Nigeria Economic Statistics and Indicators
05, Jul 2015, EDT. Welcome to the Nigeria economic statistics pages provided by the beta version of EconomyWatch.com's Econ Stats database.
Economic Indicators For: Nigeria › Change country
National or Regional Currency: Naira, NGN
Year of data: 2014 › Change year
Number of Indicators Listed: 38
Full Dataset: From Year 1980 to 2019
Date of Last Update: 17th March 2015
Population: 177,155,754 ; note: estimates for this country explicitly take into account the effects of excess mortality due to AIDS; this can result in lower life expectancy, higher infant mortality, higher death rates, lower population growth rates, and changes in the distribution of population by age and sex than would otherwise be expected (July 2014 est.)
Area: total: 923,768 sq km ; land: 910,768 sq km ; water: 13,000 sq km
Natural Resources: natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land
Capital: name: Abuja ; geographic coordinates: 9 05 N, 7 32 E ; time difference: UTC+1 (6 hours ahead of Washington, DC, during Standard Time)
Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.
More on the Nigeria Economy
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GDP (Constant Prices, National Currency) for Nigeria in year 2014 is NGN 68,397.10 Billion.
GDP (Current Prices, National Currency) for Nigeria in year 2014 is NGN 92,237.62 Billion.
GDP (Current Prices, US Dollars) for Nigeria in year 2014 is US$ 594.257 Billion.
GDP Deflator for Nigeria in year 2014 is 134.856 (Index, Base Year as per country's accounts = 100).
GDP Per Capita (Constant Prices, National Currency) for Nigeria in year 2014 is NGN 393,227.64 .
GDP Per Capita (Current Prices, National Currency) for Nigeria in year 2014 is NGN 530,291.19 .
GDP Per Capita (Current Prices, US Dollars) for Nigeria in year 2014 is US$ 3,416.49 .
GDP (PPP), US Dollars for Nigeria in year 2014 is US$ 1,057.83 Billion.
GDP Per Capita (PPP), US Dollars for Nigeria in year 2014 is US$ 6,081.67 .
Investment (% of GDP) for Nigeria in year 2014 is 14.988 %.
Inflation, Average Consumer Prices (Indexed to Year 2000) for Nigeria in year 2014 is 159.154 (Index, Base Year 2000 = 100).
Inflation, End of Year (Indexed to Year 2000) for Nigeria in year 2014 is 166.007 (Index, Base Year 2000 = 100).
Population for Nigeria in year 2014 is 173.938 Million .
General government revenue (National Currency) for Nigeria in year 2014 is NGN 9,787.76 Billions.
General government total expenditure (National Currency) for Nigeria in year 2014 is NGN 11,355.90 Billions.
Total Government Net Lending/ Borrowing (National Currency) for Nigeria in year 2014 is NGN -1,568.13 Billions.
Fiscal Year Gross Domestic Product, Current Prices for Nigeria in year 2014 is NGN 92,237.62 Billions.
Current Account Balance (US Dollars) for Nigeria in year 2014 is US$ 21.8 Billion.
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|Corruption Perceptions Index Rank and Score for Nigeria|
Data Sources: IMF, World Bank, UN, OECD, CIA World Factbook, Internet World Statistics, The Heritage Foundation and Transparency International