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Indicators of economy in Nigeria

The essential economic performance of a country is reflected by the gross domestic product. So the total of all goods and services sold. Worldwide gross domestic product in 2020 was at about 10.912 US Dollar per capita. In contrast, the GDP in Nigeria reached 2.097 US dollars per inhabitant, or 432.29 bn US Dollar in the whole country. Nigeria is therefore currently ranked 26 of the major economies. If this is calculated per inhabitant taking into account the purchasing power parity, then Nigeria is in the list of the world's richest countries in place 141.

Inflation in Nigeria was in 2019 at around 11.40%. Within the EU, the average in the same year was 2.62%. In the United States, it was most recently 4.70%.

Compared with the USA, prices for daily consumer goods are around 66.5% lower.
The Corruption Perceptions Index for the public sector counts 67 and is compared to other countries moderate.


Back to overview: Nigeria

Impact of the Covid-19 pandemic in 2020

Overall, the gross domestic product in Nigeria in 2020 decreased moderatly from 448.12 billion US Dollar to 432.29 billion US Dollar. Certainly, there have been shifts in some sectors of the economy, but a minus of 3.5% is still comparatively good this year. Numerous countries suffered more substantial losses. The tourism sector alone slumped by around 78 percent. The unemployment rate rose from 8.5 to 9.7 percent.

Unemployment rates in percent 1991 - 2021

Economic performance 2020

 Nigeria
Total
Nigeria
per capita
EU
Total
EU
per capita
GDP432.29 bn USD2,097.09 USD15,291.93 tn USD29,710.69 USD
Gross national product412.81 bn USD2,002.55 USD15,330.84 tn USD29,786.28 USD


The two largest listed companies in Nigeria are Zenith Bank with a market capitalization of 1,644.00 bn dollars and Dangote Cement with 9,111.00 bn dollars. They are the only companies nationwide to be included in the list of Forbes Global 2000 in 2021. This independent list annually publishes the 2000 largest companies worldwide. Zenith Bank was ranked 1726th by Forbes and Dangote Cement was ranked 1963rd.

Development of the Gross domestic product in billion US Dollar 1960 - 2020



Im- and Exports 2020

 Nigeria
Total
Nigeria
per capita
EU
Total
EU
per capita
Imports72.18 bn USD350.14 USD7,340.01 bn USD14,260.90 USD
Exports39.94 bn USD193.74 USD7,939.04 bn USD15,424.75 USD


Development of imports and exports in billion US dollars 1977 - 2020

Exports
Imports



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