Nigeria: Economic and Political Overview

In this page: Economic Indicators | Foreign Trade in Figures | Sources of General Economic Information | Political Outline | COVID-19 Country Response

Economic Indicators

Africa’s leading economy, Nigeria - in close competition with South Africa - has a population of more than 230.8 million people (CIA). Worldwide, it is the 39th-largest economy by GDP volume. However, Nigeria's economy is highly dependent on oil and is therefore very vulnerable to fluctuations in crude oil prices and production. If over the past decade economic growth reached 2.5% on average, the Covid-19 pandemic and the fall in oil prices caused the economy to contract in 2020. Nevertheless, economic growth rebounded in 2021 (+3.3%) and 2022 (+2.9%) supported by a buoyant services sector and increased revenues from oil and gas exports. According to the IMF, GDP growth reached 2.8% in 2023, slightly below population growth dynamics. Improved oil production and anticipated better harvest in the second half of the year are positive indicators for 2024 GDP growth, projected at 3.2%. However, challenges such as high inflation, naira weakness, and policy tightening are expected to pose obstacles.

The new government assumed office amid a challenging economic landscape characterized by sluggish growth, low revenue collection, escalating inflation, and persistent external imbalances accumulated over years. Encouragingly, recent enhancements in revenue collection and oil production have been observed. However, Nigeria's limited revenue mobilization continues to hinder the government's capacity to address shocks effectively and foster sustainable long-term development. Non-oil revenue collection saw a modest improvement of 0.8 percent of GDP in 2023, partly attributed to the depreciation of the naira. Fitch forecasted that the budget deficit narrowed by 0.2pp in 2023, reaching 5.2% of GDP, as robust non-oil revenue growth and the removal of fuel subsidies were counteracted by elevated capital spending and lower-than-expected oil profits from the Nigerian National Petroleum Corporation Limited. A 1.1% pp increase in government revenue was projected for 2023-2025, totaling 8.5% of GDP, supported by heightened government initiatives to boost non-oil tax revenue. This supported the forecast for the budget deficit/GDP to contract to 5.0% and 4.6% in 2024 and 2025, respectively. The debt-to-GDP ratio was estimated at 38.8% in 2023 by the IMF, with a relatively stable outlook over the forecast horizon. Nigeria's public debt (excluding CBN loans) maintained a relatively long average maturity of 9.7 years. The securitization of NGN23 trillion of CBN loans at a reduced interest rate of 9% contributed to managing general government interest expenses. However, with interest expenditure reaching nearly 42% of revenues, the overall interest burden remains elevated (Fitch Ratings). Nigeria's inherently high inflation surged further, averaging 25.5% year-on-year in the third quarter of 2023, up from 20.3% in the corresponding period of 2022. This increase was partly attributed to the removal of fuel subsidies and naira devaluation. Fitch anticipates inflation to ease to 21.1% in 2024 from an average of 24.8% in 2023, supported by reduced deficit monetization. Overall, fiscal consolidation, economic diversification, inclusive growth and security issues are the main priorities. The main obstacles to development in Nigeria are the inappropriate energy supply, deficient transport infrastructures, inefficient judiciary system, widespread corruption, together with high inflation. The gap between the official value of the naira and its value on the black market is substantial and the banking system is fragilized by the deteriorating quality of assets.

Despite the country's dynamism, the real challenge for Nigeria is the risk of a demographic explosion: according to the United Nations, the population of Nigeria could reach 730 million inhabitants in 2100. Concerns regarding this potential boom are exacerbated by the fact that half of the inhabitants live below the poverty line; pandemics are rampant (HIV, tuberculosis), infant mortality is high and the country struggles with significant levels of inequalities. According to the Nigerian Bureau of Statistics, unemployment stood at 5% in 2023; however, a high proportion of the active workforce is under-employed or employed in the informal sector. The overall GDP per capita was estimated at USD 5,884 in 2022 by the World Bank, but about 8% of Nigerians are deemed food insecure (IMF).

Main Indicators	2022	2023 (E)	2024 (E)	2025 (E)	2026 (E)
GDP (billions USD)	477.38	374.95	252.74	251.20	254.83
GDP (Constant Prices, Annual % Change)	3.3	2.9	3.3	3.0	3.0
GDP per Capita (USD)	2,202	1,688	1,110	1,077	1,066
General Government Gross Debt (in % of GDP)	39.4	46.3	46.6	46.8	46.6
Inflation Rate (%)	18.8	24.7	26.3	23.0	16.0
Unemployment Rate (% of the Labour Force)	0.0	0.0	0.0	0.0	0.0
Current Account (billions USD)	1.02	1.21	1.43	-0.15	-0.35
Current Account (in % of GDP)	0.2	0.3	0.6	-0.1	-0.1

Source: IMF – World Economic Outlook Database , Latest available data

Note: (e) Estimated Data

Main Sectors of Industry

The Nigerian economy is dominated by crude oil, which accounts for half of the government revenue and more than 75% of the country's total export earnings (Coface). Nigeria is among the first ten oil exporters, and its oil reserves are estimated at 37 billion barrels (OPEC). The country also has become one of the lead exporters of liquefied natural gas, which accounts for an additional 13% of exports (ITC). The country also extracts tin ore and coal for domestic use. Other natural resources include iron ore, limestone, niobium, lead, zinc and arable land.
Another key sector of the Nigerian economy is agriculture, which employs 38% of the workforce and contributes to about 23.7% of the GDP (World Bank). Crop production in Nigeria is dominated by food crops such as cassava, yams, maize, rice, sorghum, and millet, which are mainly grown by small-scale farmers. Other important crops grown in the country include cocoa, palm oil, rubber, groundnut, and cotton. Nigeria is the world's largest producer of cassava and the third-largest producer of tomatoes and groundnuts. The livestock sub-sector in Nigeria includes the production of cattle, sheep, goats, pigs, and poultry. The sector is also characterized by small-scale farmers, and the production is mainly for subsistence and commercial purposes. Nigerian agriculture is mainly centred on subsistence farming. According to the National Bureau of Statistics (NBS), the agricultural sector grew by 1.13% in 2023 in real terms compared to the 1.88% growth rate recorded in 2022.

