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.

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 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 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 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 Private Debt: % of Nominal GDP

• Nigeria Private Debt accounted for 20.83 % of its Nominal GDP in Jun 2024, compared with a ratio of 20.82 % in the previous quarter
• Nigeria Private Debt contribution to Nominal GDP ratio is updated quarterly, available from Dec 2010 to Jun 2024, with an average share of 12.17 %
• The data reached an all-time high of 20.83 % in Jun 2024 and a record low of 10.03 % in Jun 2019

CEIC calculates quarterly Private Debt as % of Nominal GDP from quarterly Private Debt and quarterly Nominal GDP. The International Monetary Fund provides Private Debt in local currency. The National Bureau of Statistics provides Nominal GDP in local currency.

GDP (current US$) in Nigeria was reported at 187759703100 USD in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - GDP - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

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).

Pertumbuhan PDB Nominal Nigeria dilaporkan sebesar 18.914 % pada 2024-12. Rekor ini naik dibanding sebelumnya yaitu 17.265 % untuk 2024-09. Data Pertumbuhan PDB Nominal Nigeria diperbarui triwulanan, dengan rata-rata 13.035 % dari 2011-03 sampai 2024-12, dengan 56 observasi. Data ini mencapai angka tertinggi sebesar 18.914 % pada 2024-12 dan rekor terendah sebesar -2.796 % pada 2020-06. Data Pertumbuhan PDB Nominal Nigeria tetap berstatus aktif di CEIC dan dilaporkan oleh CEIC Data. Data dikategorikan dalam Global Economic Monitor World Trend Plus – Table: Nominal GDP: Y-o-Y Growth: Quarterly.

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

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.

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.

Key information about Nigeria Government Debt: % of GDP

• Nigeria Government debt accounted for 53.8 % of the country's Nominal GDP in Sep 2024, compared with the ratio of 52.8 % in the previous quarter.
• Nigeria government debt to GDP ratio data is updated quarterly, available from Dec 2010 to Sep 2024.
• The data reached an all-time high of 53.8 % in Sep 2024 and a record low of 9.6 % in Dec 2010.

CEIC calculates quarterly Government Debt as % of Nominal GDP from quarterly Government Debt and rolling sum of quarterly Nominal GDP. Government Debt is calculated as a sum of Domestic and External Government Debt. The Debt Management Office provides Government Debt in USD and local currency. The National Bureau of Statistics provides Nominal GDP in local currency. The Central Bank of Nigeria period end market exchange rate is used for currency conversions. Nominal GDP at basic prices is used.


Related information about Nigeria Government Debt: % of GDP

• In the latest reports, Nigeria National Government Debt reached 86.3 USD bn in Sep 2024.
• The country's Nominal GDP reached 111.3 USD bn in Mar 2023.

Nigeria GDP: Seasonally Adjusted data was reported at 74,237,984.557 NGN mn in Dec 2024. This records an increase from the previous number of 71,063,095.227 NGN mn for Sep 2024. Nigeria GDP: Seasonally Adjusted data is updated quarterly, averaging 28,630,696.094 NGN mn from Mar 2010 (Median) to Dec 2024, with 60 observations. The data reached an all-time high of 74,237,984.557 NGN mn in Dec 2024 and a record low of 13,197,217.222 NGN mn in Mar 2010. Nigeria GDP: Seasonally Adjusted 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.GEM: Gross Domestic Products: Nominal: Quarterly.

Key information about Nigeria Market Capitalization: % of GDP

• Nigeria Market Capitalization accounted for 23.3 % of its Nominal GDP in Dec 2024, compared with a percentage of 17.8 % in the previous year
• Nigeria Market Capitalization: % Nominal GDP is updated yearly, available from Dec 1985 to Dec 2024
• The data reached an all-time high of 29.7 % in Dec 2007 and a record low of 3.0 % in Dec 1985

CEIC calculates Market Capitalization as % of Nominal GDP from monthly Market Capitalization and annual Nominal GDP. Nigerian Exchange Group provides Market Capitalization in local currency. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices.


Further information about Nigeria Market Capitalization: % of GDP

• In the latest reports, Weighted Equities recorded a yearly P/E ratio of 108.0 in Dec 2021
• NSE All Share closed at 107,821.4 points in Feb 2025

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.

Key information about Nigeria Total Trade of Goods and Services: % of Nominal GDP

• Nigeria Total Trade of Goods & Services: % of Nominal GDP recorded 63.899 % in Jun 2024, compared with 66.273 % in the previous quarter.
• Nigeria Total Trade of Goods & Services: % of Nominal GDP data is updated quarterly, available from Mar 2010 to Jun 2024, with an averaged value of 32.101 %.
• The data reached an all-time high of 66.273 % in Mar 2024 and a record low of 17.199 % in Dec 2015.

CEIC calculates quarterly Total Trade of Goods and Services as % of Nominal GDP from quarterly Total Trade of Goods and Services and quarterly Nominal GDP. The National Bureau of Statistics provides Total Trade of Goods and Services in local currency and Nominal GDP in local currency.

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

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.

Key information about Nigeria Consolidated Fiscal Balance: % of GDP

• Nigeria Consolidated Fiscal Balance recorded a deficit equal to 5.7 % of its Nominal GDP in Sep 2024, compared with a deficit equal to 5.6 % in the previous quarter
• Nigeria Consolidated Fiscal Balance to GDP data is updated quarterly, available from Dec 2010 to Sep 2024, with an average ratio of -2.4 %
• The data reached an all-time high of -0.8 % in Mar 2015 and a record low of -5.7 % in Sep 2024

CEIC calculates quarterly Consolidated Fiscal Balance as % of Nominal GDP from quarterly Consolidated Fiscal Balance and quarterly Nominal GDP. The Central Bank of Nigeria provides Consolidated Fiscal Balance in local currency. The National Bureau of Statistics provides Nominal GDP in local currency, at basic prices.


Further information about Nigeria Consolidated Fiscal Balance: % of GDP

• In the latest reports, Nigeria National Government Debt reached 88.4 USD bn in Jun 2024
• Nigeria Nominal GDP reached 111.3 USD bn in Mar 2023