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General profile: Nigeria

GENERAL INFORMATION FOR 2023
Exchange rate
Population
Population
Exchange rates
GDP
GDP
227.883 Millions
..
362 211 Millions current US$
Land area¹
Land area
CPI growth (%)
CPI growth
GDP growth
GDP growth
(q) 910 770 km²
24.66 %
2.35 %
INTERNATIONAL MERCHANDISE TRADE
More data on UNCTADstat
-12.5 %
Merchandise exports growth rate in 2023
Total merchandise trade
(millions of US$)
2005
2010
2015
2023
Merchandise exports
50 467
(e) 84 000
50 216
55 182
Merchandise imports
20 754
44 235
(e) 44 700
49 428
Merchandise trade balance
29 713
(e) 39 765
(e) 5 516
5 754
Export structure by product group in 2023
(as % of total exports)
7 %7 %89 %89 %4 %4 %
Top 5 partners in 2023
(exports, millions of US$)
5 3875 3485 2684 5504 2295 3875 3485 2684 5504 229
INTERNATIONAL TRADE IN SERVICES
More data on UNCTADstat
Total trade in services²
(millions of US$)
2005
2010
2015
2023
Services exports
1 793
3 081
3 160
4 441
Services imports
6 623
21 332
19 613
17 677
Services trade balance
-4 831
-18 252
-16 453
-13 236
Services exports by main category²
(as % of total services)
2005
2010
2015
2023
Transport
74.6
63.9
57.2
43.1
Travel
3.0
18.5
12.8
15.1
Other services
22.3
17.6
30.0
41.8
TRADE INDICES
More data on UNCTADstat
8889807111911187681001811581981981601151581361301271491217810511510088100149157156154133113158137134
ECONOMIC TRENDS
More data on UNCTADstat
+2.4 %
Gross domestic product growth rate in 2023
Economic indicators
(millions of US$ unless otherwise specified)
2005
2010
2015
2023
GDP, current
176 134
363 360
494 583
362 211
GDP per capita, current US$
1 215
2 180
2 594
1 589
Real GDP growth, y-on-y, %
6.44
8.01
2.65
2.35
Current account balance, % of GDP
20.74
3.61
-3.12
1.66
Exchange rate (/US$)
131.274
150.298
192.440
..
GDP by expenditure in 2022
(as % of total GDP)
65.04.433.014.316.665.04.433.014.316.6
FDI AND EXTERNAL FINANCIAL RESOURCES
More data on UNCTADstat
+0.1 %
FDI outflows as % of GDP in 2023
Financial flows
(millions of US$ unless otherwise specified)
2005
2010
2015
2023
FDI inflows
4 978.26
6 098.96
3 064.17
1 872.52
FDI outflows
14.62
922.72
1 435.20
255.84
Personal remittances, % of GDP
8.31
5.43
4.17
..
Financial flows trends
(millions of US$)
20 127.619 483.417 207.523 809.324 311.022 037.019 697.920 626.020 999.120 797.120 542.920 616.819 744.818 370.819 200.018 014.416 932.11 8738953 3132 3852 3057752 4133 4533 0644 6945 6087 1278 9156 0998 6508 2496 0874 8984 9782 1272 1712 0401 2771 310FDI Inwards flowsFDI Inwards flowsFDI Inwards flowsMigrant's remittances receiptsMigrant's remittances receiptsMigrant's remittances receipts
TRADE IN GOODS AND SERVICES
More data on UNCTADstat
Trade balance indicators²
(as % and index)
2005
2010
2015
2023
Balance, % of GDP
13.83
3.26
-4.63
-1.42
Balance, % of imports
74.69
16.72
-31.83
-7.89
Normalized balance
0.272
0.077
-0.189
-0.041
Trade openness²
(sum of imports and exports as % of GDP)
35312726363327212430343947423745414051
LIVING AREA
Population by living area in 2023
(% of population)
Urban 54%Urban 54%Rural 46%Rural 46%
OTHER INDICATORS
More data on UNCTADstat
0.259 %
Share of the total world merchant fleet in 2023
Maritime transport indicators
 
2005
2010
2015
2023
Merchant fleet, national flag (thousands of DWT)
691
989
4 233
5 907
Container port throughput (TEU)
..
1 162 000
1 544 183
..
Information economy indicators
(as % of)
2005
2010
2015
2023
Share of ICT goods, % of total exports
..
0.00
0.00
..
Share of ICT goods, % of total imports
..
6.62
4.70
..
Share of workforce involved in the ICT sector
..
..
..
..
Source: UN Trade and Development, UNCTADstat (https://unctadstat.unctad.org/datacentre)
Notes:
1
Land area refers to the total area of a country excluding area under inland water bodies. It differs from the country area, that includes area under inland water bodies, but excludes offshore territorial waters.
2
Statistics presented correspond to the 6th edition of the IMF Balance of Payments and International Investment Position Manual (BPM6, 2009).
e
Estimated.
q
Estimated. Data refers to 2020.
Symbols for missing values:
0
Zero means that the amount is nil or negligible
..
No value reported or collected
_
Not applicable
...
Not available, including no quotation
#
Non-relevant calculation
-
Not publishable
***
Negative accumulation of flows; Value included in regional and global totals
Abbreviations & acronyms:
DWT:
Dead weight tons
FDI:
Foreign direct investment
GDP:
Gross domestic product
ICT:
Information and communication technology
TEU:
Twenty foot equivalent unit
US$:
United States dollar
Disclaimer:
The designations employed and the presentation of the material on the UNCTAD Data Hub do not imply the expression of any opinion whatsoever on the part of the secretariat of the United Nations concerning the legal status of any country, territory, city or area, or of its authorities, or concerning the delimitation of its frontiers or boundaries.
Where the designations "economy" or "country or area" appear in texts or tables, they cover regions, countries, territories, cities or areas.

UNCTAD strives for the highest level of accuracy and is committed to promptly correcting any errors on its part. It does not guarantee or make any express or implied representations regarding the accuracy, reliability, correctness, fitness for use for a particular purpose, or otherwise, whatsoever, of any of the tables in the UNCTAD Data Hub.
Generation date: 11 October 2024