Economy of Nigeria. Statistics, Data and Indicators
Nigeria
| 28B | Credit rank #97 |
| N/A | Quality of life # |
| 150 | Corruption rank#131 |
| 131 | Ease of doing business#130 |
Nigeria Major Economic Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 477 USD Billion | 2022 |
| GDP Annual Growth Rate | 2.51 % | 2Q/23 |
| GDP Growth Rate | -15.65 % | 1Q/23 |
| GDP per capita | 2450 USD | 2022 |
| Inflation Rate YoY | 25.8 % | Aug/23 |
| Interest Rate | 18.75 % | Aug/23 |
| Unemployment Rate | 4.1 % | 1Q/23 |
| Balance of Trade | 1741086 NGN Million | 2.28 B USD | Jun/23 |
| Current Account | 2490 USD Million | 2.49 B USD | 1Q/23 |
| Foreign Exchange Reserves | 33250 USD Million | 33.25 B USD | Sep/23 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 477 USD Billion | 2022 |
| GDP Annual Growth Rate | 2.51 % | 2Q/23 |
| GDP Growth Rate | -15.65 % | 1Q/23 |
| GDP per capita | 2450 USD | 2022 |
| GDP Constant Prices | 17719336 NGN Million | 23.206 B USD | 2Q/23 |
| GDP per capita PPP | 4963 USD | 2022 |
| GDP From Agriculture | 4077716 NGN Million | 5.34 B USD | 2Q/23 |
| GDP From Construction | 573058 NGN Million | 0.751 B USD | 2Q/23 |
| GDP From Manufacturing | 1528006 NGN Million | 2.001 B USD | 2Q/23 |
| GDP From Mining | 946739 NGN Million | 1.24 B USD | 2Q/23 |
| GDP From Public Administration | 383786 NGN Million | 0.503 B USD | 2Q/23 |
| GDP From Services | 7576045 NGN Million | 9.922 B USD | 2Q/23 |
| GDP From Transport | 157034 NGN Million | 0.206 B USD | 2Q/23 |
| GDP From Utilities | 199723 NGN Million | 0.262 B USD | 2Q/23 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 38 % | 2022 |
| Government Budget Value | -1431 NGN Million | -0.002 USD Billion | 1Q/23 |
| Government Spending | 1011789 NGN Million | 1.325 USD Billion | 4Q/22 |
| Government Revenues | 1342 NGN Billion | 1.758 USD Billion | 1Q/23 |
| Fiscal Expenditure | 2773 NGN Billion | 3.632 B USD | 1Q/23 |
| Government Budget to GDP | -5 % | 2022 |
| Military Expenditure | 3109 USD Million | 3.109 B USD | 2022 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 594 index points | Aug/23 |
| Food Inflation | 29.34 % | Aug/23 |
| Gasoline Prices | 0.79 USD/Liter | Sep/23 |
| GDP Deflator | 294 index points | 2Q/23 |
| Inflation Rate YoY | 25.8 % | Aug/23 |
| Inflation Rate Mom | 3.18 % | Aug/23 |
| Core Consumer Prices | 485 Index Points | Aug/23 |
| Core Inflation Rate | 21.15 % | Aug/23 |
| CPI Housing Utilities | 484 Index Points | Aug/23 |
| CPI Transportation | 520 Index Points | Aug/23 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | -0.3 % | 2022 |
| Balance of Trade | 1741086 NGN Million | 2.28 USD Billion | Jun/23 |
| Capital Flows | 853 USD Million | 0.853 USD Billion | 4Q/22 |
| Current Account | 2490 USD Million | 2.49 USD Billion | 1Q/23 |
| Exports | 3026626 NGN Million | 3.964 USD Billion | Jun/23 |
| External Debt | 43159 USD Million | 43.159 USD Billion | 2Q/23 |
| Foreign Exchange Reserves | 33250 USD Million | 33.25 USD Billion | Sep/23 |
| Imports | 1285540 NGN Million | 1.684 USD Billion | Jun/23 |
| Terms of Trade | 101 Index Points | Jun/23 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Gold Reserves | 21.37 Tonnes | 2Q/23 |
| Interbank Rate | 11.94 % | Oct/23 |
| Interest Rate | 18.75 % | Aug/23 |
| Money Supply M0 | 2660139 NGN Million | 3.484 USD Billion | Aug/23 |
| Money Supply M1 | 24022300 NGN Million | 31.461 USD Billion | Aug/23 |
| Money Supply M2 | 64892600 NGN Million | 84.986 USD Billion | Aug/23 |
| Money Supply M3 | 65445152 NGN Million | 85.71 B USD | Aug/23 |
| Deposit Interest Rate | 7.55 % | Aug/23 |
| Foreign Direct Investment | 753 USD Million | 0.753 B USD | 4Q/22 |
| Private Sector Credit | 54762632 NGN Million | 71.719 B USD | Aug/23 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Minimum Wages | 30000 NGN/Month | 39.289 USD/Month | 2023 |
| Unemployment Rate | 4.1 % | 1Q/23 |
| 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 % | 2023 |
| Personal Income Tax Rate | 24 % | 2023 |
| Sales Tax Rate | 7.5 % | 2023 |
Production Indicators
| Indicator | Data | Period |
|---|---|---|
| Crude Oil Production | 1181 BBL/D/1K | Aug/23 |
| Industrial Production | 15.2 % | 1Q/23 |
| Mining Production | -8 % | 3Q/22 |
Business Indicators
| Indicator | Data | Period |
|---|---|---|
| Business Confidence | -15.2 index points | Dec/20 |
| Corruption Index | 24 index points | 2022 |
| Corruption Rank | 150 place | 2022 |
| Ease of Doing Business | 131 place | 2019 |
| Manufacturing PMI | 50 index points | Feb/23 |
| Manufacturing Production | 8 % | 1Q/23 |
| Services PMI | 41.4 index points | Feb/23 |
| Competitiveness Index | 48.33 Index Points | 2019 |
| Competitiveness Rank | 116 | 2019 |
| Composite PMI | 51.1 Index Points | Sep/23 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | -14.8 index points | 4Q/20 |
| Consumer Spending | 13200671 NGN Million | 17.288 USD Billion | 4Q/22 |
| Disposable Personal Income | 20995568 NGN Million | 27.497 B USD | 4Q/22 |
