Nigeria ranked 54/197 by economy size with a GDP of $252B and 174/197 by GDP per capita at $1,084. Nigeria has $133B in government debt, with a debt-to-GDP ratio of 51.6%.
In 2026, Nigeria made up 0.23% of the world's economy, compared to 0.31% in 1960.
The chart below shows GDP in nominal terms, GDP adjusted for inflation (in constant dollars), and a bar chart of year-over-year inflation-adjusted growth.
| Year | GDP | GDP growth | |
|---|---|---|---|
| Current $ | Constant $ | ||
| 1960 | $4,196,174,502 | $65,552,393,151 | - |
| 1961 | $4,467,287,893 | $65,678,119,685 | 6.46% |
| 1962 | $4,909,399,176 | $68,372,888,068 | 9.9% |
| 1963 | $5,165,590,254 | $74,238,337,576 | 5.22% |
| 1964 | $5,552,931,319 | $77,913,498,064 | 7.5% |
| 1965 | $5,874,537,650 | $81,719,554,395 | 5.79% |
| 1966 | $6,366,917,453 | $78,246,053,144 | 8.38% |
| 1967 | $5,203,237,919 | $65,927,285,450 | -18.3% |
| 1968 | $5,200,997,920 | $65,104,275,427 | -0.04% |
| 1969 | $6,634,317,346 | $80,857,806,917 | 27.6% |
| 1970 | $12,546,094,982 | $101,078,114,312 | 89.1% |
| 1971 | $9,181,769,912 | $115,469,142,733 | -26.8% |
| 1972 | $12,274,416,018 | $119,353,827,264 | 33.7% |
| 1973 | $15,162,871,287 | $125,790,293,297 | 23.5% |
| 1974 | $24,846,641,318 | $139,829,338,542 | 63.9% |
| 1975 | $27,778,934,625 | $132,519,413,715 | 11.8% |
| 1976 | $36,308,883,249 | $144,502,285,208 | 30.7% |
| 1977 | $36,035,407,725 | $153,207,273,165 | -0.75% |
| 1978 | $36,527,862,209 | $144,376,163,268 | 1.37% |
| 1979 | $47,259,911,894 | $154,135,170,311 | 29.4% |
| 1980 | $64,201,788,123 | $160,616,293,803 | 35.8% |
| 1981 | $164,475,209,516 | $139,530,778,713 | 156.2% |
| 1982 | $142,769,363,314 | $130,037,957,320 | -13.2% |
| 1983 | $97,094,911,792 | $115,832,500,286 | -32% |
| 1984 | $73,484,359,521 | $114,540,246,020 | -24.3% |
| 1985 | $73,745,821,158 | $121,313,042,219 | 0.36% |
| 1986 | $54,805,852,581 | $121,386,976,785 | -25.7% |
| 1987 | $52,676,041,931 | $125,271,512,343 | -3.89% |
| 1988 | $49,648,470,440 | $134,458,956,986 | -5.75% |
| 1989 | $44,003,061,108 | $137,039,737,058 | -11.4% |
| 1990 | $54,035,795,388 | $153,178,750,575 | 22.8% |
| 1991 | $59,526,833,412 | $153,727,670,613 | 10.2% |
| 1992 | $52,058,181,854 | $160,847,095,651 | -12.5% |
| 1993 | $56,721,051,402 | $157,573,666,210 | 8.96% |
| 1994 | $80,399,613,064 | $154,713,823,159 | 41.7% |
| 1995 | $140,919,776,986 | $154,601,400,725 | 75.3% |
| 1996 | $185,730,236,700 | $161,088,358,074 | 31.8% |
| 1997 | $200,850,397,618 | $165,819,683,304 | 8.14% |
| 1998 | $218,416,200,673 | $170,099,910,681 | 8.75% |
| 1999 | $59,145,077,039 | $171,093,510,004 | -72.9% |
