In June 2023, the average petrol price in Nigeria reached ***** Nigerian naira per liter, a drastic increase of ****** percent from the preceding year. This was a result of the removal of subsidies on petrol. In the period under review, the average petrol price reached its lowest value in the first half of 2020, at *** Nigerian naira per liter. Overall, the price has followed an increasing trend since 2020.

As of June 2023, Nigeria was among the countries with cheaper petrol prices between selected countries on the continent in U.S. dollars.

Nigeria Average Fuel Price: Diesel data was reported at 225.086 l in Jan 2019. This records an increase from the previous number of 221.564 l for Dec 2018. Nigeria Average Fuel Price: Diesel data is updated monthly, averaging 200.610 l from Jun 2015 (Median) to Jan 2019, with 44 observations. The data reached an all-time high of 249.378 l in Feb 2017 and a record low of 145.569 l in Jul 2015. Nigeria Average Fuel Price: Diesel data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P003: Average Fuel Price.

In October 2024, the price of diesel in Nigeria rose by around *** percent, compared to the previous month. In the period under review, the largest increase was recorded in March 2022, when the average price increased by almost ** percent in comparison to the previous month. This steep rise was related to a global fuel shortage and supply chain challenges triggered by the war in Ukraine and regulations.

Gasoline Prices in Nigeria decreased to 0.58 USD/Liter in July from 0.60 USD/Liter in June of 2025. This dataset provides the latest reported value for - Nigeria Gasoline Prices - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

As of February 2025, the average price of gasoline in Nigeria was around ***** Nigerian naira (NGN) per liter, around **** U.S. dollars. Compared to the previous month, the price decreased. In February 2024, the average price of petrol in the country stood at approximately *** NGN.

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.

Nigeria Average Fuel Price: Household Kerosene data was reported at 306.279 l in Jan 2019. This records an increase from the previous number of 290.736 l for Dec 2018. Nigeria Average Fuel Price: Household Kerosene data is updated monthly, averaging 280.288 l from Jul 2015 (Median) to Jan 2019, with 43 observations. The data reached an all-time high of 433.843 l in Jan 2017 and a record low of 197.627 l in Jul 2015. Nigeria Average Fuel Price: Household Kerosene data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.P003: Average Fuel Price.

Nigeria: Food price index, world average = 100: The latest value from 2021 is 101.71 index points, an increase from 84.436 index points in 2017. In comparison, the world average is 105.854 index points, based on data from 165 countries. Historically, the average for Nigeria from 2017 to 2021 is 93.073 index points. The minimum value, 84.436 index points, was reached in 2017 while the maximum of 101.71 index points was recorded in 2021.

Afribank Economic and Financial review.

Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data was reported at 10,355,946.136 NGN mn in 2017. This records an increase from the previous number of 5,367,322.682 NGN mn for 2016. Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data is updated yearly, averaging 670,737.334 NGN mn from Dec 1981 (Median) to 2017, with 37 observations. The data reached an all-time high of 11,315,033.279 NGN mn in 2012 and a record low of 4,280.034 NGN mn in 1983. Nigeria GDP: Basic Prices: Industry: MQ: Crude Petroleum & Natural Gas data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.A007: GDP: by Industry: Current Price: Annual.

Nigeria GDP: Market Prices: Compensation of Employees data was reported at 29,944,058.561 NGN mn in 2017. This records an increase from the previous number of 25,813,374.354 NGN mn for 2016. Nigeria GDP: Market Prices: Compensation of Employees data is updated yearly, averaging 1,738,996.040 NGN mn from Dec 1981 (Median) to 2017, with 37 observations. The data reached an all-time high of 29,944,058.561 NGN mn in 2017 and a record low of 120,851.386 NGN mn in 1981. Nigeria GDP: Market Prices: Compensation of Employees data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.A014: GDP: by Income: Current Price: Annual.

