Nigeria: economy

What is Nigeria's GDP growth rate?

Nigeria's real GDP grew 4.43% year on year in the second quarter of 2026, up from 4.23% in the second quarter of 2025, according to the National Bureau of Statistics (NBS), released on 31 August 2026. Growth in the first quarter of 2026 was 3.89%. Nominal GDP in the quarter was ₦119.29 trillion, 18.43% higher than a year earlier.

The headline rate compares real output, with price changes removed, against the same quarter of the previous year, so it is not seasonally adjusted. By sector, agriculture grew 4.39%, industry 3.96% and services 4.60%. Services made up 56.62% of GDP in the quarter.

Official sources: NBS: GDP Report Q2 2026

How much oil does Nigeria produce?

Nigeria produced an average of 1.72 million barrels of oil a day in the second quarter of 2026, according to the NBS GDP report, up from 1.68 million barrels a day in the second quarter of 2025 and 1.55 million in the first quarter of 2026.

The NBS figure covers crude oil and condensate and is the production volume used to estimate the oil sector's contribution to GDP. Monthly production by terminal is published by the Nigerian Upstream Petroleum Regulatory Commission. Oil output moves with pipeline security, maintenance and OPEC production quotas, so quarter-to-quarter swings can be large.

Official sources: NBS: GDP Report Q2 2026

How fast is Nigeria's non-oil economy growing?

Nigeria's non-oil sector grew 4.31% in real terms in the second quarter of 2026, compared with the same quarter of 2025, according to the NBS GDP report. Overall real GDP grew 4.43% in the quarter.

The non-oil sector covers everything except crude petroleum and natural gas: agriculture, manufacturing, trade, telecommunications, finance, real estate and other services. It makes up most of Nigeria's GDP, so headline growth is driven mainly by these activities. When oil output rises faster than the rest of the economy, as it did in this quarter, total GDP growth comes in above non-oil growth.

Official sources: NBS: GDP Report Q2 2026

Does Nigeria have a trade surplus?

Nigeria recorded a merchandise trade surplus of ₦12.60 trillion in the second quarter of 2026, up 101.32% from a year earlier, according to the NBS Foreign Trade in Goods report, released on 7 September 2026. Exports were ₦27.02 trillion, up 18.77%, and imports were ₦14.42 trillion, down 12.55%.

The figures are in naira at current prices, so exchange rate movements affect them as well as volumes. Crude oil exports were ₦12.91 trillion, or 47.79% of all exports. The report covers goods only; trade in services and income flows appear in the Central Bank of Nigeria's balance of payments statistics.

Official sources: NBS: Foreign Trade in Goods Statistics Q2 2026

Who buys Nigeria's exports?

India was the largest buyer of Nigeria's exports in the second quarter of 2026, followed by Spain, the Netherlands, the United States and Togo, according to the NBS Foreign Trade in Goods report. China was the largest source of Nigeria's imports. Total exports in the quarter were ₦27.02 trillion.

Crude oil made up 47.79% of exports, so the ranking of partners largely follows where Nigerian crude is shipped and refined. The NBS also publishes trade with regional blocs, including ECOWAS and the rest of Africa. Partner rankings can change from quarter to quarter as cargoes shift between buyers.

Official sources: NBS: Foreign Trade in Goods Statistics Q2 2026

What is Nigeria's core inflation rate?

Nigeria's core inflation rate, which excludes farm produce and energy, was 13.29% year on year in August 2026, down from 22.93% in August 2025, according to the NBS Consumer Price Index report, released on 15 September 2026. Headline inflation was 15.39%.

Core inflation removes the most volatile prices to show underlying price pressure. The CPI was rebased to 2024=100 in 2025, so comparisons with rates published before the rebasing should be made with care. The September 2026 CPI is due from the NBS in mid-October.

Official sources: NBS: Consumer Price Index, August 2026

How fast is Nigeria's economy growing?

In 2025, real GDP growth in Nigeria was 4.0%, according to the World Bank. Since 2005 it has ranged from -6.4% (2020) to 8.0% (2009). Across Sub-Saharan Africa the middle value was 4.6%, and Nigeria placed 28th highest of 46. World rank, highest first: 69th of 180.

What is Nigeria's GDP per person?

The latest figure from the World Bank, for 2025, is $1,224. The peak was $3,190 in 2019 and the low $1,084 in 2024. It is 26th highest of 46 in Sub-Saharan Africa, where the median is $1,351. World rank, highest first: 160th of 180.

What is Nigeria's GDP per capita at PPP?

The World Bank puts GDP per person at purchasing power parity in Nigeria at $9,532 in international dollars in 2025. That is the highest since at least 2005. Sub-Saharan Africa median: $4,425 in international dollars; Nigeria is 11th highest of 46. Worldwide: 124th of 179.

Does Nigeria have a current account surplus or deficit?

According to the IMF, the current account balance in Nigeria was 4.8% of GDP in 2025. Its high point since 2005 was 2005, at 20.8% of GDP; its low point was 2015, at -3.1% of GDP. Across Sub-Saharan Africa the middle value was -3.6% of GDP, and Nigeria placed 2nd highest of 20. Of 132 countries with 2025 data, 23rd highest.

How much foreign direct investment goes into Nigeria?

According to the IMF, net inflows of foreign direct investment in Nigeria was 1.4% of GDP in 2025. Since 2005 it has ranged from -0.0% of GDP (2022) to 2.9% of GDP (2009). Across Sub-Saharan Africa the middle value was 2.0% of GDP, and Nigeria placed 32nd highest of 46. Worldwide: 113th of 179.

How high are loan rates in Nigeria?

The latest figure from the IMF, for 2025, is 18.5%. Its high point since 2005 was 2009, at 19.0%; its low point was 2021, at 11.5%. Sub-Saharan Africa median: 17.6%; Nigeria is 7th highest of 16. World rank, highest first: 11th of 73.