| 2000 | $69,171,451,627 | $179,675,448,843 | 17% |
| 2001 | $73,557,840,064 | $190,308,075,298 | 6.34% |
| 2002 | $95,054,059,303 | $219,480,696,548 | 29.2% |
| 2003 | $104,738,954,264 | $235,606,371,241 | 10.2% |
| 2004 | $135,764,731,646 | $257,401,275,804 | 29.6% |
| 2005 | $175,670,569,969 | $273,974,099,483 | 29.4% |
| 2006 | $238,454,997,161 | $290,575,362,868 | 35.7% |
| 2007 | $278,260,846,800 | $309,727,563,830 | 16.7% |
| 2008 | $339,476,276,258 | $330,679,000,571 | 22% |
| 2009 | $295,008,835,381 | $357,255,424,171 | -13.1% |
| 2010 | $366,990,417,129 | $385,856,064,173 | 24.4% |
| 2011 | $414,466,676,831 | $406,337,011,591 | 12.9% |
| 2012 | $463,971,018,239 | $423,525,315,758 | 11.9% |
| 2013 | $520,117,180,314 | $451,780,110,047 | 12.1% |
| 2014 | $574,183,763,412 | $480,286,163,931 | 10.4% |
| 2015 | $493,026,682,801 | $493,026,682,801 | -14.1% |
| 2016 | $404,649,125,252 | $485,055,087,456 | -17.9% |
| 2017 | $375,745,731,053 | $488,964,081,501 | -7.14% |
| 2018 | $421,739,251,509 | $498,365,674,278 | 12.2% |
| 2019 | $668,219,992,691 | $509,371,727,736 | 58.4% |
| 2020 | $598,586,817,819 | $476,930,359,892 | -10.4% |
| 2021 | $609,147,716,973 | $482,220,722,020 | 1.76% |
| 2022 | $646,950,257,578 | $503,047,012,795 | 6.21% |
| 2023 | $487,387,801,881 | $519,782,610,026 | -24.7% |
| 2024 | $252,261,880,141 | $540,898,072,116 | -48.2% |
Economic Statistics of Nigeria
Nigeria
|
Rank | |
|---|---|---|
| Gross domestic product |
$252B
2024 |
54/197 |
| GDP growth |
-48.2%
2023-2024 |
196/196 |
| GDP per capita |
$1,084
2024 |
174/197 |
| GDP per capita, PPP |
$9,087
2024 |
136/197 |
| Government debt |
$133B
2024 |
52/185 |
| Debt-to-GDP ratio |
51.6%
2026 |
105/185 |
| Government debt per person |
$574
2024 |
161/185 |
| Average annual personal income after taxes |
$1,020
2026 |
195/197 |
| Listed domestic companies |
169
2024 |
38/103 |
| Market capitalization of domestic companies |
$54.4B
2024 |
47/100 |
| Number of billionaires |
4
2025 |
51/78 |
| Billionaire frequency |
1 in 27,795,421
2025 |
72/78 |
| Income share by richest 10% |
26.3%
2022 |
97/169 |
| Income share by poorest 10% |
3%
2022 |
61/169 |
| Government expenditure, % of GDP |
18.5%
2026 |
165/195 |
| Consumer prices inflation |
33.2%
2023-2024 |
7/195 |
| Central bank interest rate |
27.5%
2024 |
5/105 |
| Unemployment rate |
3.45%
2024 |
136/196 |
| Population |
242485845
|
6/197 |
Nigeria's GDP per capita
Nigeria has a GDP per capita of $1,084, ranking 174/197, a GDP per capita based on purchasing power parity (PPP) of $9,087, ranking 136/197, and a median annual after tax income of $1,020, ranking 195/197.
