Economy of Nigeria. Statistics, Data and Indicators
Nigeria
| 28B | Credit rank #97 |
| N/A | Quality of life # |
| 154 | Corruption rank#131 |
| 131 | Ease of doing business#130 |
Nigeria Major Economic Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 441 USD Billion | 2021 |
| GDP Annual Growth Rate | 3.11 % | 1Q/22 |
| GDP Growth Rate | -14.66 % | 1Q/22 |
| GDP per capita | 2396 USD | 2020 |
| Inflation Rate YoY | 17.71 % | May/22 |
| Interest Rate | 13 % | May/22 |
| Unemployment Rate | 33.3 % | 4Q/20 |
| Balance of Trade | 971382 NGN Million | 2.339 B USD | Mar/22 |
| Current Account | 3680 USD Million | 3.68 B USD | 3Q/21 |
| Foreign Exchange Reserves | 39090 USD Million | 39.09 B USD | Jun/22 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 441 USD Billion | 2021 |
| GDP Annual Growth Rate | 3.11 % | 1Q/22 |
| GDP Growth Rate | -14.66 % | 1Q/22 |
| GDP per capita | 2396 USD | 2020 |
| GDP Constant Prices | 17349380 NGN Million | 41.77 B USD | 1Q/22 |
| GDP per capita PPP | 4917 USD | 2020 |
| GDP From Agriculture | 3879732 NGN Million | 9.341 B USD | 1Q/22 |
| GDP From Construction | 725999 NGN Million | 1.748 B USD | 1Q/22 |
| GDP From Manufacturing | 1768820 NGN Million | 4.259 B USD | 1Q/22 |
| GDP From Mining | 1150852 NGN Million | 2.771 B USD | 1Q/22 |
| GDP From Public Administration | 283591 NGN Million | 0.683 B USD | 1Q/22 |
| GDP From Services | 8147459 NGN Million | 19.616 B USD | 4Q/21 |
| GDP From Transport | 191448 NGN Million | 0.461 B USD | 1Q/22 |
| GDP From Utilities | 71775 NGN Million | 0.173 B USD | 1Q/22 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 37 % | 2021 |
| Government Budget Value | -2039 NGN Million | -0.005 USD Billion | 3Q/21 |
| Government Spending | 1173404 NGN Million | 2.825 USD Billion | 4Q/21 |
| Government Revenues | 1114 NGN Billion | 2.682 USD Billion | 3Q/21 |
| Fiscal Expenditure | 3154 NGN Billion | 7.594 B USD | 3Q/21 |
| Government Budget to GDP | -4.7 % | 2021 |
| Military Expenditure | 2403 USD Million | 2.403 B USD | 2020 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 447 index points | May/22 |
| Food Inflation | 19.5 % | May/22 |
| Gasoline Prices | 0.4 USD/Liter | Jun/22 |
| GDP Deflator | 242 index points | 4Q/21 |
| Inflation Rate YoY | 17.71 % | May/22 |
| Inflation Rate Mom | 1.78 % | May/22 |
| Core Consumer Prices | 380 Index Points | May/22 |
| Core Inflation Rate | 14.9 % | May/22 |
| CPI Housing Utilities | 381 Index Points | May/22 |
| CPI Transportation | 390 Index Points | May/22 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | -2.8 % | 2021 |
| Balance of Trade | 971382 NGN Million | 2.339 USD Billion | Mar/22 |
| Capital Flows | 2574 USD Million | 2.574 USD Billion | 3Q/21 |
| Current Account | 3680 USD Million | 3.68 USD Billion | 3Q/21 |
| Exports | 2805450 NGN Million | 6.754 USD Billion | Mar/22 |
| External Debt | 39969 USD Million | 39.969 USD Billion | 1Q/22 |
| Foreign Exchange Reserves | 39090 USD Million | 39.09 USD Billion | Jun/22 |
| Imports | 1834067 NGN Million | 4.416 USD Billion | Mar/22 |
| Terms of Trade | 101 Index Points | Sep/21 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Gold Reserves | 21.37 Tonnes | 1Q/22 |
| Interbank Rate | 10.1 % | Jul/22 |
| Interest Rate | 13 % | May/22 |
| Money Supply M0 | 3331796 NGN Million | 8.022 USD Billion | May/22 |
| Money Supply M1 | 20608108 NGN Million | 49.616 USD Billion | May/22 |
| Money Supply M2 | 48555976 NGN Million | 116.903 USD Billion | May/22 |
| Money Supply M3 | 46542024 NGN Million | 112.055 B USD | Apr/22 |
| Deposit Interest Rate | 4.44 % | Apr/22 |
| Foreign Direct Investment | 1564 USD Million | 1.564 B USD | 2Q/21 |
| Private Sector Credit | 38195688 NGN Million | 91.96 B USD | May/22 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Minimum Wages | 30000 NGN/Month | 72.228 USD/Month | 2022 |
| Unemployment Rate | 33.3 % | 4Q/20 |
| Youth Unemployment Rate | 53.4 % | 4Q/20 |
| Employed Persons | 46488 Thousand Person | 46.488 Million Person | 4Q/20 |
| Employment Rate | 66.7 % | 4Q/20 |
| Living Wage Family | 137600 NGN/Month | 355.869 USD/Month | 2018 |
| Living Wage Individual | 43200 NGN/Month | 111.726 USD/Month | 2018 |
| Unemployed Persons | 23187 Thousand Persons | 23.187 Million Persons | 4Q/20 |
| Wages High Skilled | 57200 NGN/Month | 147.934 USD/Month | 2018 |
| Wages Low Skilled | 25500 NGN/Month | 65.949 USD/Month | 2018 |
Taxes
| Indicator | Data | Period |
|---|---|---|
| Corporate Tax Rate | 30 % | 2021 |
| Personal Income Tax Rate | 24 % | 2021 |
| Sales Tax Rate | 7.5 % | 2021 |
Production Indicators
| Indicator | Data | Period |
|---|---|---|
| Crude Oil Production | 1024 BBL/D/1K | May/22 |
| Industrial Production | -2.6 % | 3Q/21 |
| Mining Production | -10.6 % | 3Q/21 |
Business Indicators
| Indicator | Data | Period |
|---|---|---|
| Business Confidence | -15.2 index points | Dec/20 |
| Corruption Index | 24 index points | 2021 |
| Corruption Rank | 154 place | 2021 |
| Ease of Doing Business | 131 place | 2019 |
| Manufacturing PMI | 50.1 index points | Feb/22 |
| Manufacturing Production | 4.3 % | 3Q/21 |
| Services PMI | 49 index points | Feb/22 |
| Competitiveness Index | 48.33 Index Points | 2019 |
| Competitiveness Rank | 116 | 2019 |
| Composite PMI | 50.9 Index Points | Jun/22 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | -14.8 index points | 4Q/20 |
| Consumer Spending | 14926584 NGN Million | 35.937 USD Billion | 4Q/21 |
| Disposable Personal Income | 20014612 NGN Million | 48.187 B USD | 4Q/21 |
