The economic architecture of Nigeria is substantial, anchored by a Gross Domestic Product (GDP) of approximately $363.85B
2023
. This places it as the 41st largest economy out of 191 countries measured, underscoring its significance on the world stage. On a per capita basis, GDP stands at $1.6K
2023
, while its GDP adjusted for Purchasing Power Parity (PPP) is estimated at $1.41T, offering a clearer picture of the population's domestic purchasing power. The economy demonstrates solid, consistent growth, expanding at a healthy rate of 2.9%
2023
, though this rapid growth is shadowed by high inflation, with the Consumer Price Index (CPI) reaching 33.2%, suggesting the economy may be overheating.
2024
On the global stage, Nigeria's trade and financial dynamics reveal a complex interplay of international and domestic factors. The nation's economic activity is heavily reliant on foreign goods, running a considerable trade deficit with imports at 16.9% of GDP and exports at 9.2%
1960
. The investment climate attracts significant Foreign Direct Investment (FDI), with inflows constituting 0.51% of the economy
2023
. This performance positions the country 142nd globally out of 186 nations, confirming its status as a competitive destination for foreign capital. Furthermore, personal remittances from its diaspora are a vital component of the economy, amounting to a substantial $19.55B annually
2023
.
The socio-economic landscape is characterized by a Gross National Income (GNI) per capita of $1,880
2023
, ranking the nation 151st out of 190. This figure provides a comprehensive measure of the average income per person, reflecting the nation's overall economic well-being. The labor market demonstrates considerable strength, with a low unemployment rate of 3.0%, suggesting conditions close to full employment.
2024
A key feature of the workforce is its concentration in the services sector, which accounts for 47.8% of total employment
2023
. Despite its economic standing, poverty remains a salient issue, with 40.1% of the population living below the national poverty line
2018
. The nation exhibits a moderate degree of income inequality, with a Gini index of 35.1.
2018
In the environmental and energy sectors, the nation's policies and outcomes reflect its developmental priorities. Energy consumption per capita stands at 333.061 kg of oil equivalent
2022
, a metric that often correlates with industrial activity and living standards. The country is at the forefront of the global green transition, with renewable sources constituting a remarkable 80.3% of total final energy consumption
2021
. This commitment places it 175th among 190 countries, highlighting its relative progress in decarbonization. Total greenhouse gas emissions were last recorded at 385.11K tonnes of CO2 equivalent
2023
, a key factor in its national climate strategy and international obligations.

Key Economic Insights

Macroeconomic Health

Rampant inflation is the most urgent economic threat, eroding purchasing power, destabilizing markets, and complicating policy choices.

Trade & Investment Profile

The economy is largely insular and consumption-driven, relying heavily on imports and showing limited integration into global export markets.

Social Equity & Distribution

Ensuring equitable distribution of economic gains is fundamental for long-term social and political stability.

Energy & Sustainability

A global leader in the green transition, the country leverages its strong commitment to renewable energy as a key economic and diplomatic advantage.

More About This Country

Neighbors & Regional Peers

Note: The information on this page has been compiled from authoritative sources. While every effort is made to ensure accuracy, please note that some figures may not be current or entirely precise.