Nigeria Current Account to GDP Ratio
Nigeria's current account to GDP ratio was -0.3% in 2023 and is projected to be -0.5% in 2024. This projection represents the lowest ratio since 2021. The primary drivers for this widening deficit are a significant increase in imports and a less favorable trade balance despite a rise in exports. Total imports increased by 62.9% year-on-year in March 2023 and showed a general upward trend into 2024, fueled by manufactured goods, raw materials and agricultural products from China, Belgium and India. While Nigeria's total merchandise trade value and crude oil exports increased in the first quarter of 2024, the trade surplus for the fourth quarter of 2024 declined by 34.9% quarter-on-quarter due to the import surge. The services and primary income accounts maintained persistent deficits with higher repatriation payments to foreign portfolio investors and oil multinationals contributing to this trend in 2024. Nigeria's record low current account to GDP was -18.7% in 1986 and its record high was 32.8% in 2005.
Yearly Historical Data (1980-2024)
(in %)Nigeria's current account to GDP shows the current account balance as a percentage of gross domestic product. It's calculated by dividing the current account balance which includes trade in goods, services, income and current transfers, by Nigeria's GDP. A surplus indicates more money entering than leaving the country and a deficit indicates the opposite.