| Year | Current $ | |
|---|---|---|
| GDP per capita | GDP per capita, PPP | |
| 1960 | $93.1 | - |
| 1961 | $97.1 | - |
| 1962 | $104.5 | - |
| 1963 | $107.7 | - |
| 1964 | $113.3 | - |
| 1965 | $117.3 | - |
| 1966 | $124.4 | - |
| 1967 | $99.5 | - |
| 1968 | $97.3 | - |
| 1969 | $121.4 | - |
| 1970 | $224.5 | - |
| 1971 | $160.5 | - |
| 1972 | $209.5 | - |
| 1973 | $252.4 | - |
| 1974 | $403 | - |
| 1975 | $438 | - |
| 1976 | $556 | - |
| 1977 | $536 | - |
| 1978 | $527 | - |
| 1979 | $661 | - |
| 1980 | $870 | - |
| 1981 | $2,162 | - |
| 1982 | $1,822 | - |
| 1983 | $1,207 | - |
| 1984 | $890 | - |
| 1985 | $869 | - |
| 1986 | $628 | - |
| 1987 | $588 | - |
| 1988 | $540 | - |
| 1989 | $465 | - |
| 1990 | $556 | $2,840 |
| 1991 | $597 | $2,870 |
| 1992 | $509 | $2,991 |
| 1993 | $540 | $2,921 |
| 1994 | $745 | $2,853 |
| 1995 | $1,272 | $2,835 |
| 1996 | $1,633 | $2,931 |
| 1997 | $1,720 | $2,990 |
| 1998 | $1,822 | $3,022 |
| 1999 | $481 | $3,002 |
| 2000 | $547 | $3,139 |
| 2001 | $566 | $3,309 |
| 2002 | $712 | $3,770 |
| 2003 | $763 | $4,015 |
| 2004 | $962 | $4,381 |
| 2005 | $1,211 | $4,678 |
| 2006 | $1,600 | $4,975 |
| 2007 | $1,816 | $5,298 |
| 2008 | $2,154 | $5,607 |
| 2009 | $1,820 | $5,927 |
| 2010 | $2,202 | $6,301 |
| 2011 | $2,418 | $6,585 |
| 2012 | $2,633 | $6,671 |
| 2013 | $2,873 | $7,004 |
| 2014 | $3,089 | $7,396 |
| 2015 | $2,586 | $7,308 |
| 2016 | $2,070 | $7,072 |
| 2017 | $1,876 | $7,037 |
| 2018 | $2,058 | $7,158 |
| 2019 | $3,190 | $7,551 |
| 2020 | $2,797 | $7,415 |
| 2021 | $2,787 | $7,588 |
| 2022 | $2,899 | $8,305 |
| 2023 | $2,139 | $8,705 |
| 2024 | $1,084 | $9,087 |
Nigeria's government spending, deficit, and chart
This chart shows Nigeria's government spending, budget balance, and debt over time, each expressed as a share of GDP.
Over the past 37 years, Nigeria recorded a fiscal deficit in 26 years — average annual deficit equal to -1.54% of GDP. In 2024, government spending reached $44.9B (18.5% of GDP), with a deficit of -4.53%.
The national debt reached $133B, ranking 52nd out of 185 countries by total size, with a debt-to-GDP ratio of 51.6%, ranking 105th.
| Year | % of GDP | ||
|---|---|---|---|
| Government spending | Government debt | Government deficit/surplus | |
| 1990 | 20% | 71.7% | -0.67% |
| 1991 | 19.2% | 75% | -1.66% |
| 1992 | 22.5% | 70.2% | 1.33% |
| 1993 | 28.2% | 71% | -8.55% |
| 1994 | 17% | 55.9% | -4.17% |
| 1995 | 12.5% | 34% | 3.55% |
| 1996 | 11.1% | 25.2% | 4.75% |
| 1997 | 13.6% | 24.1% | 1.6% |
| 1998 | 15.7% | 22.3% | -4.89% |
| 1999 | 21% | 64.9% | -1.96% |
| 2000 | 24.7% | 57.6% | 4.07% |
| 2001 | 30.9% | 53.1% | -3.22% |
| 2002 | 19.4% | 43.3% | 1.34% |
| 2003 | 23.2% | 42.1% | -2.2% |
| 2004 | 18.3% | 35.5% | 5.49% |
| 2005 | 17.8% | 18.9% | 4.91% |
| 2006 | 12.3% | 9.4% | 8.76% |
| 2007 | 18.1% | 8.12% | -1.12% |
| 2008 | 14.4% | 7.28% | 5.7% |
| 2009 | 15.4% | 8.62% | -5.33% |
| 2010 | 16.6% | 9.39% | -4.17% |
| 2011 | 17.3% | 17.4% | 0.43% |
| 2012 | 14.8% | 17.6% | -0.13% |
| 2013 | 14.1% | 18.3% | -2.66% |
| 2014 | 13.4% | 18.2% | -2.43% |
| 2015 | 11% | 21% | -3.8% |
| 2016 | 9.76% | 24.5% | -4.64% |
| 2017 | 12% | 25.4% | -5.41% |
| 2018 | 12.8% | 28.7% | -4.31% |
| 2019 | 12.5% | 30.2% | -4.66% |
| 2020 | 12.1% | 35.6% | -5.58% |
| 2021 | 12.6% | 36.8% | -5.48% |
| 2022 | 14.4% | 40.4% | -5.42% |
| 2023 | 13.9% | 48.7% | -4.19% |
| 2024 | 17.8% | 52.9% | -3.37% |
| 2025 | 18.5% | 52.5% | -4.48% |
| 2026 | 18.5% | 51.6% | -4.53% |
Inflation rate by year
Over the past 20 years, Nigeria has had an average annual inflation rate of 14%. In 2024, inflation was 33.2%. The bar chart below shows consumer price inflation by year.
