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Economy of Nigeria. Statistics, Data and Indicators

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Nigeria
28B Credit rank #97
N/A Quality of life #
154 Corruption rank#131
131 Ease of doing business#130
Nigeria


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