Economy of Nigeria
The economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 39th-largest economy in the world in terms of nominal GDP, the second largest in Africa and the 27th-largest in terms of purchasing power parity.
Lagos, the financial centre of Nigeria | |
| Currency | Nigerian naira (NGN, ₦) |
|---|---|
| 1 April – 31 March | |
Trade organisations | AU, AfCFTA, ECOWAS, WTO |
Country group |
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| Statistics | |
| Population | 230,104,632 (2024) |
| GDP |
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| GDP rank |
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GDP growth |
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GDP per capita |
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GDP per capita rank |
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GDP by sector |
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| 33.20% (2024 est.) | |
Population below poverty line | 38.9% (2023 est.) |
| 35.1 medium (2020) | |
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Labour force |
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Labour force by occupation |
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| Unemployment | 32.1% (Q1 2021) |
Main industries | cement, oil refining, construction and construction materials, food processing and food products, beverages and tobacco, textiles, apparel and footwear, pharmaceutical products, wood products, pulp paper products, chemicals, ceramic products, plastic and rubber products, electrical and electronic products, base metals: iron and steel, information technology, automobile manufacturing, and other manufacturing (2015) |
| External | |
| Exports | $42.4 billion (2022) |
Export goods | petroleum and petroleum products, chemicals, vehicles, aircraft parts, vessels, vegetable products, processed food, beverages, spirits and vinegar, cashew nuts, processed leather, cocoa, tobacco, aluminum alloys (2015) |
Main export partners | |
| Imports | $52 billion (2022) |
Import goods | industry supplies, machinery, appliances, vehicles, aircraft parts, chemicals, base metals (2015) |
Main import partners | |
FDI stock |
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| $10.38 billion (2017 est.) | |
Gross external debt | $85.9 billion (31 December 2020 est.) |
| Public finances | |
Government debt | 36.6% of GDP (2021 est.) |
| $5.2 billion; 1% of GDP (2014) | |
| Revenues | ₦11.045 trillion 14.16% of GDP (2023) |
| Expenses | ₦21.827 trillion 27.99% of GDP (2023) |
Credit rating |
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| $38.77 billion (31 December 2017 est.) | |
Nigeria has the 2nd largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. Nigeria's debt-to-GDP ratio was 36.63% in 2021 according to the IMF.
Although oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy. The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency. In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.
According to a Citigroup report published in February 2011, Nigeria would have the highest average GDP growth in the world between 2010 and 2050. Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.