Nigeria: Bread and cereal prices, world average = 100: The latest value from 2021 is 145.89 index points, an increase from 123.31 index points in 2017. In comparison, the world average is 111.22 index points, based on data from 165 countries. Historically, the average for Nigeria from 2017 to 2021 is 134.6 index points. The minimum value, 123.31 index points, was reached in 2017 while the maximum of 145.89 index points was recorded in 2021.

The 2025 annual OPEC basket price stood at ***** U.S. dollars per barrel as of June. This would be lower than the 2024 average, which amounted to ***** U.S. dollars. The abbreviation OPEC stands for Organization of the Petroleum Exporting Countries and includes Algeria, Angola, Congo, Equatorial Guinea, Gabon, Iraq, Iran, Kuwait, Libya, Nigeria, Saudi Arabia, Venezuela, and the United Arab Emirates. The aim of the OPEC is to coordinate the oil policies of its member states. It was founded in 1960 in Baghdad, Iraq. The OPEC Reference Basket The OPEC crude oil price is defined by the price of the so-called OPEC (Reference) basket. This basket is an average of prices of the various petroleum blends that are produced by the OPEC members. Some of these oil blends are, for example: Saharan Blend from Algeria, Basra Light from Iraq, Arab Light from Saudi Arabia, BCF 17 from Venezuela, et cetera. By increasing and decreasing its oil production, OPEC tries to keep the price between a given maxima and minima. Benchmark crude oil The OPEC basket is one of the most important benchmarks for crude oil prices worldwide. Other significant benchmarks are UK Brent, West Texas Intermediate (WTI), and Dubai Crude (Fateh). Because there are many types and grades of oil, such benchmarks are indispensable for referencing them on the global oil market. The 2025 fall in prices was the result of weakened demand outlooks exacerbated by extensive U.S. trade tariffs.

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.

According to this statistic, the gross domestic product (GDP) in current prices in Nigeria lies at approximately 188.27 billion U.S. dollars in 2025.Fluctuating rise between 1990 and 2025Compared to the earliest depicted observation from 1990 there is a total increase by approximately 126.10 billion U.S. dollars. Looking at the trajectory between 1990 and 2025, one can observe that this increase however did not happen continuously.Continuous rise between 2025 and 2030In 2030 the GDP will be close to 297.44 billion U.S. dollars, according to forecasts. Compared to 2025 that is an overall increase by approximately 109.17 billion U.S. dollars. This growth reflects a steady 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.

Nigeria: Fruit price index, world average = 100: The latest value from 2021 is 60.5 index points, an increase from 54.37 index points in 2017. In comparison, the world average is 109.47 index points, based on data from 165 countries. Historically, the average for Nigeria from 2017 to 2021 is 57.44 index points. The minimum value, 54.37 index points, was reached in 2017 while the maximum of 60.5 index points was recorded in 2021.

Nigeria GDP: Basic Prices: Agriculture: Fishing data was reported at 624,791.738 NGN mn in 2017. This records an increase from the previous number of 528,392.661 NGN mn for 2016. Nigeria GDP: Basic Prices: Agriculture: Fishing data is updated yearly, averaging 38,589.018 NGN mn from Dec 1981 (Median) to 2017, with 37 observations. The data reached an all-time high of 624,791.738 NGN mn in 2017 and a record low of 540.481 NGN mn in 1985. Nigeria GDP: Basic Prices: Agriculture: Fishing data remains active status in CEIC and is reported by National Bureau of Statistics of the Federal Republic of Nigeria. The data is categorized under Global Database’s Nigeria – Table NG.A007: GDP: by Industry: Current Price: Annual.

As of July 22, 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 compared to the beginning of the 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.

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 Nigerien sugars market contracted to $1.3M in 2024, approximately reflecting the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption, however, enjoyed a strong increase. Over the period under review, the market attained the maximum level at $4M in 2020; however, from 2021 to 2024, consumption remained at a lower figure.