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Economic overview
Nigeria — 36 years of data
Historical Values
| Year | Value |
|---|---|
| 1990 | In 1989, despite rising oil prices, the economic performance failed to meet government expectations because of higher inflationary pressures fueled by a relatively poor agricultural performance. Agricultural production was up only 4% following a 10% decline in 1988, and manufacturing remained below the 1985 level with only a 6% increase. The government is continuing an economic adjustment program to reduce Nigeria's dependence on oil and to help create a basis for sustainable noninflationary gro |
| 1991 | Although Nigeria is Africa's leading oil-producing country, it remains poor with a $280 per capita GDP. In 1990, despite rising oil prices and a sharp drop in inflation, performance remained slack with continuing underutilization of industrial capacity and a second year of relatively weak agricultural performance. Agricultural production was up only 4.2% in 1990, still below the 1987 level. Industrial output showed a 7.2% increase, but remained below the 1985 level. Government efforts to reduce |
| 1992 | Although Nigeria is Africa's leading oil-producing country, it remains poor with a $250 per capita GDP. In 1991 massive government spending, much of it to help ensure a smooth transition to civilian rule, ballooned the budget deficit and caused inflation and interest rates to rise. The lack of fiscal discipline forced the IMF to declare Nigeria not in compliance with an 18-month standby facility started in January 1991. Lagos has set ambitious targets for expanding oil production capacity and is |
| 1993 | Although Nigeria is Africa's leading oil-producing country, it remains poor with a $300 per capita GDP. In 1991-92 massive government spending, much of it to help ensure a smooth transition to civilian rule, ballooned the budget deficit and caused inflation and interest rates to rise. The lack of fiscal discipline forced the IMF to declare Nigeria not in compliance with an 18-month standby facility started in January 1991. Lagos has set ambitious targets for expanding oil production capacity and |
| 1994 | The oil-rich Nigerian economy continues to be hobbled by poor macroeconomic management that has resulted in an average annual inflation rate of 60%, a growing foreign debt, and a worsening balance of payments. A deepening political crisis in 1993 has compounded the government's failure to reign in deficit spending, which prevents it from reaching an agreement with the IMF and its bilateral creditors on debt relief. Investment in both oil and non-oil sector industry has been undermined by corrupt |
| 1995 | The oil-rich Nigerian economy continues to be hobbled by political instability and poor macroeconomic management. Nigeria's unpopular military rulers show no sign of wanting to restore democratic civilian rule in the near future and appear divided on how to redress fundamental economic imbalances that cause troublesome inflation and the steady depreciation of the naira. The government's domestic and international arrears continue to limit economic growth - even in the oil sector - and prevent an |
| 1996 | The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. Nigeria's unpopular military rulers failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides almost all foreign exchange earnings and about 80% of budgetary revenues. Regime officials also appear divided on how to redress fundamental economic imbalances that result in troublesome inflation |
| 1997 | The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. Nigeria's unpopular military rulers have failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides half of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. Regime officials also appear divided on how to redress fundamental economic imbalances that result in troubl |
| 1998 | The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. Nigeria's unpopular military rulers have failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides 30% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The government's resistance to initiating greater transparency and accountability in managing the country's m |
| 1999 | The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. Nigeria's unpopular military rulers have failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides 30% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The government's resistance to initiating greater transparency and accountability in managing the country's m |
| 2000 | The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has not kept up with rapid popula |
| 2001 | The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid |
| 2002 | The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid |
| 2003 | The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid populatio |
| 2004 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid |
| 2005 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid |
| 2006 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with |
| 2007 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with |
| 2008 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with |
| 2009 | Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructu |
| 2010 | Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring d |
| 2011 | Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring d |
| 2012 | Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring |
| 2013 | Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring |
| 2014 | Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agricult |
| 2015 | Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2014 GDP estimated at US$479 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6%-8% per annum (pre-rebasing), driven by growth in agricult |
| 2016 | Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2015 GDP estimated at $1.1 trillion. Oil has been a dominant source of income and government revenues since the 1970s. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. Economic diversificatio |
| 2017 | Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; |
| 2018 | Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% |
| 2019 | Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% |
| 2020 | Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% |
| 2021 | Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% |
| 2022 | Nigeria is Sub Saharan Africa s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% |
| 2023 | largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to global energy price shocks; regional leader in critical infrastructure; primarily agrarian employment |
| 2024 | largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to global energy price shocks; regional leader in critical infrastructure; primarily agrarian employment |
| 2025 | largest African market economy; enormous but mostly lower middle income labor force; major oil exporter; key telecommunications and finance industries; susceptible to global energy price shocks; regional leader in critical infrastructure; primarily agrarian employment |