Nigeria
Description of Nigeria
Welcome to our website dedicated to analyzing the geopolitical and macroeconomic landscape of Nigeria. As a country with a rich history, vast natural resources, and a large and dynamic population, Nigeria plays a significant role not only in the region but also on the global stage. Through in-depth analysis and insight, we aim to explore how macroeconomic statistics impact Nigeria's development, its relationships with other nations, and the implications for its future trajectory. Join us as we delve into the complexities and opportunities present in this diverse and culturally vibrant nation.
Population And Age Structure
For "Population, total", Nigeria's population is 168,229,658 above the average, ranking 7 out of 194 countries.
Regarding "Population ages 0-14 (% of total population)", Nigeria's percentage is 16.16% above the average, ranking 18 out of 194 countries.
Looking at "Population ages 0-14, total", Nigeria's total is significantly higher than average, ranking 3 out of 194 countries.
Concerning "Population ages 15-64 (% of total population)", Nigeria's percentage is -9.95% below average, ranking 180 out of 194 countries.
Regarding "Population ages 15-64, total", Nigeria's total is 85,442,550 above the average, ranking 8 out of 194 countries.
For "Population ages 65 and above (% of total population)", Nigeria's percentage is -6.21% below average, ranking 167 out of 194 countries.
Finally, in terms of "Population ages 65 and above, total", Nigeria's total is higher than average, ranking 23 out of 194 countries.
Summary
Nigeria has a significantly high total population, ranking 7th globally, and a notably large population of individuals aged 0-14, ranking 3rd. However, there is a relatively low percentage of individuals aged 15-64, which is below average, potentially impacting the country's workforce and economic productivity in the long term.
These indicators are crucial as they provide insights into the demographic structure of Nigeria's population, highlighting potential challenges and opportunities for social welfare programs, education, healthcare, and workforce development strategies tailored to different age groups.
Population Miscellaneous
Rural population in Nigeria is 100,084,652, which is significantly above the average of 18,044,041. Nigeria ranks 6th out of 190 countries in this attribute.
Rural population (% of total population) in Nigeria is 48.042%, slightly above the average of 41.158%. Nigeria ranks 70th out of 190 countries in this category.
Urban population in Nigeria is 108,242,753, well above the average of 22,425,747. Nigeria ranks 7th out of 194 countries in urban population.
Urban population (% of total population) in Nigeria is 51.958%, below the average of 59.691%. Nigeria ranks 125th out of 194 countries in this attribute.
Age dependency ratio (% of working-age population) in Nigeria is 86.931%, significantly above the average of 59.219%. Nigeria ranks 15th out of 194 countries in this aspect.
Birth rate, crude (per 1,000 people) in Nigeria is 37.467, higher than the average of 19.384. Nigeria ranks 8th out of 192 countries in this metric.
Death rate, crude (per 1,000 people) in Nigeria is 12.997, above the average of 8.214. Nigeria ranks 14th out of 192 countries in this category.
Fertility rate, total (births per woman) in Nigeria is 5.309, significantly higher than the average of 2.603. Nigeria ranks 8th out of 190 countries in fertility rate.
Summary
Nigeria stands out in key demographic indicators, with a large rural and urban population. The country has a high age dependency ratio, reflecting a significant proportion of the population not in the working-age group. Additionally, Nigeria has high birth and death rates, along with a notably high fertility rate. These demographic trends are crucial as they impact the country's workforce, healthcare system, and overall economic development.
Military
- Nigeria's military expenditure in current USD is $2,567,918,819.04, well below the average of
$12,904,993,617.17, ranking 54th out of 149 countries in the dataset.
- The percentage of Nigeria's GDP allocated to military expenditure is 0.63%, significantly lower than the
average of 1.90%, placing Nigeria at the 134th position out of 148 countries.
- Nigeria's arms imports stand at $108,000,000, which is below the average of $205,522,123.89, ranking
35th out of 113 countries.
- The total number of armed forces personnel in Nigeria is 223,000, surpassing the average of 165,908.54
personnel. Nigeria ranks 30th out of 164 countries in this category.
- The percentage of Nigeria's total labor force in the armed forces is 0.32%, notably lower than the
average of 1.28%, placing Nigeria at the 141st position out of 164 countries.
Summary
Nigeria's military expenditure, as well as its allocation of GDP to military spending, is notably below global averages, indicating a relatively restrained approach to defense investment compared to other countries in the dataset. Despite this, Nigeria's significant armed forces personnel count showcases a strong military presence. These statistics are important as they suggest that Nigeria may be prioritizing other areas of development over military expansion, potentially impacting its national security strategies and defense capabilities in relation to global standards.
Natural Resources
1. Forest area in Nigeria is 216,269.5 sq. km, slightly above the average of 211,606.11 sq. km. Nigeria ranks 29th out of 191 countries in this attribute data.
