Indicators of economy in Nigeria

Impact of the COVID-19 pandemic

Overall, the gross domestic product in Nigeria in 2020 decreased moderatly from 448.12 billion US dollars to 432.20 billion US dollars. Certainly, there have been shifts in some sectors of the economy, but a drop of 3.6 percent 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 5.2 to 6.0 percent. The consumer inflation rate has risen from 11.4 percent previously to 13.2 percent now.

In 2021, there was already a recovery and the gross domestic product increased to 440.83 billion US dollars (=98.4% of 2019).

Income and purchasing power

The average monthly income in Nigeria is 173 US Dollar per capita. In the USA, the figure is 5,911 US Dollar. However, the prices of consumer goods are also around 58.2 percent lower than in the USA. If you compare income and price levels, the result is a more expensive life in Nigeria than in the United States. The bottom line is that the costs do not offset the lower income, and you get about 93.0 percent less.

However, it is also important to remember that this is a purely statistical model. Both the labor output and the type and quality of the goods received always correspond to the national average on both sides of the equation - so they do not necessarily have to match. Here you can also find an international comparison of cost of living and purchasing power.

Unemployment rates in percentages 1991 - 2021

Economic performance 2021

In the Global Innovation Index, Nigeria ranked 114th in 2022 with 16.9 points. The index is calculated annually by the World Intellectual Property Organization (WIPO) and most recently included 132 countries. The top country was Switzerland with 64.6 points. The largest company in Nigeria is Dangote Cement with a market capitalization of 11.677 trillion dollars. It is the only company in the country to be included in the Forbes Global 2000 list in 2022. This independent list publishes the 2000 largest companies worldwide annually, with Dangote Cement Bank ranking 1841st last year.

Development of gross domestic product in billions of USD 1960 - 2021