The gross domestic product (GDP) in current prices in Nigeria amounted to 252.11 billion U.S. dollars in 2024. Between 1990 and 2024, the GDP rose by 164.57 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP will steadily rise by 191.49 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 growth of the real gross domestic product (GDP) in Nigeria amounted to 4.06 percent in 2024. Between 1991 and 2024, the growth rose by 4.61 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The growth is forecast to decline by 0.07 percentage points from 2024 to 2030, fluctuating as it trends downward.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.

The gross domestic product (GDP) per capita in Nigeria amounted to 1,083.51 U.S. dollars in 2024. Between 1990 and 2024, the GDP per capita rose by 148.33 U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The GDP per capita will steadily rise by 599 U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.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).

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.

In 2024, the ratio of national debt to gross domestic product (GDP) of Nigeria was 39.33 percent. Between 1990 and 2024, the figure dropped by 11.57 percentage points, though the decline followed an uneven course rather than a steady trajectory. The ratio is forecast to decline by 5.57 percentage points from 2024 to 2030, fluctuating as it trends downward.The general government gross debt consists of all liabilities that require payment or payments of interest and/or principal by the debtor to the creditor at a date or dates in the future. Here it is depicted in relation to the country's GDP, which refers to the total value of goods and services produced during a year.

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.

In the first quarter of 2024, Nigeria's GDP increased by nearly three percent at basic prices. Nigeria's economy was impacted by the coronavirus pandemic in 2020, especially during the second and third quarters of that year. However, the last months of 2020 and the beginning of 2021 showed an increase.

Industry is the main economic sector in Nigeria. According to a forecast, the contribution of the industry sector to GDP in the country will grow by *** percent in 2025 compared to a *** percent growth in the previous year. On the other hand, the GDP contribution of agriculture is expected to grow by *** percent in 2025.

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.

In the third quarter of 2024, the largest contribution to Nigeria's GDP from the mining and quarrying sector was given by crude oil and natural gas, which covered around *** percent of the GDP. Nigeria is one of the key oil-producing countries and largest exporters in the world. Indeed, Nigeria has one of the main oil reserves worldwide.

The national debt of Nigeria was about 125.16 billion U.S. dollars in 2024. Between 1990 and 2024, the national debt rose by approximately 124.86 billion U.S. dollars, though the increase followed an uneven trajectory rather than a consistent upward trend. The national debt will steadily rise by around 127.62 billion U.S. dollars over the period from 2024 to 2030, reflecting a clear upward trend.

In the second quarter of 2023, the largest contribution for the Nigerian gross domestic production (GDP) from the manufacturing sector was from the food, beverage, and tobacco sector, which accounted for nearly *** percent of the GDP that year. Textile and cement sectors were other main contributors to the manufacturing sector, with shares of *** percent and *** percent, respectively.

The total population of Nigeria was estimated at approximately 227.71 million people in 2024. Following a continuous upward trend, the total population has risen by around 154.29 million people since 1980. Between 2024 and 2030, the total population will rise by around 35.27 million people, continuing its consistent upward trajectory.This indicator describes the total population in the country at hand. This total population of the country consists of all persons falling within the scope of the census.

Before the coronavirus (COVID-19) pandemic, Nigeria's oil sector generally accounted for about nine percent of the country's gross domestic product (GDP). Between October and December 2020, the oil industry contributed to 5.9 percent to the total real GDP, a decrease of roughly three percentage points compared to the previous quarter. In the third quarter of 2024, the contribution of the oil sector to the country's GDP reached 5.57 percent. Impact of the pandemic on the oil sector In 2023, over 91 percent of the value of exports in Nigeria was generated by the mineral fuels, oils, and distillation products' sector, accounting for approximately 60 billion U.S. dollars. In 2019, due to the lower demand related to the COVID-19 pandemic, oil production and export dropped. Data for 2021 shows, indeed, a recovery in the export value derived from oil. Fluctuating oil production Nigeria is one of the largest oil producers in the world. At the beginning of 2020, Nigeria’s daily oil production exceeded two million barrels. Afterwards, the production fluctuated but mainly decreased, reaching 1.54 million barrels per day in January 2025. The lowest production volume since September 2019 was achieved in July 2023.

In 2024, the budget balance in relation to the gross domestic product (GDP) in Nigeria was -1.57 percent. Between 1990 and 2024, the figure dropped by 1.09 percentage points, though the decline followed an uneven course rather than a steady trajectory. The budget balance is forecast to decline by 1.68 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.

Motion picture and music recording accounted for roughly *** billion Nigerian naira (NGN) (roughly ***** million U.S. dollars) of Nigeria's GDP in 2023. Despite the significant contribution of the movie and music industry to the country's GDP, that of telecommunications and information services stood at **** trillion NGN (around **** billion U.S. dollars), representing the most valuable sector in the information and communication industry.

In the second quarter of 2022, the sector of arts, entertainment, and recreation accounted for **** percent of Nigeria's GDP. The industry's participation declined compared to the second quarter of 2021, when it reached *** percent.

In the second quarter of 2023, the agricultural sector generated about ** percent of Nigeria's gross domestic product. The largest contribution was from crop production, which covered nearly ** percent of the GDP. Agriculture accounted for a significant portion of Nigeria's GDP as a key activity for the country's economy after oil. Nevertheless, agricultural activities provide a livelihood for many Nigerians, whereas the wealth generated by oil reaches a restricted share of people.

The share of the global gross domestic product (GDP) adjusted for purchasing power parity (PPP) in Nigeria amounted to 1.07 percent in 2024. Between 1990 and 2024, the share rose by 0.22 percentage points, though the increase followed an uneven trajectory rather than a consistent upward trend. The share will steadily rise by 0.06 percentage points over the period from 2024 to 2030, reflecting a clear upward trend.This indicator describes the share of a country's gross domestic product in the global gross domestic product. To this end the GDP (indicating the total value of final goods and services produced during a year) has been adjusted for purchasing power parity and set in relation to the purchasing power adjusted global GDP value.

As of the fourth quarter of 2024, the telecommunications industry contributed a huge share of the national GDP in Nigeria, reaching **** percent. This represented a huge increase from 2015, when this figure sat at *** percent.