2. Land area in Nigeria is 910,770 sq. km, significantly above the average of 665,166.51 sq. km. Nigeria ranks 30th out of 194 countries in this attribute data.
3. Surface area in Nigeria is 923,770 sq. km, notably above the average of 689,779.56 sq. km. Nigeria ranks 31st out of 194 countries in this attribute data.
4. Arable land in Nigeria covers 36,872,000 hectares, well above the average of 7,329,543.16 hectares. Nigeria ranks 8th out of 190 countries in this attribute data.
5. Land under cereal production in Nigeria is 18,025,044 hectares, significantly above the average of 4,206,011.63 hectares. Nigeria ranks 6th out of 174 countries in this attribute data.
6. Average precipitation in depth in Nigeria is 1,150 mm per year, slightly below the average of 1,157.83 mm per year. Nigeria ranks 78th out of 178 countries in this attribute data.
7. Renewable internal freshwater resources in Nigeria total 221 billion cubic meters, below the average of 240.41 billion cubic meters. Nigeria ranks 33rd out of 178 countries in this attribute data.
Summary
Nigeria has abundant natural resources such as arable land and forest area, ranking above average in both metrics globally. With a significant land area and high arable land coverage, Nigeria holds great potential for agricultural development and food production. However, challenges may arise due to below-average annual precipitation and renewable freshwater resources, which could impact agricultural productivity and water availability for the population.
Resource Rents
- Total natural resources rents (% of GDP): Nigeria's value of 5.07% is above the average of 4.63%. It ranks 50th out of 175 countries in the dataset. - Coal rents (% of GDP): Nigeria's value of 0.0002% is significantly below the average of 0.40%. It ranks 61st out of 65 countries in the dataset. - Forest rents (% of GDP): Nigeria's value of 1.09% is below the average of 1.53%. It ranks 53rd out of 174 countries in the dataset. - Oil rents (% of GDP): Nigeria's value of 3.31% is above the average of 2.51%. It ranks 22nd out of 117 countries in the dataset. - Natural gas rents (% of GDP): Nigeria's value of 0.67% is below the average of 1.25%. It ranks 28th out of 96 countries in the dataset. - Mineral rents (% of GDP): Nigeria's value of 0.005% is significantly below the average of 1.23%. It ranks 80th out of 86 countries in the dataset.
Summary
Nigeria has a relatively high reliance on natural resources rents as a percentage of its GDP, particularly from oil. However, it lags behind in coal and mineral rents compared to the global average. These indicators are crucial as they highlight Nigeria's economic vulnerability to fluctuations in global commodity prices and the need to diversify its resource base for long-term sustainable development.
Commodities
Cereal production (metric tons): Nigeria's cereal production is 29,210,106.83 metric tons, which is above the average of 17,249,945.93 metric tons, placing Nigeria at rank 20 out of 174 countries in the dataset.
Aquaculture production (metric tons): Nigeria's aquaculture production is 261,710.74 metric tons, below the average of 679,642.92 metric tons, ranking Nigeria at 25 out of 180 countries in the dataset.
Capture fisheries production (metric tons): Nigeria's capture fisheries production stands at 783,101.68 metric tons, above the average of 467,453.06 metric tons, placing Nigeria at rank 24 out of 190 countries in the dataset.
Total fisheries production (metric tons): Nigeria's total fisheries production is 1,044,812.42 metric tons, below the average of 1,153,914.85 metric tons, positioning Nigeria at rank 25 out of 182 countries in the dataset.
Fertilizer consumption (kilograms per hectare of arable land): Nigeria's fertilizer consumption is 18.61 kilograms per hectare of arable land, below the average of 159.04 kilograms, placing Nigeria at rank 145 out of 187 countries in the dataset.
Summary
Nigeria performs well in cereal and fisheries production but lags behind in aquaculture production and fertilizer consumption compared to global averages. This indicates potential for further growth in aquaculture production and improvement in fertilizer usage to enhance agricultural output and overall food security. Addressing these discrepancies can contribute to sustainable economic development and increased self-sufficiency in food production for Nigeria.
Intellectual Property
1. Industrial design applications, nonresident, by count: Nigeria's value of 200 is significantly below the average of 1415.83. This places Nigeria at a rank of 62 out of 112 countries in the dataset.
2. Industrial design applications, resident, by count: Nigeria's value of 1016 is below the average of 9799.58. Nigeria ranks 29 out of 113 countries for this attribute.
3. Patent applications, nonresidents: With 598 applications, Nigeria is below the average of 6538.40. Nigeria holds the 38th position out of 129 countries.
4. Patent applications, residents: Nigeria's 410 applications fall below the average of 19037.56. In this category, Nigeria ranks 46 out of 117 countries.
5. Scientific and technical journal articles: Nigeria's publication of 7899.95 articles is lower than the average of 15103.76. Nigeria holds the 48th position out of 192 countries for this attribute.