The industrial sector makes up 30.8% of the GDP and employs 15% of the workforce. The largest subsector in the country is the petroleum industry, which currently suffers from oil theft that is believed to cost the country potential revenues valued as much as USD 11 billion. Significant oil losses are also recorded due to oil spills. The total annual contribution of oil to aggregate GDP as of Q3/2023 2022 was 5.48% (data NBS). The manufacturing sub-sector is the largest component of Nigeria's industrial sector and includes the production of textiles, food and beverages, chemicals, cement, paper, and automobiles. However, the sector has been facing challenges such as inadequate infrastructure, high production costs, and limited access to finance and raw materials. Overall, the manufacturing sector is estimated to account for 14% of GDP (World Bank). The construction industry in Nigeria is also a significant contributor to the industrial sector, driven by the demand for new infrastructure, housing, and commercial buildings. The sector has been growing rapidly in recent years, and the government has been investing in infrastructure projects such as roads, airports, and railways to support its development.

Services represent 44% of the GDP and employ 47% of the population. Financial sectors, telecommunications and retail especially, are very dynamic. The finance sub-sector is a significant component of Nigeria's services sector, driven by the growth of the banking industry, insurance, and capital markets. Nigeria's banking industry is one of the largest and most sophisticated in Africa, with local and international banks operating in the country. Tourism is also a significant sector, but it struggles due to the country's poor power supply, insufficient road infrastructure, and poor water quality. To address the challenges facing the services sector, the Nigerian government has implemented various policies and initiatives such as the National Digital Economy Policy and Strategy, the Nigerian Tourism Development Master Plan, and the Nigerian Postal Service Reform. These initiatives aim to promote digitalization, improve infrastructure, increase productivity, and create employment opportunities.

Breakdown of Economic Activity By Sector	Agriculture	Industry	Services
Employment By Sector (in % of Total Employment)	35.2	12.7	52.1
Value Added (in % of GDP)	23.7	30.8	44.0
Value Added (Annual % Change)	1.9	-4.6	6.7

Source: World Bank - Latest available data.

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Monetary Indicators	2016	2017	2018	2019	2020
Nigerian Naira (NGN) - Average Annual Exchange Rate For 1 MUR	7.13	8.85	9.02	9.15	9.07

Source: World Bank - Latest available data.

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Indicator of Economic Freedom

Definition

Definition:

The Economic freedom index measure ten components of economic freedom, grouped into four broad categories or pillars of economic freedom: Rule of Law (property rights, freedom from corruption); Limited Government (fiscal freedom, government spending); Regulatory Efficiency (business freedom, labour freedom, monetary freedom); and Open Markets (trade freedom, investment freedom, financial freedom). Each of the freedoms within these four broad categories is individually scored on a scale of 0 to 100. A country’s overall economic freedom score is a simple average of its scores on the 10 individual freedoms.

Score:: 58,7/100
World Rank:: 105
Regional Rank:: 13

Economic freedom in the world (interactive map)
Source: Index of Economic Freedom, Heritage Foundation

Business environment ranking

Definition

Definition:

The business rankings model measures the quality or attractiveness of the business environment in the 82 countries covered by The Economist Intelligence Unit’s Country Forecast reports. It examines ten separate criteria or categories, covering the political environment, the macroeconomic environment, market opportunities, policy towards free enterprise and competition, policy towards foreign investment, foreign trade and exchange controls, taxes, financing, the labour market and infrastructure.

Score:: 3.86/10
World Rank:: 78/82

Source: The Economist Intelligence Unit - Business Environment Rankings 2020-2024

Country Risk

See the country risk analysis provided by Coface.

Foreign Trade in Figures

Nigeria is relatively open to trade, which accounts for 26% of its GDP (World Bank, latest data available). The objective of Nigeria's trade policy is to promote and diversify its exports by reinforcing national competitiveness and encouraging liberalization through the reduction of subsidies. The country mainly exports petroleum oils and petroleum gas (mineral products account for 90% of total exports), and boats (3.4%); while imports are led by mineral products (40%), machinery (16.9%), chemical products (8.6%), and vehicles (6.5% - data National Bureau of Statistics 2022).

Nigeria's main export partners are India (12.6% of total exports), Spain (12%), the Netherlands (9.6%), the U.S. (6.8%), and France (5.8%). Its main suppliers are China (22.7% of total imports), the Netherlands (10.4%), India (7.9%), the United States (5.6%), and France (2.6% - data NBS 2022). Nigeria is a member of the World Trade Organization (WTO) and has signed several regional and bilateral trade agreements. The country is a member of the Economic Community of West African States (ECOWAS) and has signed the African Continental Free Trade Area (AfCFTA) agreement, which aims to create a single market for goods and services among African countries. The Nigerian government has implemented various measures to promote exports, such as the Export Expansion Grant (EEG) and the Nigerian Export Supervision Scheme (NESS). These measures aim to encourage non-oil exports, promote value addition, and increase competitiveness. Lingering barriers to trade and investment persist in the country, mainly due to long bureaucratic delays.

