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Nigeria Real GDP

Nigeria's real GDP rose to $569.52 billion in 2024, up from $550.65 billion in 2023, according to World Bank. This represents an increase of 3.4% ($18.87 billion) from the previous year and accounts for 0.59% of the world's total real GDP. Nigeria has real GDP higher than the global median ($569.52 billion vs median $29.34 billion). Compared with the median in Africa, Nigeria is higher ($569.52 billion vs regional median $17.15 billion) and ranks 1st out of 52 countries in Africa.

Nigeria's GDP per capita rose to $2,447.64 in 2024, up from $2,416.36 in 2023.

Yearly Historical Data (1960-2024)

(in Billion USD)
Year Real GDP (Billion USD)
2024 569.52
2023 550.65
2022 535.34
2021 518.48
2020 500.23
2019 509.37
2018 498.37
2017 488.96
2016 485.06
2015 493.03
2014 480.29
2013 451.78
2012 423.53
2011 406.34
2010 385.86
2009 357.26
2008 330.68
2007 309.73
2006 290.58
2005 273.97
2004 257.4
2003 235.61
2002 219.48
2001 190.31
2000 179.68
1999 171.09
1998 170.1
1997 165.82
1996 161.09
1995 154.6
1994 154.71
1993 157.57
1992 160.85
1991 153.73
1990 153.18
1989 137.04
1988 134.46
1987 125.27
1986 121.39
1985 121.31
1984 114.54
1983 115.83
1982 130.04
1981 139.53
1980 160.62
1979 154.14
1978 144.38
1977 153.21
1976 144.5
1975 132.52
1974 139.83
1973 125.79
1972 119.35
1971 115.47
1970 101.08
1969 80.86
1968 65.1
1967 65.93
1966 78.25
1965 81.72
1964 77.91
1963 74.24
1962 68.37
1961 65.68
1960 65.55
Nigeria Real GDP : Definition
Real GDP is defined as the value of all goods and services produced in Nigeria, measured in US dollars adjusted to 2015 prices. By fixing prices to a base year, it removes the effect of inflation, so this represents real GDP rather than nominal GDP.
Indicator Last Value Prior Value Period
GDP $187.76B $363.85B 2024
GDP Annual Growth Rate 3.43% 2.86% 2024
GDP Growth Rate (QoQ) 10% 0% Sep'24
GDP Growth Rate (YoY) 4.2% 3.1% Jun'25
GDP per Capita $2,447.64 $2,416.36 2024
GDP per Capita PPP $5,665.45 $5,593.06 2024
R&D Expenditure (% GDP) 0.28% 0.13% 2019