6. Charges for the use of intellectual property, payments (BoP, current US$): Nigeria's payment of 252,840,000 USD is significantly below the average of 3,218,843,494.39 USD. Nigeria ranks 56 out of 143 countries in this category.
Summary
Nigeria lags behind global averages in key macroeconomic indicators related to industrial design applications, patent applications, scientific publications, and payments for intellectual property. These statistics indicate a lower level of innovation, research and development, and investment in intellectual property in Nigeria compared to many other countries. This could potentially hamper the country's ability to compete in the global market, attract foreign investment, and drive sustainable economic growth in the long term.
Broad Economy Attributes
Analysis of key economic indicators for Nigeria:
GDP (current US$): Nigeria's GDP is $432.20 billion, ranking 26th out of 189 countries. It is below the average GDP of $442.87 billion.
GDP, PPP (current international $): Nigeria's GDP in PPP is $1.07 trillion, ranking 24th out of 181 countries. It exceeds the average GDP of $734.14 billion.
GDP per capita (current US$): Nigeria's GDP per capita is $2074.61, ranking 142nd out of 190 countries, well below the average of $15462.11.
GDP per capita, PPP (current international $): Nigeria's GDP per capita in PPP is $5137.60, ranking 135th out of 181 countries and falling short of the average of $21251.89.
GNI (current US$): Nigeria's GNI is $427.43 billion, ranking 26th out of 185 countries. It is below the average GNI of $452.04 billion.
GNI, PPP (current international $): Nigeria's GNI in PPP is $1.06 trillion, ranking 24th out of 181 countries, surpassing the average of $730.70 billion.
GNI per capita, PPP (current international $): Nigeria's GNI per capita in PPP is $5080, ranking 136th out of 181 countries, notably lower than the average of $20615.75.
Summary
In summary, Nigeria has a relatively high GDP and GNI, ranking 26th in both categories globally. However, the GDP per capita and GNI per capita in PPP terms are significantly below the global average, indicating a disparity in income distribution within the country.
These indicators are crucial as they provide insights into Nigeria's overall economic performance, showcasing the country's economic output, individual wealth levels, and potential disparities in income distribution. Understanding these metrics can aid policymakers in addressing economic inequality and implementing targeted development strategies to improve the standard of living for all citizens.
Broad Value Added
- Gross value added at basic prices (GVA) in Nigeria is $426.8 billion, which is above the average of
$360.1 billion. Nigeria ranks 23rd out of 176 countries in this attribute data.
- Agriculture, forestry, and fishing, value added (% of GDP) in Nigeria is 24.1%, significantly higher
than the average of 10.9%. Nigeria ranks 22nd out of 182 countries in this attribute data.
- Agriculture, forestry, and fishing, value added in Nigeria is $104.3 billion, well above the average of
$19.9 billion. Nigeria ranks 5th out of 182 countries in this attribute data.
- Services, value added (% of GDP) in Nigeria is 46.4%, below the average of 56.7%. Nigeria ranks 151st
out of 183 countries in this attribute data.
- Services, value added in Nigeria is $200.5 billion, also below the average of $295.8 billion. Nigeria
ranks 34th out of 183 countries in this attribute data.
- Industry (including construction), value added in Nigeria is $122.0 billion, slightly above the average
of $118.4 billion. Nigeria ranks 28th out of 183 countries in this attribute data.
Summary
In terms of key macroeconomic indicators, Nigeria stands out in the agriculture, forestry, and fishing sector with a high value added both as a percentage of GDP and in absolute terms, ranking 5th and 22nd respectively among a large pool of countries. However, the country lags behind in the services sector, both in percentage contribution to GDP and in absolute value added, positioning at 151st and 34th among the countries analyzed. This highlights the importance of diversifying Nigeria's economy beyond agriculture and tapping into the potential growth opportunities in the services sector to enhance overall economic performance and resilience.
Manufacturing Value Added
**Manufacturing, value added (current US$):** Nigeria's manufacturing value added is $54,747,780,477.36, which is below the average of $76,207,179,589.66. Nigeria ranks 34 out of 173 countries in this attribute data.
**Manufacturing, value added (% of GDP):** Nigeria's manufacturing value added as a percentage of GDP is 12.67%, slightly above the average of 11.90%. Nigeria ranks 74 out of 173 countries in this attribute data.
**Medium and high-tech manufacturing value added (% manufacturing value added):** Nigeria's medium and high-tech manufacturing value added as a percentage of total manufacturing value added is 33.44%, significantly above the average of 24.49%. Nigeria ranks 43 out of 149 countries in this attribute data.
Summary
In summary, Nigeria's manufacturing value added is below the global average, but its share of manufacturing value added as a percentage of GDP is slightly above average. Additionally, the country excels in medium and high-tech manufacturing compared to other nations.
