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.

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.

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 growth of the real gross domestic product (GDP) in Nigeria amounted to about 3.43 percent in 2024. From 1991 to 2024, the growth rose by approximately 3.98 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the growth will rise by around 0.04 percentage points, showing an overall upward trend with periodic ups and downs.This indicator describes the annual change in the gross domestic product at constant prices, expressed in national currency units. Here the gross domestic product represents the total value of the final goods and services produced during a year.

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.

Graph and download economic data for Real Gross Domestic Product for Nigeria (NGANGDPRPCPPPT) from 2000 to 2026 about Nigeria, REO, real, GDP, and rate.

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.

Key information about Nigeria Real GDP Growth

• The Gross Domestic Product (GDP) in Nigeria expanded 2.3 % YoY in Mar 2023, following a growth of 3.5 % in the previous quarter.
• Real GDP Growth YoY data in Nigeria is updated quarterly, available from Mar 2011 to Mar 2023, with an average rate of 2.6 %.
• The data reached an all-time high of 6.9 % in Mar 2011 and a record low of -6.1 % in Jun 2020.

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


Related information about Nigeria Real GDP Growth

• In the latest reports, Nominal GDP of Nigeria reached 111.3 USD bn in Mar 2023.
• Its GDP deflator (implicit price deflator) increased 10.5 % in Mar 2023.
• GDP Per Capita in Nigeria 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) per capita in Nigeria was estimated at about 824.02 U.S. dollars in 2024. From 1990 to 2024, the GDP per capita rose by approximately 171.10 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. Between 2024 and 2030, the GDP per capita will rise by around 307.03 U.S. dollars, showing an overall upward trend with periodic ups and downs.This indicator describes the gross domestic product per capita at current prices. Thereby, the gross domestic product was first converted from national currency to U.S. dollars at current exchange rates and then divided by the total population. The gross domestic product is a measure of a country's productivity. It refers to the total value of goods and service produced during a given time period (here a year).

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.

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.

Nigeria: Gross Domestic Product, billions of U.S. dollars: The latest value from 2024 is 187.76 billion U.S. dollars, a decline from 363.85 billion U.S. dollars in 2023. In comparison, the world average is 612.35 billion U.S. dollars, based on data from 176 countries. Historically, the average for Nigeria from 1960 to 2024 is 160.81 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.

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.

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.

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.

GDP from Services in Nigeria increased to 12974640.87 NGN Million in the fourth quarter of 2024 from 10777518.06 NGN Million in the third quarter of 2024. This dataset provides the latest reported value for - Nigeria Gdp From Services - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

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...

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.

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.