Key indicators of Nigeria's economy - Statistics & Facts
Nigeria is Africa's largest economy. Nigeria's economy is a mixed type, generally combining state-owned and private businesses. It is therefore classified as a blend. It is also defined as an emerging economy and it belongs to countries with lower middle-incomes. In 2022, Nigeria's GDP was worth 477 billion U.S. dollars, while the gross domestic product per capita equaled 2.33 thousand U.S. dollars. Nigeria is the 17th African country with the highest GDP per capita and first for total GDP. The GDP per capita is calculated by dividing a country’s GDP by its population. Therefore, a highly populated country with a low total GDP will have a low GDP per capita, while a small rich nation has a high GDP per capita. Nigeria has Africa’s largest population, so its wealth has to be divided into its big population. In fact, the GDP per capita also indicates how a country’s wealth reaches each of its citizens. As a consequence of the COVID-19 impact, Nigeria's Gross Domestic Product is estimated to have decreased by nearly 1.8 percent during 2020.
An important source of income in Nigeria is oil. Nearly 90 percent of all export value derives from the trading of mineral fuels, oils, and distillation products. Nigeria is one of the largest exporter of crude oil in terms of value, and has one of the main oil reserves in the world. A look at the growing export markets of Nigeria reveals that this sector experienced a decrease in terms of export value between 2018 and 2019. However, 2020 refrain the oil economy worldwide and so in Nigeria. The oil production has decreased due to the impact of COVID-19 and the related lower demand, which also has led prices to sink. Travel trestrinctions, bans, warnings as well as a restricted mobility imposed to limit the spread of coronavirus have turned the oil sector into one of the most impacted industries.
Nigeria recorded one of the highest inflation rates worldwide. In 2021, this figure peaked at over 17 percent in urban areas, whereas in rural areas the inflation rate was slightly lower. Data on CPI (Consumer Price Index) show that inflation keeps rising in the country. In the last months, the index reached 431 points. The CPI measures changes in the price level of the market basket of goods and services purchased by households. Therefore, an increasing CPI might indicate that the Nigerian purchase power is decreasing. The CPI of food in particular is even higher, peaking at over 500 points.
Governmental data from Nigeria report a very high unemployment rate. In 2020, the unemployment rate was 27 percent. The south-eastern states registered the highest unemployment rates nationwide. For instance, in Imo, Akwa Ibon, Rivers, and Delta, over 40 percent of the labor foruce is unemployed. However, Nigerian sources defines as unemployed labor force who did nothing or worked for less than 20 hours a week. According to the international methodology, the unemployment rate in Nigeria is around 12 percent. The international definition, instead, include people aged 15 years to 64 years old who were available for work, actively seeking work, but were unable to find work. Figures on wages in Nigeria show that the living wage for an individual in Nigeria amounts to roughly 113 U.S. dollars per month. In 2019, the minimum wage of 30 thousand Naira (about 77 U.S. dollars) became law.
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