These indicators are crucial for assessing Nigeria's industrial development and economic diversification. A strong manufacturing sector can boost job creation, increase exports, and enhance technological capabilities, ultimately contributing to sustainable economic growth and resilience against external shocks.
Money
1. Inflation, consumer prices (annual %): Nigeria's consumer price inflation is 13.25%, which is higher than the average of 8.26%. Nigeria ranks 12th out of 165 countries for this metric.
2. Inflation, GDP deflator (annual %): Nigeria's GDP deflator inflation is 7.85%, slightly above the average of 6.90%. Nigeria is ranked 23rd out of 188 countries.
3. Broad money growth (annual %): Nigeria's broad money growth rate is 11.63%, below the average of 18.03%. Nigeria ranks 85th out of 139 countries in this category.
4. Broad money (% of GDP): Nigeria's broad money as a percentage of GDP is 25.22%, significantly lower than the average of 71.75%. Nigeria is ranked 130th out of 139 countries for this indicator.
5. Broad money to total reserves ratio: Nigeria's ratio is 2.97, which is below the average of 5.17. Nigeria ranks 57th out of 126 countries in this aspect.
Summary
Nigeria exhibits high consumer price inflation but lower GDP deflator inflation compared to global averages. The country's broad money growth rate and broad money as a percentage of GDP are below average, indicating restrained monetary expansion. Additionally, Nigeria's ratio of broad money to total reserves is lower than the average, suggesting limited financial buffer. These indicators are crucial as they reflect the country's monetary stability, economic growth potential, and resilience to external financial shocks.
Equities
Nigeria has a total of 177 listed domestic companies, ranking 33 out of 72 countries. This is below the
average of 636.625 listed domestic companies.
The total value of stocks traded in Nigeria is $2.48 billion, ranking 41 out of 71 countries,
significantly below the average of $1.38 trillion.
Stocks traded as a percentage of GDP in Nigeria is 0.57%, ranking 53 out of 71 countries, lower than the
average of 31.65%.
The market capitalization of listed domestic companies in Nigeria is $56.57 billion, ranking 36 out of 73
countries, well below the average of $1.20 trillion.
Market capitalization of listed domestic companies as a percentage of GDP in Nigeria is 13.09%, ranking 63
out of 73 countries, much lower than the average of 71.24%.
Nigeria's S&P Global Equity Indices show an annual change of 8.51%, ranking 24 out of 79 countries, above
the average annual change of 2.06%.
Summary
Nigeria ranks below the global average in terms of the number of listed domestic companies, total value of stocks traded, stocks traded as a percentage of GDP, market capitalization of listed domestic companies, and market capitalization of listed domestic companies as a percentage of GDP. These indicators suggest that Nigeria's stock market is relatively underdeveloped compared to the global benchmarks, which could impact its attractiveness to foreign investors, domestic capital formation, and overall economic growth.
Investment
1. Foreign direct investment, net (BoP, current US$): Nigeria's value is -$911,945,228.61, which is above the average of -$1,615,235,980.51. Nigeria ranks 108 out of 169 countries in this category.
2. Foreign direct investment, net inflows (BoP, current US$): Nigeria's value is $2,385,277,665.92, below the average of $5,749,271,080.15. Nigeria ranks 48 out of 182 countries.
3. Foreign direct investment, net inflows (% of GDP): Nigeria's value is 0.55%, lower than the average of 2.61%. Nigeria ranks 133 out of 178 countries.
4. Foreign direct investment, net outflows (BoP, current US$): Nigeria's value is $1,473,332,437.30, below the average of $5,707,991,116.07. Nigeria ranks 38 out of 156 countries.
5. Foreign direct investment, net outflows (% of GDP): Nigeria's value is 0.34%, less than the average of 1.00%. Nigeria ranks 64 out of 155 countries.
6. Portfolio Investment, net (BoP, current US$): Nigeria's value is $3,691,340,692.28, above the average of $679,559,169.57. Nigeria ranks 28 out of 159 countries.
7. Portfolio investment, bonds (PPG +PNG) (NFL, current US$): Nigeria's value is -$550,000,000, below the average of $4,134,263,915.25. Nigeria ranks 51 out of 59 countries.
8. Portfolio equity, net inflows (BoP, current US$): Nigeria's value is -$255,230,064.90, below the average of $9,197,145,994.70. Nigeria ranks 96 out of 125 countries.
Summary
Nigeria's performance in key macroeconomic indicators related to foreign direct investment (FDI) and portfolio investment paints a picture of mixed outcomes. While the country ranks relatively well in net FDI inflows and portfolio investment, it falls below average in net FDI outflows and certain categories of portfolio investment. These indicators are crucial as they reflect the level of investor confidence in Nigeria's economy, its integration into the global market, and its ability to attract and retain foreign investment.
