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 | 441 USD Billion | 2021 |
| GDP Annual Growth Rate | 3.52 % | 4Q/22 |
| GDP Growth Rate | 10.99 % | 4Q/22 |
| GDP per capita | 2430 USD | 2021 |
| Inflation Rate YoY | 21.91 % | Feb/23 |
| Interest Rate | 18 % | Mar/23 |
| Unemployment Rate | 33.3 % | 4Q/20 |
| Balance of Trade | 1117350 NGN Million | 2.427 B USD | Dec/22 |
| Current Account | -603 USD Million | -0.603 B USD | 3Q/22 |
| Foreign Exchange Reserves | 36700 USD Million | 36.7 B USD | Feb/23 |
GDP Indicators
| Indicator | Data | Period |
|---|---|---|
| GDP Value | 441 USD Billion | 2021 |
| GDP Annual Growth Rate | 3.52 % | 4Q/22 |
| GDP Growth Rate | 10.99 % | 4Q/22 |
| GDP per capita | 2430 USD | 2021 |
| GDP Constant Prices | 21044250 NGN Million | 45.714 B USD | 4Q/22 |
| GDP per capita PPP | 4923 USD | 2021 |
| GDP From Agriculture | 5568555 NGN Million | 12.097 B USD | 4Q/22 |
| GDP From Construction | 729456 NGN Million | 1.585 B USD | 4Q/22 |
| GDP From Manufacturing | 1768538 NGN Million | 3.842 B USD | 4Q/22 |
| GDP From Mining | 913548 NGN Million | 1.984 B USD | 4Q/22 |
| GDP From Public Administration | 446757 NGN Million | 0.97 B USD | 4Q/22 |
| GDP From Services | 7048423 NGN Million | 15.311 B USD | 3Q/22 |
| GDP From Transport | 338278 NGN Million | 0.735 B USD | 4Q/22 |
| GDP From Utilities | 145772 NGN Million | 0.317 B USD | 4Q/22 |
Budget Indicators
| Indicator | Data | Period |
|---|---|---|
| Government Debt to GDP | 37 % | 2021 |
| Government Budget Value | -1192 NGN Million | -0.003 USD Billion | 3Q/22 |
| Government Spending | 931227 NGN Million | 2.023 USD Billion | 2Q/22 |
| Government Revenues | 1227 NGN Billion | 2.665 USD Billion | 3Q/22 |
| Fiscal Expenditure | 2419 NGN Billion | 5.255 B USD | 3Q/22 |
| Government Budget to GDP | -4.7 % | 2021 |
| Military Expenditure | 4466 USD Million | 4.466 B USD | 2021 |
Inflation Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Price Index (CPI) | 517 index points | Feb/23 |
| Food Inflation | 24.35 % | Feb/23 |
| Gasoline Prices | 0.57 USD/Liter | Mar/23 |
| GDP Deflator | 276 index points | 3Q/22 |
| Inflation Rate YoY | 21.91 % | Feb/23 |
| Inflation Rate Mom | 1.71 % | Feb/23 |
| Core Consumer Prices | 434 Index Points | Feb/23 |
| Core Inflation Rate | 18.84 % | Feb/23 |
| CPI Housing Utilities | 432 Index Points | Feb/23 |
| CPI Transportation | 452 Index Points | Feb/23 |
Trade Indicators
| Indicator | Data | Period |
|---|---|---|
| Current Account to GDP | -0.5 % | 2021 |
| Balance of Trade | 1117350 NGN Million | 2.427 USD Billion | Dec/22 |
| Capital Flows | 2985 USD Million | 2.985 USD Billion | 3Q/22 |
| Current Account | -603 USD Million | -0.603 USD Billion | 3Q/22 |
| Exports | 2353078 NGN Million | 5.112 USD Billion | Dec/22 |
| External Debt | 39662 USD Million | 39.662 USD Billion | 3Q/22 |
| Foreign Exchange Reserves | 36700 USD Million | 36.7 USD Billion | Feb/23 |
| Imports | 1235729 NGN Million | 2.684 USD Billion | Dec/22 |
| Terms of Trade | 102 Index Points | Sep/22 |
Money Indicators
| Indicator | Data | Period |
|---|---|---|
| Gold Reserves | 21.37 Tonnes | 4Q/22 |
| Interbank Rate | 15.55 % | Mar/23 |
| Interest Rate | 18 % | Mar/23 |
| Money Supply M0 | 982098 NGN Million | 2.133 USD Billion | Feb/23 |
| Money Supply M1 | 20958760 NGN Million | 45.529 USD Billion | Feb/23 |
| Money Supply M2 | 52921784 NGN Million | 114.962 USD Billion | Feb/23 |
| Money Supply M3 | 53295072 NGN Million | 115.773 B USD | Feb/23 |
| Deposit Interest Rate | 8.76 % | Jan/23 |
| Foreign Direct Investment | 726 USD Million | 0.726 B USD | 3Q/22 |
| Private Sector Credit | 41754416 NGN Million | 90.703 B USD | Feb/23 |
Labor Indicators
| Indicator | Data | Period |
|---|---|---|
| Minimum Wages | 30000 NGN/Month | 65.169 USD/Month | 2023 |
| 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 % | 2022 |
| Personal Income Tax Rate | 24 % | 2022 |
| Sales Tax Rate | 7.5 % | 2022 |
Production Indicators
| Indicator | Data | Period |
|---|---|---|
| Crude Oil Production | 1306 BBL/D/1K | Feb/23 |
| Industrial Production | -7.2 % | 2Q/22 |
| Mining Production | -4.8 % | 2Q/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 | 47.4 index points | Nov/22 |
| Manufacturing Production | 9.4 % | 2Q/22 |
| Services PMI | 47.8 index points | Nov/22 |
| Competitiveness Index | 48.33 Index Points | 2019 |
| Competitiveness Rank | 116 | 2019 |
| Composite PMI | 44.7 Index Points | Feb/23 |
Consumer Indicators
| Indicator | Data | Period |
|---|---|---|
| Consumer Confidence | -14.8 index points | 4Q/20 |
| Consumer Spending | 13806217 NGN Million | 29.991 USD Billion | 2Q/22 |
| Disposable Personal Income | 16859888 NGN Million | 36.625 B USD | 2Q/22 |
