: Balance of Payments.

In 2024, Niger's real GDP is estimated to grow by 10.4 percent compared to the previous year. During 2023, the GDP is estimated to have increased by only 1.4 percent, nevertheless a positive trend. The country's real GDP is forecast to continue growing but at a slower pace. Between 2025 and 2029, it is expected to grow annually by roughly six percent. Furthermore, the GDPs of Senegal, Libya, and Rwanda might increase by around 8.3 percent, 7.8 percent, and 6.9 percent during 2024, respectively. Niger: A dependence on agriculture A large portion of Niger's economy comes from agriculture. In 2022, agriculture accounted for almost 40 percent of the GDP. Niger is not the only country in Africa where agriculture plays a crucial role. For example, agriculture made up nearly 60 percent of Sierra Leone’s GDP in 2022. Such dependence could mean that any disruptions in the agricultural products market could have significant effects on the country's GDP. Sub-Saharan Africa's economy will be among the fastest-growing regions worldwide Three African countries have significantly larger economies, namely, Nigeria, South Africa, and Egypt. As of 2022, these countries' GDP stood at nearly 477.4 billion, 475.2 billion, and 405.7 billion U.S. dollars. Furthermore, it is anticipated that Sub-Saharan Africa's GDP growth in 2026 will rank as the second-fastest growing economic region in the world after the ASEAN-5 countries, with a growth rate of approximately four percent. In contrast, economic areas such as the European Union are forecast to grow at only about 1.5 percent in the same year.

The Nigeria digital transformation market is experiencing robust growth, projected to reach a substantial size, driven by increasing government initiatives promoting digitalization, a burgeoning tech-savvy population, and the expanding adoption of digital technologies across various sectors. The market's Compound Annual Growth Rate (CAGR) of 18.17% from 2019 to 2024 indicates a significant upward trajectory, fueled by the rising penetration of smartphones and internet access, coupled with increasing investments in digital infrastructure. Key growth drivers include the expanding adoption of Artificial Intelligence (AI) and Machine Learning (ML) in various sectors, the emergence of Extended Reality (XR) technologies, the increasing integration of the Internet of Things (IoT) in industries, and the growing demand for cybersecurity solutions. The manufacturing, oil and gas, retail, and healthcare sectors are leading adopters of digital transformation initiatives, showcasing the diverse applicability of these technologies. However, challenges remain, including infrastructural limitations, cybersecurity threats, and a skills gap in the workforce. Addressing these will be crucial for sustained market growth. Despite the challenges, the forecast period (2025-2033) anticipates continued expansion, with the market size projected to significantly increase. This growth will be propelled by ongoing investments in 5G infrastructure, increased government support for digital literacy programs, and the expanding adoption of cloud-based solutions. Specific segments like AI/ML, IoT, and cybersecurity are expected to demonstrate particularly robust growth, driven by their significant contribution to operational efficiency and competitive advantage across industries. The strong presence of global tech giants like Google, IBM, and Microsoft in the Nigerian market, combined with the emergence of local players, indicates a dynamic and competitive landscape poised for further growth and innovation in the coming years. The diversification of digital transformation initiatives across various end-user industries ensures a resilient and broad-based market trajectory. Recent developments include: July 2024: NeuRaL AI, a Nigerian firm specializing in artificial intelligence, unveiled REACTOR, its latest AI platform. REACTOR is tailored to help enterprises and institutions effortlessly incorporate Generative AI into their workflows. Through this initiative, NeuRaL AI seeks to aid developers and software firms by providing a platform where they may host their personalized AI models trained on their specific datasets., April 2024: The Nigerian Ministry of Communication, Innovation, and Digital Economy unveiled plans to relaunch the National Centre for Artificial Intelligence and Robotics (NCAIR). The initiative includes introducing four key solutions: Nigeria's inaugural multilingual large language model, the pilot program for the Nigeria Computing Infrastructure, establishing the Nigeria Artificial Intelligence Collective, and appointing the country's first AI Rapporteur.. Key drivers for this market are: Increasing Mobile and Internet Penetration, Government Investments in Digital Infrastructure. Potential restraints include: Increasing Mobile and Internet Penetration, Government Investments in Digital Infrastructure. Notable trends are: Growing Adoption of IoT in the Country.