Debt
1. Total debt service (% of GNI): Nigeria's total debt service as a percentage of its Gross National Income is 1.49%, significantly below the average of 5.98%. This places Nigeria at rank 98 out of 120 countries included in the data.
2. Public and publicly guaranteed debt service (% of GNI): The public and publicly guaranteed debt service for Nigeria is 0.37% of its GNI, well below the average of 2.84%. Nigeria is ranked 110 out of 120 countries in this category.
3. External debt stocks (% of GNI): Nigeria's external debt stocks as a percentage of its GNI stand at 19.38%, much lower than the average of 65.42%. This places Nigeria at rank 108 out of 120 countries.
4. Debt service on external debt, total (TDS, current US$): Nigeria's total debt service on external debt amounts to $6.38 billion, notably below the average of $9.81 billion. Nigeria is ranked 23 out of 123 countries in this aspect.
5. Debt service on external debt, public and publicly guaranteed (PPG) (TDS, current US$): Nigeria's debt service on public and publicly guaranteed external debt is $1.57 billion, significantly lower than the average of $3.31 billion. Nigeria ranks 37 out of 123 countries in this category.
6. External debt stocks, public and publicly guaranteed (PPG) (DOD, current US$): Nigeria's external debt stocks of public and publicly guaranteed debt amount to $32.11 billion, higher than the average of $28.70 billion. Nigeria is ranked 26 out of 123 countries in this data.
7. External debt stocks, private nonguaranteed (PNG) (DOD, current US$): Nigeria's external debt stocks related to private nonguaranteed debt are $26.35 billion, below the average of $33.73 billion. Nigeria is ranked 21 out of 91 countries in this aspect.
8. External debt stocks, total (DOD, current US$): Nigeria's total external debt stocks amount to $82.83 billion, above the average of $73.85 billion. Nigeria is ranked 21 out of 123 countries in this category.
Summary
Nigeria's debt metrics paint a picture of relative fiscal responsibility compared to its peers. The country exhibits lower total debt service, public debt service, and external debt stocks as a percentage of its GNI, as well as lower debt service amounts on external debt compared to the global average. These indicators suggest that Nigeria's debt burden is manageable, providing a level of stability and sustainability to its economy amidst the global economic landscape.
Broad Trade Attributes
For Merchandise trade (% of GDP), Nigeria's value is 16.51%, which is significantly below the average of 60.01%. This places Nigeria at rank 184 out of 186 countries in the dataset.
Regarding Trade in services (% of GDP), Nigeria's value stands at 5.51%, also below the average of 24.63%. This positions Nigeria at rank 159 out of 171 countries in the dataset.
Summary
Nigeria's low values in both Merchandise trade (% of GDP) and Trade in services (% of GDP) indicate a significant underperformance compared to the global averages. This suggests that Nigeria's economy is highly dependent on domestic consumption and lacks diversification through international trade. Addressing these indicators is crucial for Nigeria to boost economic growth, reduce vulnerability to external shocks, and enhance competitiveness in the global market.
Net Trade
- Current account balance (BoP, current US$): Nigeria's current account balance is significantly below the average compared to 170 other countries, ranking 161st out of this group. This indicates a substantial deficit in the country's balance of payments.
- Current account balance (% of GDP): Nigeria's current account balance as a percentage of GDP is lower than the average amongst 170 countries, placing the country at 111th rank out of all. This suggests that the country is experiencing a relative deficit in its external trade.
- Net trade in goods and services (BoP, current US$): Nigeria's net trade in goods and services reflects a substantial deficit compared to the 171 countries included in the data, ranking 167th. This indicates that the country is a net importer of goods and services.
- Net primary income (BoP, current US$): Nigeria's net primary income is lower than the average among 170 countries, positioning the country at 141st rank. This implies that Nigeria may have a lower income from investments and labor abroad.
- Net secondary income (BoP, current US$): Nigeria's net secondary income is significantly above the average, ranking 7th out of 170 countries. This suggests that the country receives a considerable amount of income in the form of aid, remittances, or grants.
- Net trade in goods (BoP, current US$): Nigeria's net trade in goods is below the average compared to 171 countries, placing the country at the 160th rank. This indicates that Nigeria may be importing more goods than it exports.
- Net financial account (BoP, current US$): Nigeria's net financial account is above the average amongst 170 countries, ranking 44th. This implies that the country has a surplus in its financial transactions with the rest of the world.
Summary
Nigeria's macroeconomic indicators reveal a significant deficit in the current account balance, both in absolute terms and relative to the country's GDP. The data indicates that Nigeria is a net importer of goods and services, with lower income from investments abroad. However, the country receives substantial secondary income, likely in the form of aid and remittances. The surplus in the financial account implies that Nigeria has favorable financial transactions globally.
