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.
Data Source: International Monetary Fund
Image Source: Freepik from www.flaticon.com
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 |