Nigeria’s trade balance is structurally positive, but it occasionally turns negative when oil prices and production drop. According to WTO data, in 2022, exports of goods amounted to USD 63 billion, whereas imports reached USD 60.3 billion (+34.5% and +16.3% y-o-y, respectively - WTO). Exports of services stood at USD 4.8 billion, while imports totaled USD 18.8 billion (WTO). According to preliminary figures from CBS, in 2023, total trade amounted to NGN 71,880.01 billion, with imports totaling N35,917.62 billion and exports reaching NGN 35,962.39 billion (+34.2% and +40.3% y-o-y, respectively).

Foreign Trade Indicators	2019	2020	2021	2022	2023
Imports of Goods (million USD)	55,257	35,740	51,880	60,351	45,946
Exports of Goods (million USD)	62,531	35,634	46,871	63,075	57,890
Imports of Services (million USD)	38,710	19,833	16,057	18,820	0
Exports of Services (million USD)	4,949	3,993	3,996	4,864	0
Imports of Goods and Services (Annual % Change)	27.3	-61.9	44.4	n/a	n/a
Exports of Goods and Services (Annual % Change)	15.0	-33.4	-32.1	n/a	n/a
Imports of Goods and Services (in % of GDP)	19.8	8.2	11.8	n/a	n/a
Exports of Goods and Services (in % of GDP)	14.2	8.1	10.7	n/a	n/a
Trade Balance (million USD)	2,868	-16,402	-4,562	5,998	n/a
Trade Balance (Including Service) (million USD)	-30,893	-32,241	-16,622	-7,958	n/a
Foreign Trade (in % of GDP)	34.0	16.4	22.6	n/a	n/a

Source: WTO – World Trade Organisation ; World Bank , Latest Available Data

Main Partner Countries

Main Customers (% of Exports)	2023
Netherlands	12.6%
Spain	9.4%
India	8.4%
United States	7.5%
Indonesia	6.5%
France	6.5%
Canada	5.9%
Ivory Coast	4.0%
United Kingdom	3.9%
South Africa	3.6%
Portugal	2.6%
China	2.5%
Türkiye	1.9%
Germany	1.5%
Senegal	1.4%
Brazil	1.3%
Sweden	1.2%
Poland	1.1%
South Korea	1.1%
Peru	1.0%
See More Countries	55.7%

Main Suppliers (% of Imports)	2023
China	18.4%
Singapore	14.3%
Belgium	9.4%
India	8.0%
United States	6.2%
Netherlands	5.0%
Malta	3.5%
South Korea	2.7%
Saudi Arabia	2.3%
Russia	2.3%
Brazil	2.3%
United Kingdom	1.9%
Germany	1.8%
United Arab Emirates	1.4%
Norway	1.3%
Türkiye	1.3%
France	1.3%
Latvia	1.1%
Spain	0.9%
Malaysia	0.9%
See More Countries	43.6%

Source: Comtrade, Latest Available Data

Main Products

65.1 bn USD of products exported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals, crude	80.6%
Petroleum gas and other gaseous hydrocarbonsPetroleum gas and other gaseous hydrocarbons	10.5%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg)	1.6%
Cocoa beans, whole or broken, raw or roastedCocoa beans, whole or broken, raw or roasted	1.0%
Other oil seeds and oleaginous fruits, whether or...Other oil seeds and oleaginous fruits, whether or not broken (excl. edible nuts, olives, soya beans, groundnuts, copra, linseed, rape or colza seeds and sunflower seeds)	0.7%
Coconuts, brazil nuts and cashew nuts, fresh or...Coconuts, brazil nuts and cashew nuts, fresh or dried, whether or not shelled or peeled	0.5%
Unwrought aluminiumUnwrought aluminium	0.4%
Soya beans, whether or not brokenSoya beans, whether or not broken	0.4%
Copper, refined, and copper alloys, unwrought ...Copper, refined, and copper alloys, unwrought (excl. copper alloys of heading 7405)	0.3%
Electrical energyElectrical energy	0.2%
Cut flowers and flower buds of a kind suitable for...Cut flowers and flower buds of a kind suitable for bouquets or for ornamental purposes, fresh, dried, dyed, bleached, impregnated or otherwise prepared	0.2%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form	0.2%
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	0.2%
Flours and meals of oil seeds or oleaginous fruits...Flours and meals of oil seeds or oleaginous fruits (excl. mustard)	0.2%
Unwrought lead :Unwrought lead :	0.2%
Oilcake and other solid residues, whether or not...Oilcake and other solid residues, whether or not ground or in the form of pellets, resulting from the extraction of soya-bean oil	0.2%
Tin ores and concentratesTin ores and concentrates	0.1%
Vessels and other floating structures for breaking...Vessels and other floating structures for breaking up	0.1%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods	0.1%
Cigars, cheroots, cigarillos and cigarettes of...Cigars, cheroots, cigarillos and cigarettes of tobacco or of tobacco substitutes	0.1%
Steam turbines and other vapour turbines; parts...Steam turbines and other vapour turbines; parts thereof	0.1%
Cocoa butter, fat and oilCocoa butter, fat and oil	0.1%
See More Products	5.5%