These indicators are crucial for policymakers and economists as they highlight the country's trade position, external financial inflows, and overall economic health. Understanding these metrics can guide decision-making on trade policies, foreign investments, and economic development strategies to address the existing imbalances and leverage the areas of strength.
Broad Export Attributes
Analysis of key trade attributes for Nigeria:
1. Exports of goods, services and primary income (BoP, current US$): Nigeria's value of $41,639,047,639.5 is below the average of $146,238,908,936.30. Nigeria ranks 56th out of 170 countries for this attribute.
2. Exports of goods and services (BoP, current US$): Nigeria's value of $39,937,175,154.13 is below the average of $122,938,540,059.78. Nigeria ranks 55th out of 170 countries for this attribute.
3. Goods exports (BoP, current US$): Nigeria's value of $35,944,162,563.88 is below the average of $93,310,581,697.39. Nigeria ranks 50th out of 171 countries for this attribute.
4. International tourism, receipts (% of total exports): Nigeria's value of 0.80% is significantly below the average of 9.74%. Nigeria ranks 111th out of 120 countries for this attribute.
Summary
In summary, Nigeria's exports of goods, services, and primary income, goods and services, and goods alone all fall below global averages, ranking 56th, 55th, and 50th out of comparable countries, respectively. Additionally, the country's international tourism receipts as a percentage of total exports are notably low, ranking 111th out of 120 countries. These indicators are crucial as they highlight Nigeria's comparatively limited international trade competitiveness and its potential areas for economic development and diversification.
Merchandise Exports
1. Merchandise exports (current US$): Nigeria's merchandise exports amount to $35,634,000,000, ranking 53 out of 187 countries. This value is significantly below the average of $89,542,711,229.95 in the dataset.
2. Agricultural raw materials exports (% of merchandise exports): Nigeria's agricultural raw materials exports account for 0.16% of its total merchandise exports. This places Nigeria at rank 128 out of 151 countries, much lower than the average of 2.97%.
3. Food exports (% of merchandise exports): With food exports constituting 2.98% of its total merchandise exports, Nigeria ranks 136 out of 152 countries, reflecting a substantial deviation from the average of 24.06%.
4. Fuel exports (% of merchandise exports): Nigeria's heavy reliance on fuel exports, which make up 88.70% of its total merchandise exports, positions it at an impressive rank of 4 out of 147 countries. This percentage is significantly higher than the average of 13.70%.
5. Ores and metals exports (% of merchandise exports): Nigeria's ores and metals exports represent 0.30% of its total merchandise exports, ranking it 141 out of 152 countries. This figure is notably lower than the average of 9.10%.
6. Merchandise exports by the reporting economy, residual (% of total merchandise exports): Nigeria's residual merchandise exports account for 1.37% of its total merchandise exports, placing it at rank 52 out of 166 countries. This value is below the average of 3.20%.
Summary
Nigeria heavily relies on fuel exports, constituting 88.70% of its total merchandise exports, which is significantly higher than the average. However, the country's agricultural raw materials and ores & metals exports are notably below average, indicating potential areas for diversification and economic growth. These indicators are essential as they highlight Nigeria's export composition, revealing its strengths and areas that may require attention for a more balanced and sustainable economic development.
Technology Exports
Manufactures exports (% of merchandise exports): Nigeria's value for this attribute is 7.85%, significantly below the average of 42.62%. This places Nigeria at rank 133 out of 152 countries.
High-technology exports (current US$): Nigeria's export value in this category is $190,326,678, much lower than the average of $16,655,934,078.80. Nigeria ranks 75 out of 151 countries for this attribute.
High-technology exports (% of manufactured exports): Nigeria's value is 6.94%, below the average of 10.15%. This places Nigeria at rank 74 out of 150 countries.
Medium and high-tech exports (% manufactured exports): Nigeria's value for this attribute is 74.20%, significantly above the average of 34.29%. Nigeria ranks 8 out of 149 countries in this category.
Summary
Nigeria exhibits low levels of manufactures exports, high-technology exports, and high-technology exports as a percentage of manufactured exports, ranking below average in these categories. However, the country excels in medium and high-tech exports as a percentage of manufactured exports, ranking significantly above the global average. These indicators highlight Nigeria's strength in producing and exporting more advanced technological goods, which can drive economic growth, create high-skilled jobs, and enhance global competitiveness in the long term.
Service Exports
Service exports (BoP, current US$): Nigeria's value for service exports is significantly below the average of $28,917,292,503.82, ranking 73 out of 171 countries.
ICT service exports (BoP, current US$): Nigeria's ICT service exports are also notably below the average of $4,578,501,153.77, ranking 81 out of 166 countries.
ICT service exports (% of service exports, BoP): Nigeria's percentage of ICT service exports is below the average of 11.75%, ranked 121 out of 166 countries.
