Inflation Rate in Nigeria decreased to 23.18 percent in February from 24.48 percent in January of 2025. This dataset provides - Nigeria Inflation Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

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 six percent in 2025 compared to a 2.5 percent growth in the previous year. On the other hand, the GDP contribution of agriculture is expected to grow by 2.5 percent in 2025.

The gross domestic product (GDP) in current prices in Nigeria was forecast to continuously increase between 2024 and 2029 by in total 69.2 billion U.S. dollars (+34.65 percent). According to this forecast, in 2029, the GDP will have increased for the fourth consecutive year to 268.95 billion U.S. dollars. This indicator describes the gross domestic product at current prices, consistent with the definition given by the International Monetary Fund. This means that 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.Find more key insights for the gross domestic product (GDP) in current prices in countries like Togo, Niger, and Senegal.

Nigeria Google Search Trends: Travel & Accommodations: American Airlines data was reported at 1.000 Score in 19 Feb 2025. This stayed constant from the previous number of 1.000 Score for 18 Feb 2025. Nigeria Google Search Trends: Travel & Accommodations: American Airlines data is updated daily, averaging 1.000 Score from Dec 2021 (Median) to 19 Feb 2025, with 1177 observations. The data reached an all-time high of 12.000 Score in 18 Jan 2022 and a record low of 0.000 Score in 07 Feb 2025. Nigeria Google Search Trends: Travel & Accommodations: American Airlines data remains active status in CEIC and is reported by Google Trends. The data is categorized under Global Database’s Nigeria – Table NG.Google.GT: Google Search Trends: by Categories.

Cost of food in Nigeria increased 23.51 percent in February 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.

The growth of the real gross domestic product (GDP) in Nigeria was forecast to increase between 2024 and 2029 by in total 0.5 percentage points. This overall increase does not happen continuously, notably not in 2026 and 2029. The growth is estimated to amount to 3.32 percent in 2029. Following the definition of the International Monetary Fund, this indicator refers to 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.Find more key insights for the growth of the real gross domestic product (GDP) in countries like Gambia, Cape Verde, and Mali.

Nigeria Google Search Trends: Economic Measures: Bankruptcy data was reported at 9.000 Score in 19 Mar 2025. This records a decrease from the previous number of 11.000 Score for 18 Mar 2025. Nigeria Google Search Trends: Economic Measures: Bankruptcy data is updated daily, averaging 0.000 Score from Dec 2021 (Median) to 19 Mar 2025, with 1205 observations. The data reached an all-time high of 38.000 Score in 07 Jul 2023 and a record low of 0.000 Score in 07 Mar 2025. Nigeria Google Search Trends: Economic Measures: Bankruptcy data remains active status in CEIC and is reported by Google Trends. The data is categorized under Global Database’s Nigeria – Table NG.Google.GT: Google Search Trends: by Categories.

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.

Google Search Trends: Online Classroom: Zoom data was reported at 1.000 Score in 24 Nov 2024. This stayed constant from the previous number of 1.000 Score for 23 Nov 2024. Google Search Trends: Online Classroom: Zoom data is updated daily, averaging 1.000 Score from Dec 2021 (Median) to 24 Nov 2024, with 1090 observations. The data reached an all-time high of 9.000 Score in 20 Sep 2023 and a record low of 0.000 Score in 12 Feb 2024. Google Search Trends: Online Classroom: Zoom data remains active status in CEIC and is reported by Google Trends. The data is categorized under Global Database’s Nigeria – Table NG.Google.GT: Google Search Trends: by Categories.

Nigeria Google Search Trends: Economic Measures: Mortgage Loan data was reported at 9.000 Score in 19 Mar 2025. This stayed constant from the previous number of 9.000 Score for 18 Mar 2025. Nigeria Google Search Trends: Economic Measures: Mortgage Loan data is updated daily, averaging 9.000 Score from Dec 2021 (Median) to 19 Mar 2025, with 1205 observations. The data reached an all-time high of 38.000 Score in 07 Jun 2022 and a record low of 0.000 Score in 23 Feb 2025. Nigeria Google Search Trends: Economic Measures: Mortgage Loan data remains active status in CEIC and is reported by Google Trends. The data is categorized under Global Database’s Nigeria – Table NG.Google.GT: Google Search Trends: by Categories.

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 benchmark interest rate in Nigeria was last recorded at 27.50 percent. This dataset provides - Nigeria Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

GDP from Manufacturing in Nigeria increased to 1651873.40 NGN Million in the third quarter of 2024 from 1547525.55 NGN Million in the second quarter of 2024. This dataset provides the latest reported value for - Nigeria Gdp From Manufacturing - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

The average inflation rate in the Nigeria was forecast to continuously decrease between 2023 and 2028 by in total 6.1 percentage points. The average inflation rate is estimated to amount to 14 percent in 2028.Following the definitions provided by the International Monetary Fund, this indicator measures inflation based upon the year on year change in the average consumer price index. The latter expresses a country's average level of prices based on a typical basket of consumer goods and services. Depicted here is the year-on-year change in said index measure, expressed in percent.Find more key insights for the average inflation rate in countries like Senegal, Mali and Cote D'Ivoire.

