Nigeria's GDP changed from approximately $62B 165M in 1990 to $252B 738M in 2024, showing an overall 306.6% sharply increased during the period.
The lowest GDP was recorded in 1992 at $52B 275M, and the highest in 2014 at $568B 499M.
Over the 34-year span, the GDP showed a overall increase with some decline trend, with an average annual growth rate of 4.2%.
For comparison, the average annual growth rate of Ghana was 1.6%, and that of Cameroon was 4.2%.
Nigeria GDP from 1990 to 2024
The total market value of goods and services produced annually in Nigeria.
Overview of Nigeria's GDP (1990–2024)
The Gross Domestic Product (GDP) of Nigeria recorded a 306.6% sharply increased from 1990 to 2024.
The average GDP during this period was $264B 805M, and the median was $252B 738M.
GDP fluctuated within a range of $516B 224M, with a standard deviation of $165B 635M.
The average annual change was $13B 595M.
Highest and Lowest GDP Records
- Lowest GDP: 1992, $52B 275M
- Highest GDP: 2014, $568B 499M
- Most Recent GDP: 2024, $252B 738M
Notable Annual GDP Changes
- 2010: Significant increase in GDP
- 1999: Noticeable drop in GDP
Overall pattern: overall increase with some decline
Global Economic Events and Nigeria's GDP
COVID-19 Pandemic (2020)
- Period: From 2019 to 2020
- GDP Change: $448B 120M → $429B 423M
- Outcome: declined
2008 Global Financial Crisis
- Period: From 2007 to 2009
- GDP Change: $262B 214M → $297B 458M
- Outcome: sharply increased
2001 Dot-com Bubble Burst
- Period: From 2000 to 2001
- GDP Change: $67B 824M → $73B 128M
- Outcome: increased
1998 Asian Financial Crisis
- Period: From 1997 to 1998
- GDP Change: $187B 866M → $209B 677M
- Outcome: sharply increased
Key Economic Indicators of Nigeria (1990–2024)
| year | Nominal GDP | GDP per Capita | PPP per Capita | PPP GDP | GDP Growth | Current Account | Savings | Fiscal Balance | Population |
|---|---|---|---|---|---|---|---|---|---|
1980 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 73M 424K people |
1981 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 75M 441K people |
1982 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 77M 428K people |
1983 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 79M 415K people |
1984 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 81M 449K people |
1985 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 83M 563K people |
1986 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 85M 766K people |
1987 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 88M 48K people |
1988 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 90M 395K people |
1989 | $ 0 | $ 0 | $ 0 | $ 0 | 0 % | 0 % | 0 % | 0 % | 92M 788K people |
1990 | $ 62B 165M | $ 652.91 | $ 1,827.27 | $ 173B 978M | 0 % | 8.024 % | 20.22 % | 5.362 % | 95M 212K people |
1991 | $ 60B 131M | $ 615.66 | $ 1,831.41 | $ 178B 870M | -0.552 % | 2 % | 14.23 % | 4.052 % | 97M 668K people |
1992 | $ 52B 275M | $ 521.90 | $ 1,866.57 | $ 186B 959M | 2.193 % | 4.338 % | 17.70 % | 8.105 % | 100M 162K people |
1993 | $ 56B 807M | $ 553.13 | $ 1,892.81 | $ 194B 393M | 1.569 % | -1.374 % | 11.78 % | -2.247 % | 102M 701K people |
1994 | $ 80B 128M | $ 760.99 | $ 1,890.46 | $ 199B 54M | 0.257 % | -2.656 % | 8 % | -0.22 % | 105M 294K people |
1995 | $ 132B 229M | $ 1,224.94 | $ 1,917.88 | $ 207B 32M | 1.872 % | -1.95 % | 9.65 % | 6.057 % | 107M 948K people |
1996 | $ 172B 686M | $ 1,560.38 | $ 1,982.17 | $ 219B 365M | 4.052 % | 2.031 % | 13.91 % | 6.47 % | 110M 669K people |
1997 | $ 187B 866M | $ 1,655.82 | $ 2,023.55 | $ 229B 587M | 2.886 % | 0.294 % | 13.54 % | 3.342 % | 113M 458K people |
1998 | $ 209B 677M | $ 1,802.59 | $ 2,045.75 | $ 237B 962M | 2.496 % | -2.024 % | 14.02 % | -2.965 % | 116M 320K people |
1999 | $ 57B 477M | $ 481.95 | $ 2,034.12 | $ 242B 589M | 0.522 % | 0.88 % | 18.80 % | 3.19 % | 119M 260K people |