Communications, computer, etc. (% of service exports, BoP): Nigeria's share of communications services in its exports is well below the average of 45.85%, ranking 152 out of 169 countries.
Transport services (% of service exports, BoP): Nigeria's proportion of transport services in its exports is above the average of 21.80%, ranking 16 out of 169 countries.
Travel services (% of service exports, BoP): Nigeria's reliance on travel services in its exports is lower than the average of 26.40%, ranking 129 out of 167 countries.
Insurance and financial services (% of service exports, BoP): Nigeria's contribution of insurance and financial services to its exports is well above the average of 6.46%, ranking 8 out of 161 countries.
Summary
Nigeria's performance in service exports, ICT service exports, and various service categories falls below global averages in most cases. While the country excels in insurance and financial services exports, it lags significantly in ICT services, communications, and travel services. This lack of diversity in service exports could indicate a heavy reliance on traditional sectors, potentially hindering Nigeria's economic resilience and ability to adapt to changing global markets.
Commercial Service Exports
- Commercial service exports (current US$): Nigeria's commercial service exports amount to
$3,532,610,325.20, which is significantly below the average of $28,508,218,402.80. Nigeria ranks 73 out of
171 countries in this attribute.
- Travel services (% of commercial service exports): Nigeria's travel services account for 8.87% of its
commercial service exports. This is below the average of 27.89%. Nigeria ranks 127 out of 167 countries in
this category.
- Computer, communications, and other services (% of commercial service exports): Nigeria's services in
this category represent 6.13% of its commercial service exports, much lower than the average of 42.44%.
Nigeria ranks 162 out of 169 countries.
- Insurance and financial services (% of commercial service exports): Nigeria's insurance and financial
services contribute 26.89% to its commercial service exports, significantly higher than the average of
6.97%. Nigeria ranks 7 out of 161 countries.
- Transport services (% of commercial service exports): Nigeria's transport services constitute 58.12% of
its commercial service exports, well above the average of 23.37%. Nigeria ranks 14 out of 169 countries in
this aspect.
Summary
Nigeria has relatively low levels of commercial service exports at $3,532,610,325.20, ranking 73rd out of 171 countries. The country underperforms in key service categories such as travel services, computer, communications, and other services. However, Nigeria excels in insurance and financial services, contributing 26.89% to its commercial service exports, ranking 7th globally. The high proportion of transport services at 58.12% also sets Nigeria apart. These findings are important as they highlight Nigeria's strengths and weaknesses in diversifying its service export portfolio, which is crucial for economic stability and growth.
Broad Import Attributes
- International tourism, expenditures (% of total imports): Nigeria's value for this attribute is 9.16%,
which is above the average of 3.98%. The country ranks 12 out of 131 countries in the dataset for this
statistic.
- ICT goods imports (% total goods imports): Nigeria's value is 3.23%, below the average of 6.85%. The
country is ranked 112 out of 143 countries in this dataset.
- Goods imports (BoP, current US$): Nigeria's import value stands at $52,345,924,542.99, below the average
of $92,007,788,027.17. The country ranks 44 out of 171 countries in terms of import value.
- Imports of goods and services (BoP, current US$): With an import value of $72,178,439,248.25, Nigeria is
below the average of $120,321,577,988.12. The country ranks 43 out of 170 countries.
- Imports of goods, services and primary income (BoP, current US$): Nigeria's import value for this
attribute is $78,647,293,807.99, also below the average of $144,514,428,722.28. The country ranks 45 out
of 170 nations in this dataset.
Summary
Nigeria's international tourism expenditures as a percentage of total imports are significantly higher than the average, ranking 12th out of 131 countries. However, the country's ICT goods imports as a percentage of total goods imports are below average, placing Nigeria at 112th out of 143 countries. In terms of import values, Nigeria ranks 44th out of 171 countries for goods imports and 43rd out of 170 countries for imports of goods and services. Additionally, Nigeria's ranking is 45th out of 170 countries for imports of goods, services, and primary income. These indicators are important as they reflect Nigeria's economic openness, trade relationships, and dependency on imports for both tourism and goods/services, providing insights into the country's economic structure and external trade dynamics.
Merchandise Imports
1. Nigeria's Merchandise imports amount to $35.74 billion, which is below the average of $89.39 billion. Nigeria ranks 57th out of 190 countries in this attribute.
2. Manufactures imports (% of merchandise imports) in Nigeria stand at 68.10%, slightly above the average of 66.76%. Nigeria ranks 71st out of 152 countries in this category.
3. Agricultural raw materials imports (% of merchandise imports) for Nigeria are 0.82%, below the average of 1.27%. Nigeria ranks 106th out of 152 countries in this aspect.
4. Food imports (% of merchandise imports) represent 14.63% for Nigeria, slightly below the average of 15.89%. Nigeria ranks 75th out of 152 countries in food imports.