The Nigerian e-commerce market, valued at $8.53 billion in 2025, is experiencing robust growth, projected to expand at a Compound Annual Growth Rate (CAGR) of 11.82% from 2025 to 2033. This surge is driven by increasing internet and smartphone penetration, a burgeoning young population eager to embrace digital shopping, and a growing preference for convenience and wider product selection. Key growth segments include fashion and apparel, consumer electronics, and beauty and personal care, reflecting rising disposable incomes and changing consumer lifestyles. While challenges remain, such as unreliable logistics and payment infrastructure, the market's resilience is evident in the emergence of numerous local players like Jumia, PayPorte, and others catering to diverse consumer needs, alongside international brands seeking a foothold in this lucrative African market. The B2C segment dominates, representing the lion's share of the market, with B2B e-commerce also exhibiting promising growth potential as businesses increasingly leverage digital platforms for procurement and sales. The government's efforts to improve digital infrastructure and support e-commerce initiatives are further bolstering market expansion. Further growth is expected from the increasing adoption of mobile commerce, the expansion of payment gateway options and improved logistics infrastructure. The diversification of product offerings, especially in the B2B sector, will also contribute to the growth. However, addressing the challenges relating to digital literacy, cybersecurity concerns, and the need for reliable customer service to build trust remains crucial for sustained growth. Competition is intense, but the market's size and growth trajectory signal significant opportunities for both established players and new entrants to participate in this dynamic and rapidly evolving sector. The forecast period of 2025-2033 presents a compelling window of opportunity for continued expansion and innovation within the Nigerian e-commerce landscape. Comprehensive Coverage Nigeria E-commerce Industry Report (2019-2033) This in-depth report provides a comprehensive analysis of the rapidly evolving Nigerian e-commerce industry, covering the period 2019-2033, with a focus on 2025. It delves into market size (GMV), key trends, growth drivers, challenges, and the competitive landscape, offering invaluable insights for businesses, investors, and policymakers. We leverage data from the historical period (2019-2024) to build a robust forecast (2025-2033), with 2025 serving as the base and estimated year. The report utilizes high-search-volume keywords like "Nigeria e-commerce market," "Nigerian online retail," "B2C e-commerce Nigeria," and "Nigerian e-commerce growth" to maximize online visibility. Recent developments include: March 2023 - ImaliPay, a global FinTech-as-a-Service provider, has partnered with Renda, a third-party e-commerce fulfillment solution. Through this agreement, they seek to help companies across Africa by simplifying and optimizing the order fulfillment process for enterprise and medium-sized firms. It will begin with Nigeria.. Key drivers for this market are: Adoption of Online mode of Payments, Growing Penetration of Internet. Potential restraints include: Costs Involved With Installation by Utility Providers and Security and Integration Challenges. Notable trends are: Growing Penetration of Internet is Expected to Drive the Market Growth.

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.

Nigeria's agricultural sector experienced a growth of 1.76 percent in the fourth quarter of 2024, compared to the previous quarter. However, in relation to the fourth quarter of the previous years under study, this represented a decline. Nonetheless, the overall growth rate reflects the ongoing importance of agriculture to Nigeria's economy, despite challenges facing the sector. Agriculture remains one of the crucial sources of employment and livelihood for many Nigerians. Employment trends in agriculture While agriculture continues to play a considerable role in Nigeria's economy, its share of total employment has been generally fluctuating recently. In 2023, the agricultural sector accounted for approximately 34 percent of the total employment. While this maintained the above 30 percent share observed since 2000, it represented a further decline. By extension, this trend suggests a slow but steady shift in the labor market, especially over the last three decades, with more workers moving into the services sector which now accounts for around 47.8 percent of total employment. The workforce transition from agriculture to services can be attributed mainly to rural-urban migration, technological advancement, and a rising informal sector. Land use and crop production Nigeria's agricultural landscape is characterized by extensive land use, with approximately 36.9 million hectares of arable land and 7.7 million hectares under permanent crops as of 2022. Crop production, a key component of the agricultural sector, saw growth of 1.2 percent in the third quarter of 2024. Roots and tubers are the main agricultural products grown in the country, besides cereals and oil crops. Overall, the sector is important to Nigeria’s economic diversification.

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.

In the second quarter of 2023, the agricultural sector generated about ** percent of Nigeria's GDP. Other key activities for the country's economy were manufacturing, trade, mining and quarrying, and telecommunication. Moreover, around ***** percent of Nigeria's GDP was covered by the mining and quarrying sector. In particular, the largest contribution was from crude oil and natural gas. Nigeria is one of the key oil-producing countries and largest exporters in the world. Indeed, the country has one of the main oil reserves in the world.

As of April 2025, South Africa's GDP was estimated at over 410 billion U.S. dollars, the highest in Africa. Egypt followed, with a GDP worth around 347 billion U.S. dollars, and ranked as the second-highest on the continent. Algeria ranked third, with nearly 269 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.