Urban versus rural inflation disparity Comparing rural to urban areas in Nigeria showed that inflation was slightly worse in urban areas, with a difference of close to one percent in 2022. Other economic indicators reveal that inflation had a severe impact on the prices of consumer goods. Moreover, the Consumer Index Price of food in Nigeria in 2022 was 590.2. The food products with the highest percentage change in price was beans with 40 percent and over, depending on the color. That was followed by beef articles with 34 to close to 37 percent, depending on the part.

Fuel price surges: a closer look at diesel price fluctuations in Nigeria Another area that saw a dramatic spike in prices was fuel prices. In February 2023, there was a 0.98 percent rise in the cost of diesel in Nigeria when compared to January 2023. The most substantial surge occurred in March 2022. During that month, the average price of diesel surged by nearly 73 percent in contrast to the preceding month. This sharp escalation was attributed to a worldwide deficit in fuel supply and difficulties in the supply chain, which was prompted by the conflict in Ukraine and regulations implemented to control the transmission of COVID-19. Furthermore, consumers in Nigeria faced an average diesel price of 836.91 Nigerian naira (NGN), approximately 1.82 U.S. dollars, per liter. The North-Central States of Nigeria displayed the most elevated prices, with consumers in this region paying an average of 850.65 NGN per liter, roughly 1.85 U.S. dollars. During this specific timeframe, Osun emerged as the State with the highest price across Nigeria, as diesel prices reached a pinnacle of 707 NGN (equivalent to 1.7 U.S. dollars).

Nigeria Google Search Trends: Computer & Electronics: Samsung Electronics data was reported at 87.000 Score in 19 Mar 2025. This records a decrease from the previous number of 89.000 Score for 18 Mar 2025. Nigeria Google Search Trends: Computer & Electronics: Samsung Electronics data is updated daily, averaging 65.000 Score from Dec 2021 (Median) to 19 Mar 2025, with 1205 observations. The data reached an all-time high of 100.000 Score in 24 Jan 2025 and a record low of 0.000 Score in 02 Jul 2023. Nigeria Google Search Trends: Computer & Electronics: Samsung Electronics data remains active status in CEIC and is reported by Google Trends. The data is categorized under Global Database’s Nigeria – Table NG.Google.GT: Google Search Trends: by Categories.

The Nigeria Foodservice Market is segmented by Foodservice Type (Cafes & Bars, Cloud Kitchen, Full Service Restaurants, Quick Service Restaurants), by Outlet (Chained Outlets, Independent Outlets) and by Location (Leisure, Lodging, Retail, Standalone, Travel). Market Value in USD is presented. Key data points observed include the number of outlets for each foodservice channel; and, average order value in USD by foodservice channel.

Youth Unemployment Rate in Nigeria decreased to 6.50 percent in the second quarter of 2024 from 8.40 percent in the first quarter of 2024. This dataset provides - Nigeria Youth Unemployment Rate- actual values, historical data, forecast, chart, statistics, economic calendar and news.

In 2022, Nigeria's population was estimated at around 219 million individuals. Demographic projections show that the Nigerian population might experience a constant increase in the next decades. By 2050, it is forecast that the population will grow to over 377 million people compared to 2022.

The number of smartphone users in Nigeria, Africa’s biggest economy and most populous country, is forecast to grow to more than 140 million by 2025. Currently, estimates from different sources put the number of smartphone users in Nigeria at roughly 25 and 40 million. The exact number of users is hard to pin down - however, the data found shows a strong growth outlook for the Nigerian smartphone market with user numbers to at least triple within the next five to six years.

Strong population and GDP growth forecast

The population and gross domestic product (GDP) in Nigeria are both forecast to grow steadily at an annual rate of two to three percent until 2022. Nigeria’s population is very young (average age of 18) and expected to grow to more than 200 million people by 2020. Concurrently, the GDP is set to reach more than 500 billion U.S. dollars by that time. The country’s telecoms industry also stands to profit from Nigeria’s overall growth due to its contribution to the country’s GDP being steady as of 2012 (7.5 to 10 percent of annual GDP).

Smartphone penetration set to rise

The dynamic growth of Nigeria’s economy and population is set to impact the development of the country’s mobile market as well. There are around 170 million mobile subscriptions in Nigeria. But currently, only around 10 to 20 percent of the population is using a smartphone. The majority of mobile users are still using feature phones which offer basic phone functions like voice calling and text messaging. Smartphone penetration is set to grow though to around 60 percent by 2025, presenting strong growth opportunities for feature phone and smartphone manufacturers alike. At present, Samsung is the leading smartphone vendor in Nigeria. Although, Chinese manufacturers like Tecno, Itel (Hong Kong), and Infinix (Hong Kong) are also holding strong positions in the market.

The gross domestic product (GDP) per capita in Nigeria was forecast to continuously increase between 2024 and 2029 by in total 170 U.S. dollars (+19.38 percent). According to this forecast, in 2029, the GDP per capita will have increased for the fourth consecutive year to 1,047.08 U.S. dollars. 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 prices and then divided by the total population. The gross domestic products 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).Find more key insights for the gross domestic product (GDP) per capita in countries like Liberia, Ghana, and Sierra Leone.