| Year | Inflation |
|---|---|
| 1960 | 5.44% |
| 1961 | 6.28% |
| 1962 | 5.27% |
| 1963 | -2.69% |
| 1964 | 0.86% |
| 1965 | 4.1% |
| 1966 | 9.69% |
| 1967 | -3.73% |
| 1968 | -0.48% |
| 1969 | 10.2% |
| 1970 | 13.8% |
| 1971 | 16% |
| 1972 | 3.46% |
| 1973 | 5.4% |
| 1974 | 12.7% |
| 1975 | 34% |
| 1976 | 24.3% |
| 1977 | 15.1% |
| 1978 | 21.7% |
| 1979 | 11.7% |
| 1980 | 9.97% |
| 1981 | 20.8% |
| 1982 | 7.7% |
| 1983 | 23.2% |
| 1984 | 17.8% |
| 1985 | 7.44% |
| 1986 | 5.72% |
| 1987 | 11.3% |
| 1988 | 54.5% |
| 1989 | 50.5% |
| 1990 | 7.36% |
| 1991 | 13% |
| 1992 | 44.6% |
| 1993 | 57.2% |
| 1994 | 57% |
| 1995 | 72.8% |
| 1996 | 29.3% |
| 1997 | 8.53% |
| 1998 | 10% |
| 1999 | 6.62% |
| 2000 | 6.93% |
| 2001 | 18.9% |
| 2002 | 12.9% |
| 2003 | 14% |
| 2004 | 15% |
| 2005 | 17.9% |
| 2006 | 8.23% |
| 2007 | 5.39% |
| 2008 | 11.6% |
| 2009 | 12.5% |
| 2010 | 13.7% |
| 2011 | 10.8% |
| 2012 | 12.2% |
| 2013 | 8.5% |
| 2014 | 8.05% |
| 2015 | 9.01% |
| 2016 | 15.7% |
| 2017 | 16.5% |
| 2018 | 12.1% |
| 2019 | 11.4% |
| 2020 | 13.2% |
| 2021 | 17% |
| 2022 | 18.8% |
| 2023 | 24.7% |
| 2024 | 33.2% |
Balance of trade
|
Nigeria
|
Rank | |
|---|---|---|
Current account balance
|
$17.2B
2024 |
20/190 |
| Current account balance, % of GDP |
+6.82%
2024 |
21/190 |
| Goods imports |
$39.8B
2024 |
61/189 |
| Goods exports |
$53B
2024 |
50/189 |
| Service imports |
$17.9B
2024 |
53/189 |
| Service exports |
$4.57B
2024 |
96/189 |
| Imports of goods and services, % of GDP |
16.9%
1960 |
174/181 |
| Exports of goods and services, % of GDP |
9.24%
1960 |
182/193 |
Nigeria's top 10 trading partners
Nigeria's biggest trading partner accounting for 10.5%% of all exports and imports is China, with a trade balance between the two of -$9.63B — Nigeria exports $1.5B worth of goods and services to China and imports $11.1B.
