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The economy of Nigeria is a middle-income, mixed economy and emerging market [ 27 ][ 28 ] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. [ 29 ][ 30 ] It is ranked as the 53rd-largest economy in the world in terms of nominal GDP, the fourth largest in Africa and the 27th-largest in terms o...
Economic Overview. During 2015-2022, growth rates decreased and GDP per capita flattened, driven by policy missteps compounded by shocks.
Nigeria Economic Outlook. Recent macroeconomic and financial developments. economic growth in Nigeria slowed from 3.3% in 2022 to 2.9% in 2023 due to high inflation and sluggish growth in the global economy, which declined from 3.5% in 2022 to 3.2% in 2023.
In 2022, Nigeria's GDP was worth 252.7 billion U.S. dollars, while the gross domestic product per capita equalled 1,100 U.S. dollars. Nigeria has Africa’s largest population and is the...
Nigeria Global Economic Prospects examines trends for the world economy and how they affect developing countries. The report includes country-specific three-year forecasts for major macroeconomic indicators, including commodity and financial markets.
The Nigerian economy is one of the largest in Africa. Since the late 1960s it has been based primarily on the petroleum industry. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services.
The NDU assesses recent economic and social developments and prospects in Nigeria, and places these in a longer-term and global context. It also provides an in-depth examination of selected economic and policy issues and an analysis of Nigeria’s medium-term development challenges.
The Nigerian economy is expected to grow by 1.8% in 2021, though there is high uncertainty about the outlook. The recovery would be driven by rise in oil exports and in domestic demand.
Nigeria's Gross Domestic Product (GDP) grew by 5.01%(year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020. The Q2 2021 growth rate was higher than the -6.10% growth rate
GDP growth (annual %) - Nigeria. World Bank national accounts data, and OECD National Accounts data files. License : CC BY-4.0. LineBarMap. Also Show Share Details.