65.1 bn USD of products imported in 2023
Petroleum oils and oils obtained from bituminous...Petroleum oils and oils obtained from bituminous minerals (excl. crude); preparations containing >= 70% by weight of petroleum oils or of oils obtained from bituminous minerals, these oils being the basic constituents of the preparations, n.e.s.; waste oils containing mainly petroleum or bituminous minerals	32.9%
Tanks and other armoured fighting vehicles,...Tanks and other armoured fighting vehicles, motorised, whether or not fitted with weapons, and parts of such vehicles, n.e.s.	14.1%
Motor cars and other motor vehicles principally...Motor cars and other motor vehicles principally designed for the transport of persons, incl. station wagons and racing cars (excl. motor vehicles of heading 8702)	3.9%
Wheat and meslinWheat and meslin	3.4%
Cane or beet sugar and chemically pure sucrose, in...Cane or beet sugar and chemically pure sucrose, in solid form	1.6%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528)	1.2%
Medicaments consisting of mixed or unmixed...Medicaments consisting of mixed or unmixed products for therapeutic or prophylactic uses, put up in measured doses "incl. those in the form of transdermal administration" or in forms or packings for retail sale (excl. goods of heading 3002, 3005 or 3006)	1.0%
Frozen fish (excl. fish fillets and other fish...Frozen fish (excl. fish fillets and other fish meat of heading 0304)	0.9%
Polymers of ethylene, in primary formsPolymers of ethylene, in primary forms	0.9%
Turbojets, turbopropellers and other gas turbinesTurbojets, turbopropellers and other gas turbines	0.9%
Motor vehicles for the transport of goods, incl....Motor vehicles for the transport of goods, incl. chassis with engine and cab	0.9%
Machines and apparatus of a kind used solely or...Machines and apparatus of a kind used solely or principally for the manufacture of semiconductor boules or wafers, semiconductor devices, electronic integrated circuits or flat panel displays; machines and apparatus specified in note 9 c to chapter 84; parts and accessories, n.e.s.	0.8%
Motorcycles, incl. mopeds, and cycles fitted with...Motorcycles, incl. mopeds, and cycles fitted with an auxiliary motor, with or without side-cars; side-cars	0.8%
Taps, cocks, valves and similar appliances for...Taps, cocks, valves and similar appliances for pipes, boiler shells, tanks, vats or the like, incl. pressure-reducing valves and thermostatically controlled valves; parts thereof	0.7%
Insecticides, rodenticides, fungicides, herbicides...Insecticides, rodenticides, fungicides, herbicides, anti-sprouting products and plant-growth regulators, disinfectants and similar products, put up for retail sale or as preparations or articles, e.g. sulphur-treated bands, wicks and candles, and fly-papers	0.6%
Uncoated paper and paperboard, of a kind used for...Uncoated paper and paperboard, of a kind used for writing, printing or other graphic purposes, and non-perforated punchcards and punch-tape paper, in rolls or in square or rectangular sheets, of any size, and handmade paper and paperboard (excl. newsprint of heading 4801 and paper of heading 4803)	0.6%
Electrical transformers, static converters, e.g....Electrical transformers, static converters, e.g. rectifiers, and inductors; parts thereof	0.6%
Polymers of propylene or of other olefins, in...Polymers of propylene or of other olefins, in primary forms	0.6%
Malt extract; food preparations of flour, groats,...Malt extract; food preparations of flour, groats, meal, starch or malt extract, not containing cocoa or containing < 40% by weight of cocoa calculated on a totally defatted basis, n.e.s.; food preparations of milk, cream, butter milk, sour milk, sour cream, whey, yogurt, kephir, and similar goods of heading 0401 to 0404, not containing cocoa or containing < 5% by weight of cocoa calculated on a totally defatted basis, n.e.s.	0.5%
Electric generating sets and rotary convertersElectric generating sets and rotary converters	0.5%
Registers, account books, notebooks, order books,...Registers, account books, notebooks, order books, receipt books, letter pads, memorandum pads, diaries and similar articles, exercise books, blotting pads, binders, folders, file covers, manifold business forms, interleaved carbon sets and other articles of stationery, of paper or paperboard; albums for samples or for collections and book covers, of paper and paperboard	0.5%
Pumps for liquids, whether or not fitted with a...Pumps for liquids, whether or not fitted with a measuring device (excl. ceramic pumps and secretion aspirating pumps for medical use and medical pumps carried on or implanted in the body); liquid elevators (excl. pumps); parts thereof	0.4%
Parts and accessories for tractors, motor vehicles...Parts and accessories for tractors, motor vehicles for the transport of ten or more persons, motor cars and other motor vehicles principally designed for the transport of persons, motor vehicles for the transport of goods and special purpose motor vehicles of heading 8701 to 8705, n.e.s.	0.4%
Milk and cream, concentrated or containing added...Milk and cream, concentrated or containing added sugar or other sweetening matter	0.4%
Air conditioning machines comprising a...Air conditioning machines comprising a motor-driven fan and elements for changing the temperature and humidity, incl. those machines in which the humidity cannot be separately regulated; parts thereof	0.4%
Parts suitable for use solely or principally with...Parts suitable for use solely or principally with the machinery of heading 8425 to 8430, n.e.s.	0.4%