Below is the list of the top 10 trade partners of Nigeria.
| Rank | Country | Trade value | Share of total trade | Export to | Import from | Top export to | Top import from |
|---|---|---|---|---|---|---|---|
| 1 |
China
|
$12.6B | 10.5% | $1.5B | $11.1B | Raw materials & minerals | Machinery & equipment |
| 2 |
Netherlands
|
$10.7B | 8.89% | $7.62B | $3.04B | Raw materials & minerals | Raw materials & minerals |
| 3 |
India
|
$9.94B | 8.29% | $5.07B | $4.87B | Raw materials & minerals | Raw materials & minerals |
| 4 |
Singapore
|
$8.98B | 7.49% | $291M | $8.69B | Raw materials & minerals | Machinery & equipment |
| 5 |
United States
|
$8.29B | 6.91% | $4.53B | $3.76B | Raw materials & minerals | Machinery & equipment |
| 6 |
Spain
|
$6.25B | 5.22% | $5.71B | $543M | Raw materials & minerals | Raw materials & minerals |
| 7 |
Belgium
|
$5.97B | 4.98% | $271M | $5.7B | Raw materials & minerals | Raw materials & minerals |
| 8 |
France
|
$4.75B | 3.96% | $3.96B | $787M | Raw materials & minerals | Raw materials & minerals |
| 9 |
Indonesia
|
$4.37B | 3.65% | $3.97B | $405M | Raw materials & minerals | Processed food, beverages & tobacco |
| 10 |
Canada
|
$4.13B | 3.45% | $3.6B | $527M | Raw materials & minerals | Raw agricultural goods |
Nigeria's top 10 exports
|
Nigeria
|
Rank | |
|---|---|---|
| Raw materials & minerals | $56.8B | 24/193 |
| Transport & tourism services | $3.15B | 89/188 |
| Raw agricultural goods | $1.33B | 63/193 |
| Processed food, beverages & tobacco | $1.05B | 76/192 |
| Business & finance services | $995M | 76/188 |
| Metals | $589M | 83/192 |
| Government & miscellaneous services | $456M | 32/180 |
| Machinery & equipment | $376M | 101/193 |
| IT & IP services | $263M | 84/183 |
| Animal & marine products | $142M | 98/192 |
Nigeria's top 10 imports
|
Nigeria
|
Rank | |
|---|---|---|
| Machinery & equipment | $22.1B | 48/193 |
| Raw materials & minerals | $21.5B | 30/193 |
| Transport & tourism services | $12.8B | 44/188 |
| Business & finance services | $4.82B | 48/188 |
| Chemicals & pharma | $4.38B | 67/193 |
| Processed food, beverages & tobacco | $2.85B | 62/193 |
| Raw agricultural goods | $2.75B | 43/193 |
| Miscellaneous | $1.71B | 28/193 |
| Metals | $1.48B | 83/193 |
| Wood & paper products | $1.25B | 56/193 |
Economic freedom indices
|
Nigeria
|
Rank | |
|---|---|---|
| Economic freedom | 53.4 | 141/197 |
| Property rights | 25.4 | 155/182 |
| Government integrity | 22.4 | 155/182 |
| Judicial effectiveness | 34.1 | 155/182 |
| Tax burden | 85.1 | 57/181 |
| Government spending | 94.5 | 8/180 |
| Fiscal health | 55.4 | 114/181 |
| Business freedom | 38.5 | 157/182 |
| Labor freedom | 72.8 | 8/182 |
| Monetary freedom | 59.9 | 155/180 |
| Trade freedom | 67.6 | 114/181 |
| Investment freedom | 45 | 132/181 |
| Financial freedom | 40 | 122/181 |
Nigeria's economic freedom by year
Nigeria is ranked 127/180 for economic freedom with a score of 53.4, compared to 139/163 and a score of 48.4 in 2005.
