Nigeria GDP Trends from 1990 to 2024: A overall increase with some decline Flow

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%.

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.


Nigeria GDP from 1990 to 2024

The total market value of goods and services produced annually in Nigeria.

Change Chart

    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)

    yearNominal GDPGDP per CapitaPPP per CapitaPPP GDPGDP GrowthCurrent AccountSavingsFiscal BalancePopulation
    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