Monitors and projectors, not incorporating...Monitors and projectors, not incorporating television reception apparatus; reception apparatus for television, whether or not incorporating radio-broadcast receivers or sound or video recording or reproducing apparatus	0.4%
Machinery, plant or laboratory equipment whether...Machinery, plant or laboratory equipment whether or not electrically heated (excl. furnaces, ovens and other equipment of heading 8514), for the treatment of materials by a process involving a change of temperature such as heating, cooking, roasting, distilling, rectifying, sterilising, pasteurising, steaming, drying, evaporating, vaporising, condensing or cooling (excl. those used for domestic purposes); instantaneous or storage water heaters, non-electric; parts thereof	0.3%
Mixtures of odoriferous substances and mixtures,...Mixtures of odoriferous substances and mixtures, incl. alcoholic solutions, based on one or more of these substances, of a kind used as raw materials in industry; other preparations based on odoriferous substances, of a kind used for the manufacture of beverages	0.3%
Self-propelled bulldozers, angledozers, graders,...Self-propelled bulldozers, angledozers, graders, levellers, scrapers, mechanical shovels, excavators, shovel loaders, tamping machines and roadrollers	0.3%
Petroleum coke, petroleum bitumen and other...Petroleum coke, petroleum bitumen and other residues of petroleum oil or of oil obtained from bituminous minerals, n.e.s.	0.3%
Food preparations, n.e.s.Food preparations, n.e.s.	0.3%
Air or vacuum pumps (excl. gas compound elevators...Air or vacuum pumps (excl. gas compound elevators and pneumatic elevators and conveyors); air or other gas compressors and fans; ventilating or recycling hoods incorporating a fan, whether or not fitted with filters; parts thereof	0.3%
Centrifuges, incl. centrifugal dryers (excl. those...Centrifuges, incl. centrifugal dryers (excl. those for isotope separation); filtering or purifying machinery and apparatus, for liquids or gases; parts thereof (excl. artificial kidneys)	0.3%
Gypsum; anhydrite; plasters consisting of calcined...Gypsum; anhydrite; plasters consisting of calcined gypsum or calcium sulphate, whether or not coloured, with or without small quantities of accelerators or retarders	0.3%
Machinery for sorting, screening, separating,...Machinery for sorting, screening, separating, washing, crushing, grinding, mixing or kneading earth, stone, ores or other mineral substances, in solid, incl. powder or paste, form; machinery for agglomerating, shaping or moulding solid mineral fuels, ceramic paste, unhardened cements, plastering materials or other mineral products in powder or paste form; machines for forming foundry moulds of sand; parts thereof	0.3%
New pneumatic tyres, of rubberNew pneumatic tyres, of rubber	0.3%
Machinery for working rubber or plastics or for...Machinery for working rubber or plastics or for the manufacture of products from these materials, not specified or included elsewhere in this chapter, parts thereof	0.3%
Polyacetals, other polyethers and epoxide resins,...Polyacetals, other polyethers and epoxide resins, in primary forms; polycarbonates, alkyd resins, polyallyl esters and other polyesters, in primary forms	0.3%
Structures and parts of structures "e.g., bridges...Structures and parts of structures "e.g., bridges and bridge-sections, lock-gates, towers, lattice masts, roofs, roofing frameworks, doors and windows and their frames and thresholds for doors, shutters, balustrades, pillars and columns", of iron or steel; plates, rods, angles, shapes, sections, tubes and the like, prepared for use in structures, of iron or steel (excl. prefabricated buildings of heading 9406)	0.3%
Palm oil and its fractions, whether or not refined...Palm oil and its fractions, whether or not refined (excl. chemically modified)	0.3%
Lenses, prisms, mirrors and other optical elements...Lenses, prisms, mirrors and other optical elements, of any material, mounted, being parts of or fittings for instruments or apparatus (excl. such elements of glass not optically worked)	0.3%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s.	0.3%
Refrigerators, freezers and other refrigerating or...Refrigerators, freezers and other refrigerating or freezing equipment, electric or other; heat pumps; parts thereof (excl. air conditioning machines of heading 8415)	0.3%
Machines and mechanical appliances having...Machines and mechanical appliances having individual functions, not specified or included elsewhere in this chapter; parts thereof	0.3%
Malt, whether or not roastedMalt, whether or not roasted	0.3%
Sheets for veneering, incl. those obtained by...Sheets for veneering, incl. those obtained by slicing laminated wood, for plywood or for other similar laminated wood and other wood, sawn lengthwise, sliced or peeled, whether or not planed, sanded, spliced or end-jointed, of a thickness of <= 6 mm	0.3%
Polymers of vinyl chloride or of other halogenated...Polymers of vinyl chloride or of other halogenated olefins, in primary forms	0.3%
Boards, panels, consoles, desks, cabinets and...Boards, panels, consoles, desks, cabinets and other bases, equipped with two or more apparatus of heading 8535 or 8536, for electric control or the distribution of electricity, incl. those incorporating instruments or apparatus of chapter 90, and numerical control apparatus (excl. switching apparatus for line telephony or line telegraphy)	0.2%
Oxygen-function amino-compoundsOxygen-function amino-compounds	0.2%
Mineral or chemical nitrogenous fertilisers (excl....Mineral or chemical nitrogenous fertilisers (excl. those in pellet or similar forms, or in packages with a gross weight of <= 10 kg)	0.2%