| Year | Index | ||||
|---|---|---|---|---|---|
| Economic freedom | Judicial effectiveness | Tax burden | Government spending | Fiscal health | |
| 1995 | 47.3 | - | 75.4 | 0 | - |
| 1996 | 47.4 | - | 78.6 | 0 | - |
| 1997 | 52.8 | - | 81.3 | 47.3 | - |
| 1998 | 52.3 | - | 84.5 | 71.7 | - |
| 1999 | 55.7 | - | 84.5 | 78.3 | - |
| 2000 | 53.1 | - | 84.4 | 71.2 | - |
| 2001 | 49.6 | - | 84.4 | 74.8 | - |
| 2002 | 50.9 | - | 84.2 | 74.8 | - |
| 2003 | 49.5 | - | 84.2 | 75.8 | - |
| 2004 | 49.2 | - | 82.1 | 68.9 | - |
| 2005 | 48.4 | - | 84 | 48.6 | - |
| 2006 | 48.7 | - | 84.1 | 56.9 | - |
| 2007 | 55.6 | - | 84.2 | 66.9 | - |
| 2008 | 55.1 | - | 84.4 | 68.1 | - |
| 2009 | 55.1 | - | 84.4 | 64.3 | - |
| 2010 | 56.8 | - | 84.4 | 64.7 | - |
| 2011 | 56.7 | - | 84.4 | 73 | - |
| 2012 | 56.3 | - | 84.3 | 72.3 | - |
| 2013 | 55.1 | - | 82.6 | 74.6 | - |
| 2014 | 54.3 | - | 85 | 74.5 | - |
| 2015 | 55.6 | - | 85.2 | 76.1 | - |
| 2016 | 57.5 | - | 85.1 | 94.6 | - |
| 2017 | 57.1 | 33.2 | 85.2 | 95.2 | 87.2 |
| 2018 | 58.5 | 39.6 | 84.4 | 96.3 | 80.9 |
| 2019 | 57.3 | 34.3 | 85 | 96.5 | 68.2 |
| 2020 | 57.2 | 32.2 | 85.1 | 96.2 | 64.1 |
| 2021 | 58.7 | 38.7 | 84.9 | 95.3 | 59.9 |
| 2022 | 54.4 | 33.8 | 84.8 | 95.3 | 58.1 |
| 2023 | 53.9 | 22.5 | 84.9 | 95.2 | 50 |
| 2024 | 53.1 | 34.5 | 84.8 | 94.7 | 44.2 |
| 2025 | 53.4 | 34.1 | 85.1 | 94.5 | 55.4 |
More economic indicators
|
Nigeria
|
Rank | |
|---|---|---|
| Services, % of GDP |
53.7%
2024 |
112/191 |
| Industry, % of GDP |
18.2%
2024 |
141/194 |
| Agriculture, forestry, and fishing, % of GDP |
25.9%
2024 |
19/193 |
|
GNI, Atlas method
|
$396B
2024 |
40/194 |
| GNI per capita, PPP |
$8,850
2024 |
132/191 |
| Total reserves including gold |
$38.6B
2024 |
51/177 |
|
Net foreign direct investment
|
-$672M
2024 |
109/189 |
|
Net inflows of foreign direct investment
|
$1.08B
2024 |
93/193 |
|
Net outflows of foreign direct investment
|
$408M
2024 |
66/193 |
|
Servicing debt to the IMF, % of GNI
|
5.48%
2024 |
46/121 |
| Poverty at national poverty lines |
56.2%
2023 |
13/176 |
Compare countries by 7 more topics
GDP per capita map
GDP per capita
Relevant pages:
Nigeria topic pages:
Economy comparisons
The current account balance is the sum of net trade in goods and services, net earnings from cross-border investments, and net transfer payments. It reflects a country's economic transactions with the rest of the world and is a fundamental component of the balance of payments. A surplus indicates that a country exports more than it imports, while a deficit shows the opposite.
Gross National Income (GNI) measures a country's total income. It encompasses income earned by residents, businesses, and foreign sources, defined as employee compensation and investment profits. GNI adds product taxes not included elsewhere and subtracts subsidies. It accounts for income from residents working abroad but excludes earnings from foreigners within the country.
A negative value for Net Foreign Direct Investment indicates a country is a net receiver of investments, as foreign inflows exceed outflows after Balance of Payments adjustments. A positive value indicates a net provider, with outflows exceeding inflows. Inflows are credits (increasing foreign claims on domestic assets), while outflows are debits (increasing domestic assets abroad).
Foreign direct investment (FDI, net inflows) shows how much capital foreign investors bring into a country after accounting for any funds that flow back in the opposite direction. It represents the net value of overseas companies establishing, expanding, or financing businesses in the reporting country. A positive number means more capital entered the country than was withdrawn, while a negative number means foreign investors pulled out more than they invested.
Foreign direct investment (FDI, net outflows) shows how much capital residents of a country invest abroad after accounting for any funds that flow back in the opposite direction. It represents the net value of domestic companies establishing, expanding, or financing businesses in other countries. A positive number means more capital was invested abroad than withdrawn, while a negative number means residents pulled back more than they invested.
Principal and interest payments to the IMF in currency, goods, or services on long-term debt expressed as a share of GNI.