| variable | 1980-1989 | 1990-1999 | 2000-2007 | 2008-2009 | 2010-2019 | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|---|---|---|---|---|
| real gdp growth | - | 2.09 | 8.68 | 9.85 | 2.05 | 3.3 | 4.1 | 4.0 | 4.1 | 4.3 |
| CPI % | - | 12.28 | 12.99 | 13.1 | 11.74 | 24.7 | 33.2 | 23.0 | 16.0 | 15.9 |
| Unemployment rate | - | - | - | 5.1 | 12.11 | - | - | - | - | - |
| Debt/GDP % | 50.9 | 35.51 | 19.32 | 6.4 | 17.15 | 36.3 | 39.3 | 35.5 | 32.3 | 33.1 |
| Current account balance/GDP % | 5.7 | 0.88 | 6.9 | 2.9 | 0.49 | 1.3 | 6.8 | 5.1 | 5.8 | 3.1 |
Data derived from World Economic Outlook Database. To see main macroeconomic indicator in graphs click here
In ancient and pre-colonial times, the area of present-day Nigeria was occupied by a variety of ethnic groups with different languages and traditions. These included large Islamic kingdoms such as Borno, Kano, and the Sokoto Caliphate dominating the north, the Benin and Oyo Empires that controlled much of modern western Nigeria, and more decentralized political entities and city states in the south and southeast. In 1914, the British amalgamated their separately administered northern and southern territories into a Colony and Protectorate of Nigeria. Nigeria achieved independence from Britain in 1960 and transitioned to a federal republic with three constituent states in 1963 under President Nnamdi AZIKIWE. This structure served to enflame regional and ethnic tension, contributing to a bloody coup led by predominately southeastern military officers in 1966 and a countercoup later that year masterminded by northern officers. In the aftermath of this tension, the governor of Nigeria’s Eastern Region, centered on the southeast, declared the region independent as the Republic of Biafra. The ensuring civil war (1967-1970), resulted in more than a million deaths, many from starvation. While the war forged a stronger Nigerian state and national identity, it contributed to long-lasting mistrust of the southeast’s predominantly Igbo population. Wartime military leader Yakubu GOWON ruled until a bloodless coup by frustrated junior officers in 1975. This generation of officers, including Olusegun OBASANJO, Ibrahim BABANGIDA, and Muhammadu BUHARI, who would all later serve as president, continue to exert significant influence in Nigeria to the present day. Military rule predominated until the first durable transition to civilian government and adoption of a new constitution in 1999. The elections of 2007 marked the first civilian-to-civilian transfer of power in the country's history. National and state elections in 2011 and 2015 were generally regarded as credible. The 2015 election was also heralded for the fact that the then-umbrella opposition party, the All Progressives Congress, defeated the long-ruling (since 1999) People's Democratic Party and assumed the presidency, marking the first peaceful transfer of power from one party to another. Presidential and legislative elections in 2019 and 2023 were deemed broadly free and fair despite voting irregularities, intimidation, and violence. The government of Africa's most populous nation continues to face the daunting task of institutionalizing democracy and reforming a petroleum-based economy whose revenues have been squandered through decades of corruption and mismanagement. In addition, Nigeria faces increasing violence from Islamic terrorism, largely in the northeast, large scale criminal banditry, secessionist violence in the southeast, and competition over land and resources nationwide.
Area: 923,768 sq km km2
Climate: varies; equatorial in south, tropical in center, arid in north
Natural resources: natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land
Groups: Hausa 30%, Yoruba 15.5%, Igbo (Ibo) 15.2%, Fulani 6%, Tiv 2.4%, Kanuri/Beriberi 2.4%, Ibibio 1.8%, Ijaw/Izon 1.8%, other 24.9% (2018 est.)
Languages:
Religions: Muslim 53.5%, Roman Catholic 10.6%, other Christian 35.3%, other 0.6% (2018 est.)
Capital: Abuja
Government type: federal presidential republic
Chief of state: President Bola Ahmed Adekunle TINUBU (since 29 May 2023)
Head of government: President Bola Ahmed Adekunle TINUBU (since 29 May 2023)
Description: National Assembly - bicameral
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
crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel
GDP by sector: Agriculture: 20.4% (2024 est.), Industry: 29.6% (2024 est.), Services: 47% (2024 est.)
Export partners: USA 10%, Spain 9%, France 8%, Netherlands 7%, India 6% (2023)
Export commodities: crude petroleum, natural gas, gold, fertilizers, cocoa beans (2023)
Import partners: China 26%, Singapore 14%, Belgium 8%, India 6%, USA 4% (2023)
Import commodities: refined petroleum, tanks and armored vehicles, wheat, plastics, cars (2023)
Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon
Military expenditure: 2024: 0.6% of GDP (2024)
Information derived from worldfactbook.io (Lupon Media), open successor to the CIA World Factbook. Data sourced from World Bank, IMF, UN and other international organizations.