Tubes, pipes and hollow profiles, seamless, of...Tubes, pipes and hollow profiles, seamless, of iron or steel (excl. products of cast iron)	0.2%
Parts of aircraft and spacecraft of heading 8801...Parts of aircraft and spacecraft of heading 8801 or 8802, n.e.s.	0.2%
Dishwashing machines; machinery for cleaning or...Dishwashing machines; machinery for cleaning or drying bottles or other containers; machinery for filling, closing, sealing or labelling bottles, cans, boxes, bags or other containers; machinery for capsuling bottles, jars, tubes and similar containers; other packing or wrapping machinery, incl. heat-shrink wrapping machinery; machinery for aerating beverages; parts thereof	0.2%
Transmission shafts, incl. camshafts and...Transmission shafts, incl. camshafts and crankshafts, and cranks; bearing housings and plain shaft bearings for machines; gears and gearing; ball or roller screws, gear boxes and other speed changers, incl. torque converters; flywheels and pulleys, incl. pulley blocks, clutches and shaft couplings, incl. universal joints; parts thereof	0.2%
Bread, pastry, cakes, biscuits and other bakers'...Bread, pastry, cakes, biscuits and other bakers' wares, whether or not containing cocoa; communion wafers, empty cachets of a kind suitable for pharmaceutical use, sealing wafers, rice paper and similar products	0.2%
Electric motors and generators (excl. generating...Electric motors and generators (excl. generating sets)	0.2%
Other vegetables prepared or preserved otherwise...Other vegetables prepared or preserved otherwise than by vinegar or acetic acid, not frozen (excl. preserved by sugar, and tomatoes, mushrooms and truffles)	0.2%
Insulated "incl. enamelled or anodised" wire,...Insulated "incl. enamelled or anodised" wire, cable "incl. coaxial cable" and other insulated electric conductors, whether or not fitted with connectors; optical fibre cables, made up of individually sheathed fibres, whether or not assembled with electric conductors or fitted with connectors	0.2%
Lifting, handling, loading or unloading machinery,...Lifting, handling, loading or unloading machinery, e.g. lifts, escalators, conveyors, teleferics (excl. pulley tackle and hoists, winches and capstans, jacks, cranes of all kinds, mobile lifting frames and straddle carriers, works trucks fitted with a crane, fork-lift trucks and other works trucks fitted with lifting or handling equipment)	0.2%
Plates, sheets and strip, of aluminium, of a...Plates, sheets and strip, of aluminium, of a thickness of > 0,2 mm (excl. expanded plates, sheets and strip)	0.2%
Machines for cleaning, sorting or grading seed,...Machines for cleaning, sorting or grading seed, grain or dried leguminous vegetables; machinery used in the milling industry or for the working of cereals or dried leguminous vegetables (excl. farm-type machinery, heat treatment equipment, centrifugal dryers and air filters); parts thereof	0.2%
Carbonates; peroxocarbonates "percarbonates";...Carbonates; peroxocarbonates "percarbonates"; commercial ammonium carbonate containing ammonium carbamate	0.2%
Discs, tapes, solid-state non-volatile storage...Discs, tapes, solid-state non-volatile storage devices, "smart cards" and other media for the recording of sound or of other phenomena, whether or not recorded, incl. matrices and masters for the production of discs (excl. products of chapter 37)	0.2%
Machinery for making up paper pulp, paper or...Machinery for making up paper pulp, paper or paperboard, incl. cutting machines of all kinds, n.e.s.; parts thereof	0.2%
Machinery, not specified or included elsewhere in...Machinery, not specified or included elsewhere in this chapter, for the industrial preparation or manufacture of food or drink (other than machinery for the extraction or preparation of animal or fixed vegetable fats or oils); parts thereof	0.2%
Ceramic sinks, washbasins, washbasin pedestals,...Ceramic sinks, washbasins, washbasin pedestals, baths, bidets, water closet pans, flushing cisterns, urinals and similar sanitary fixtures (excl. soap dishes, sponge holders, tooth-brush holders, towel hooks and toilet paper holders)	0.2%
Unmanufactured tobacco; tobacco refuseUnmanufactured tobacco; tobacco refuse	0.2%
Undenatured ethyl alcohol of an alcoholic strength...Undenatured ethyl alcohol of an alcoholic strength of >= 80%; ethyl alcohol and other spirits, denatured, of any strength	0.2%
Electric accumulators, incl. separators therefor,...Electric accumulators, incl. separators therefor, whether or not square or rectangular; parts thereof (excl. spent and those of unhardened rubber or textiles)	0.2%
Babies' garments and clothing accessories, knitted...Babies' garments and clothing accessories, knitted or crocheted (excl. hats)	0.2%
Tractors (other than tractors of heading 8709)Tractors (other than tractors of heading 8709)	0.2%
Fish, fit for human consumption, dried, salted or...Fish, fit for human consumption, dried, salted or in brine; smoked fish, fit for human consumption, whether or not cooked before or during the smoking process; flours, meals and pellets of fish, fit for human consumption	0.2%
Raw hides and skins of bovine "incl. buffalo" or...Raw hides and skins of bovine "incl. buffalo" or equine animals, fresh, or salted, dried, limed, pickled or otherwise preserved, whether or not dehaired or split (excl. tanned, parchment-dressed or further prepared)	0.2%
Animal or vegetable fats and oils and their...Animal or vegetable fats and oils and their fractions, partly or wholly hydrogenated, inter-esterified, re-esterified or elaidinised, whether or not refined, but not further prepared	0.2%
