What is the GDP of Nigeria?

Nigeria's GDP is approximately $252.3 billion USD. The GDP growth rate is 4.1%.

What is the population of Nigeria?

Nigeria has a population of approximately 232.7 million people. The population growth rate is 2.1%.

What is the inflation rate in Nigeria?

The inflation rate in Nigeria is 33.2%.

What is the unemployment rate in Nigeria?

The unemployment rate in Nigeria is 3.1%.

What is the GDP per capita of Nigeria?

Nigeria's GDP per capita is approximately $1,084 USD.

Is Nigeria a good country to invest in?

Nigeria has an investment score of 32/100, classified as "Caution" risk. Key sectors include Energy (Oil & Gas), Technology (Fintech), Agriculture. Credit rating: B-.

How much foreign investment does Nigeria attract?

Foreign direct investment (FDI) in Nigeria is 0.4% of GDP. There may be opportunities for early-mover investors.

What are the main economic sectors in Nigeria?

Nigeria's economy is composed of services (54% of GDP), industry (18% of GDP), and agriculture (26% of GDP).

Can I start a business in Nigeria as a foreigner?

Nigeria offers various options for foreign entrepreneurs. Visit our business setup guide for Nigeria for detailed information on entity types, registration steps, costs, tax rates, and foreign ownership rules.

Is Nigeria's economy growing?

Nigeria's GDP growth rate is 4.1%. This is above the global average, indicating strong economic momentum.

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Nigeria Economy Overview

Name: NationsData World Economic Dataset
Creator: NationsData
License: https://datacatalog.worldbank.org/public-licenses#cc-by

Sub-Saharan AfricaLower MiddleCapital: AbujaNGA

Caution

B-

Growing

252.3B USD

GDP (Nominal)

Growing at 4.1%

$1,084

GDP Per Capita

Developing economy

232.7M

Population

+2.1% annual growth

High

33.2%

Inflation

Elevated

Trade Openness

0.4%of GDP

FDI Inflows

Public Debt

Low

3.1%

Unemployment

Trade Balance

Currency & Exchange Rate

Currency

₦ Nigerian Naira

NGN

Exchange Rate (1 USD)

₦1,550.00

+21.1% YoY(weakened)

5-Year Change

+306.8%

From ₦381.00

Regime & Controls

managed float

Capital controls: strict

GDP

Billion USD, nominal

$252.3B

2024-235.1B

GDP Growth

Annual %

4.1%

2024+0.8%

Inflation

Consumer prices, annual %

33.2%

2024+8.5%

Population

Millions

232.7M

2024+4.8M

Economic Structure

Services54%

Industry18%

Agriculture26%

Infrastructure30/100

Internet Speed

15 Mbps

Mobile: 12 Mbps

Logistics Index

2.5 /5.0

World Bank LPI

Electricity

35%

Reliability score

Connectivity

moderate

36% internet access

Investment Score Breakdown

Economic Health (30%)35

Political Safety (25%)18

Business Climate (20%)28

Financial Strength (15%)30

Growth Potential (10%)55

Key Sectors

Energy (Oil & Gas)

8% of GDP

declining

Technology (Fintech)

2% of GDP

growing

Agriculture

23% of GDP

stable

Telecom

3% of GDP

growing

Should I Invest in Nigeria?

CautionSetup: DifficultROI: Low

Nigeria scores 32/100 on the NationsData Investment Index, rated "Caution". Growth is subdued at 2.9%. Business setup takes approximately 49 days with a corporate tax rate of 30%.

Investment Score32/100

GDP Growth2.9%

Inflation22%

FDI/GDP0.8%

Public Debt40%

Political Stability-1.5

Corporate Tax30%

Ease of Business#131

Strengths

+Low public debt (40% of GDP) - fiscal headroom
+100% foreign ownership allowed - no local partner required

Risks

-Significant political instability - governance risks may affect business continuity
-High inflation (22%) - erodes margins and purchasing power
-Corruption is a significant concern - budget for compliance and due diligence

Best For

Mass-market consumer productsLabor-intensive manufacturing

Also Consider

Mauritania

Same region, similar income level, faster growth (4.5%)

Angola

Same region, similar income level

Ghana

Same region, similar income level

Congo

Same region, similar income level

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