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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 2021 was at about 12.259 USD per capita. GDP in Nigeria, on the other hand, reached USD 2.085 per capita, or 440.78 billion USD in the whole country. Nigeria is therefore currently ranked 30 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 134.
Inflation in Nigeria was in 2021 at around 16.95%. Within the EU, the average in the same year was 2.55%. In the United States, it was most recently 4.70%.
Compared with the USA, prices for daily consumer goods are around 58.2% 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

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. The consumer inflation rate has risen from 11.4% previously to 13.2% now.

Unemployment rates in percent 1991 - 2021

Economic performance 2021

 Nigeria
Total
Nigeria
per capita
EU
Total
EU
per capita
GDP440.78 bn USD2,085.03 USD17.09 tn USD33,228.68 USD
Gross national product444.04 bn USD2,100.47 USD16.78 tn USD32,621.03 USD

The largest company in Nigeria is Dangote Cement with a market capitalization of 11.68 trillion Dollar. It is the only company in the country to be included in the Forbes Global 2000 list in 2022. This independent list annually publishes the 2000 largest companies worldwide, with Dangote Cement Bank ranking 1841st last year.

Development of the Gross domestic product in billion US Dollar 1960 - 2021



Im- and Exports 2020

 Nigeria
Total
Nigeria
per capita
EU
Total
EU
per capita
Imports72.18 bn USD341.43 USD8,916.24 bn USD17,337.55 USD
Exports39.94 bn USD188.92 USD9,554.34 bn USD18,578.33 USD

Development of imports and exports in billions of USD 1977 - 2020
Exports
Imports

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