Powered aircraft "e.g. helicopters and aeroplanes...Powered aircraft "e.g. helicopters and aeroplanes"; spacecraft, incl. satellites, and suborbital and spacecraft launch vehicles	0.1%
Plates, sheets, film, foil and strip, of...Plates, sheets, film, foil and strip, of non-cellular plastics, not reinforced, laminated, supported or similarly combined with other materials, without backing, unworked or merely surface-worked or merely cut into squares or rectangles (excl. self-adhesive products, and floor, wall and ceiling coverings of heading 3918)	0.1%
Chemical wood pulp, soda or sulphate (excl....Chemical wood pulp, soda or sulphate (excl. dissolving grades)	0.1%
Nonwovens, whether or not impregnated, coated,...Nonwovens, whether or not impregnated, coated, covered or laminated, n.e.s.	0.1%
Prepared binders for foundry moulds or cores;...Prepared binders for foundry moulds or cores; chemical products and preparations for the chemical or allied industries, incl. mixtures of natural products, n.e.s.	0.1%
Cereal flours (excl. wheat or meslin)Cereal flours (excl. wheat or meslin)	0.1%
Articles of iron or steel, n.e.s. (excl. cast...Articles of iron or steel, n.e.s. (excl. cast articles)	0.1%
Instruments and appliances used in medical,...Instruments and appliances used in medical, surgical, dental or veterinary sciences, incl. scintigraphic apparatus, other electro-medical apparatus and sight-testing instruments, n.e.s.	0.1%
Petroleum jelly, paraffin wax, micro- crystalline...Petroleum jelly, paraffin wax, micro- crystalline petroleum wax, slack wax, ozokerite, lignite wax, peat wax, other mineral waxes, and similar products obtained by synthesis or by other processes, whether or not coloured	0.1%
Artificial filament tow as specified in note 1 to...Artificial filament tow as specified in note 1 to chapter 55	0.1%
Motor vehicles for the transport of >= 10 persons,...Motor vehicles for the transport of >= 10 persons, incl. driver	0.1%
Prepared pigments, prepared opacifiers and...Prepared pigments, prepared opacifiers and prepared colours, vitrifiable enamels and glazes, engobes, liquid lustres and similar preparations of a kind used in the ceramic, enamelling or glass industry; glass frit and other glass in the form of powder, granules or flakes	0.1%
Apparatus and equipment for photographic or...Apparatus and equipment for photographic or cinematographic laboratories, not elsewhere specified in chapter 90; negatoscopes; projection screens	0.1%
Special purpose motor vehicles (other than those...Special purpose motor vehicles (other than those principally designed for the transport of persons or goods), e.g. breakdown lorries, crane lorries, fire fighting vehicles, concrete-mixer lorries, road sweeper lorries, spraying lorries, mobile workshops and mobile radiological units	0.1%
Tube or pipe fittings "e.g. couplings, elbows,...Tube or pipe fittings "e.g. couplings, elbows, sleeves", of iron or steel	0.1%
Sodium hydroxide "caustic soda", potassium...Sodium hydroxide "caustic soda", potassium hydroxide "caustic potash"; peroxides of sodium or potassium	0.1%
Saturated acyclic monocarboxylic acids and their...Saturated acyclic monocarboxylic acids and their anhydrides, halides, peroxides and peroxyacids; their halogenated, sulphonated, nitrated or nitrosated derivatives	0.1%
Printing machinery used for printing by means of...Printing machinery used for printing by means of plates, cylinders and other printing components of heading 8442 (excl. hectograph or stencil duplicating machines, addressing machines and other office printing machines of heading 8469 to 8472); other printers, copying machines and facsimile machines, whether or not combined; parts thereof	0.1%
Gaskets and similar joints of metal sheeting...Gaskets and similar joints of metal sheeting combined with other material or of two or more layers of metal; sets or assortments of gaskets and similar joints, dissimilar in composition, put up in pouches, envelopes or similar packings; mechanical seals	0.1%
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof	0.1%
Compounds with other nitrogen function (excl....Compounds with other nitrogen function (excl. amine-function compounds; oxygen-function amino-compounds; quaternary ammonium salts and hydroxides; lecithin and other phosphoaminolipids; carboxyamide-function compounds; amide-function compounds of carbonic acid; carboxyimide-function, imine-function or nitrile-function compounds; diazo-, azo- or azoxy-compounds; organic derivatives of hydrazine or of hydroxylamine)	0.1%
Paper, paperboard, cellulose wadding and webs of...Paper, paperboard, cellulose wadding and webs of cellulose fibres, coated, impregnated, covered, surface-coloured, surface-decorated or printed, in rolls or in square or rectangular sheets, of any size (excl. goods of heading 4803, 4809 and 4810)	0.1%
Trailers and semi-trailers; other vehicles, not...Trailers and semi-trailers; other vehicles, not mechanically propelled (excl. railway and tramway vehicles); parts thereof, n.e.s.	0.1%
Measuring or checking instruments, appliances and...Measuring or checking instruments, appliances and machines not elsewhere specified in chapter 90; profile projectors	0.1%
Moulding boxes for metal foundry; mould bases;...Moulding boxes for metal foundry; mould bases; moulding patterns; moulds for metal (other than ingot moulds), metal carbides, glass, mineral materials, rubber or plastics (excl. moulds of graphite or other carbons, ceramic or glass moulds and linotype moulds or matrices)	0.1%
Cruise ships, excursion boats, ferry-boats, cargo...Cruise ships, excursion boats, ferry-boats, cargo ships, barges and similar vessels for the transport of persons or goods	0.1%
See More Products	44.1%

Source: Comtrade, Latest Available Data

To go further, check out our service Import-Export Flows.

Main Services

4.9 bn USD of services exported in 2022
TransportationTransportation	41.59%
TravelTravel +	23.17%
Personal travelPersonal travel	23.17%
Financial servicesFinancial services	16.51%
Government servicesGovernment services	9.37%
Computer and information servicesComputer and information services	5.41%
Insurance servicesInsurance services	2.27%
Other business servicesOther business services	1.68%

18.8 bn USD of services imported in 2022
TransportationTransportation	46.78%
TravelTravel +	21.49%
Personal travelPersonal travel	19.92%
Business travelBusiness travel	1.57%
Other business servicesOther business services	19.59%
Insurance servicesInsurance services	3.72%
Computer and information servicesComputer and information services	2.97%
Financial servicesFinancial services	2.29%
Government servicesGovernment services	1.70%
Royalties and license feesRoyalties and license fees	1.34%
Cultural and recreational servicesCultural and recreational services	0.10%
Construction servicesConstruction services	n/a%

Source: United Nations Statistics Division, Latest Available Data

Sources of General Economic Information

Ministries: Ministry of Finance
Ministry of Industry, Trade & Investment
Statistical Office: National Bureau of Statistics
Central Bank: Central Bank
Stock Exchange: Nigerian Stock Exchange
Search Engines: Naijoo
Economic Portals: Proshare Nigeria
Nigeria Galleria

Political Outline

Current Political Leaders: President and Head of Government: Bola Ahmed Adekunle TINUBU (since 29 May 2023)
Vice President: Kashim SHETTIMA (since 29 May 2023)
Next Election Dates: Presidential election: February 2027
Parliamentary election: February 2027
Main Political Parties: Nigeria's main political parties include:
- All Progressives Congress (APC): socialist; in the 2023 general election, its candidate Bola Tinubu won the presidential election
- People's Democratic Party (PDP): centre-right, typically attracts national support holding more than half of parliamentary seats
- Labour Party (LP): centre-left
- New Nigeria People's Party: populist
- All Progressives Grand Alliance (APGA): progressive
- Social Democratic Party (SDP): centre-left, moderate
- African Democratic Congress (ADC): centre-left
- Young Progressive Party (YPP): social democracy.
Type of State: Federal presidential republic.
Executive Power: The President of the Republic is both the Head of State and Head of Government. The President is elected by popular vote for a four-year term, renewable once.
The president directs the executive branch of the federal government and is the commander-in-chief of the Nigerian armed forces.
Legislative Power: The two-chamber National Assembly consists of the Senate (109 seats: three per state plus one for the capital Abuja), whose members are elected by popular vote for a four-year term, and the House of Representatives (up to 360 seats), whose members are also elected by popular vote for a four-year term. Each federal state has its own legislative body and a governor elected for four years by vote. The laws vary significantly among the states, particularly due to the application of Sharia law in some of them.

Indicator of Freedom of the Press

Definition

Definition:

The world rankings, published annually, measures violations of press freedom worldwide. It reflects the degree of freedom enjoyed by journalists, the media and digital citizens of each country and the means used by states to respect and uphold this freedom. Finally, a note and a position are assigned to each country. To compile this index, Reporters Without Borders (RWB) prepared a questionnaire incorporating the main criteria (44 in total) to assess the situation of press freedom in a given country. This questionnaire was sent to partner organisations,150 RWB correspondents, journalists, researchers, jurists and human rights activists. It includes every kind of direct attacks against journalists and digital citizens (murders, imprisonment, assault, threats, etc.) or against the media (censorship, confiscation, searches and harassment etc.).

World Rank:: 120/180
Evolution:: 115/180

Indicator of Political Freedom

Definition

Definition:

The Indicator of Political Freedom provides an annual evaluation of the state of freedom in a country as experienced by individuals. The survey measures freedom according to two broad categories: political rights and civil liberties. The ratings process is based on a checklist of 10 political rights questions (on Electoral Process, Political Pluralism and Participation, Functioning of Government) and 15 civil liberties questions (on Freedom of Expression, Belief, Associational and Organizational Rights, Rule of Law, Personal Autonomy and Individual Rights). Scores are awarded to each of these questions on a scale of 0 to 4, where a score of 0 represents the smallest degree and 4 the greatest degree of rights or liberties present. The total score awarded to the political rights and civil liberties checklist determines the political rights and civil liberties rating. Each rating of 1 through 7, with 1 representing the highest and 7 the lowest level of freedom, corresponds to a range of total scores.

Ranking:: Partly Free
Political Freedom:: 4/7
Civil Liberties:: 25/60

Political freedom in the world (interactive map)
Source: Freedom in the World Report, Freedom House

COVID-19 Country Response

Travel restrictions: Regularly updated travel information for all countries with regards to Covid-19 related entry regulations, flight bans, test and vaccines requirements is available on TravelDoc Infopage.
To find information about the current travel regulations, including health requirements, it is also advised to consult Travel Regulations Map provided and updated on a daily basis by IATA.
Import & export restrictions: A general overview of trade restrictions which were adopted by different countries during the COVID-19 pandemic is available on the International Trade Centre's COVID-19 Temporary Trade Measures webpage.
Economic recovery plan: For the general overview of the key economic policy responses to the COVID-19 pandemic (fiscal, monetary and macroeconomic) undertaken by the government of Nigeria, please consult the country's dedicated section in the IMF’s Policy Tracker platform.
Support plan for businesses: For an evaluation of impact of the Covid pandemic on SMEs and an inventory of country responses to foster SME resilience, refer to the OECD's SME Covid-19 Policy Responses document.
You can also consult the World Bank's Map of SME-Support Measures in Response to COVID-19.

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