5. Nigeria's Fuel imports (% of merchandise imports) account for 15.26%, which is higher than the average of 11.38%. Nigeria ranks 33rd out of 152 countries in fuel imports.
6. Ores and metals imports (% of merchandise imports) in Nigeria are 1.19%, significantly below the average of 2.57%. Nigeria ranks 101st out of 152 countries in this category.
7. Merchandise imports by the reporting economy, residual (% of total merchandise imports) in Nigeria are at 17.18%, far above the average of 2.51%. Nigeria excels in this aspect, ranking 4th out of 180 countries.
Summary
Nigeria exhibits a mixed profile in terms of merchandise imports when compared to global averages and rankings. While the country's overall merchandise imports value is below average, Nigeria performs well in fuel imports, ranking 33rd out of 152 countries. It also excels in the category of merchandise imports by the reporting economy, residual, ranking 4th out of 180 countries. Understanding these import dynamics is crucial for assessing Nigeria's trade dependencies, economic diversification efforts, and strategic positioning in the global market.
Service Imports
Service imports (BoP, current US$): Nigeria's value for service imports is below the attribute average, ranking at 36 out of 171 countries.
Communications, computer, etc. (% of service imports, BoP): Nigeria's percentage for communications, computer, etc. is below the average, ranking 104 out of 169 countries.
Transport services (% of service imports, BoP): Nigeria's percentage for transport services is below the average, ranking 93 out of 169 countries.
Travel services (% of service imports, BoP): Nigeria's percentage for travel services is above the average, ranking 18 out of 169 countries.
Insurance and financial services (% of service imports, BoP): Nigeria's percentage for insurance and financial services is below the average, ranking 87 out of 169 countries.
Summary
Nigeria's key macroeconomic indicators for service imports paint a mixed picture. While the country performs below average in areas such as communications, computer, and transport services, it excels in travel services, ranking above the average. However, Nigeria lags behind in insurance and financial services. These findings are important as they highlight the areas where Nigeria needs to improve to enhance its service imports and overall economic competitiveness.
Commercial Service Imports
- Commercial service imports: Nigeria's value of $19,597,958,219.37 is below the average of
$27,102,746,128.60. Nigeria ranks 36th out of 171 countries in this attribute data.
- Computer, communications and other services (% of commercial service imports): Nigeria's value of 37.96%
is below the average of 41.71%. Nigeria ranks 97th out of 169 countries in this attribute data.
- Insurance and financial services (% of commercial service imports): Nigeria's value of 6.50% is below
the average of 8.85%. Nigeria ranks 88th out of 169 countries in this attribute data.
- Transport services (% of commercial service imports): Nigeria's value of 27.24% is below the average of
34.71%. Nigeria ranks 95th out of 169 countries in this attribute data.
- Travel services (% of commercial service imports): Nigeria's value of 28.31% is above the average of
14.73%. Nigeria ranks 19th out of 169 countries in this attribute data.
Summary
Nigeria's commercial service imports are below average in various categories such as computer, communications, and other services, insurance and financial services, and transport services. However, Nigeria excels in travel services as it has a higher percentage compared to the average. These findings suggest that Nigeria's economy heavily relies on travel services as a significant source of revenue, while other service sectors lag behind the global average. Addressing the underperformance in key service sectors could help diversify Nigeria's economy and enhance its overall competitiveness in the global market.
Infrastructure
1. Air transport, freight (million ton-km): Nigeria's value of 1.68 million ton-km is significantly below the average of 1384.37 million ton-km. Nigeria ranks 99 out of 126 countries in this attribute data.
2. Air transport, registered carrier departures worldwide: Nigeria's value of 51,519 departures is below the average of 134,365 departures. Nigeria ranks 43 out of 149 countries in this attribute data.
3. Air transport, passengers carried: Nigeria's value of 3,435,350 passengers carried is below the average of 11,848,242 passengers. Nigeria ranks 47 out of 149 countries in this attribute data.
4. Container port traffic (TEU: 20 foot equivalent units): Nigeria's value of 1,548,622 TEU is significantly below the average of 6,907,110 TEU. Nigeria ranks 52 out of 110 countries in this attribute data.
Summary
Nigeria's performance in key macroeconomic indicators related to air transport and container port traffic falls below the global average in each category, indicating areas of potential improvement in the country's transport infrastructure. The low rankings in these indicators suggest a need for investment and development in the air transport and maritime sectors to enhance connectivity, trade capabilities, and economic growth.
Information Technology Infrastructure
For Secure Internet servers in Nigeria, with a value of 15,242, it is significantly below the attribute average of 458,294. Nigeria is ranked 63 out of 193 countries in this category.
Regarding Secure Internet servers (per 1 million people), Nigeria's value of 73.16 is notably lower than the average of 14,067. Nigeria ranks 139 out of 193 countries in this aspect.
With 51.46% of the population using the Internet, Nigeria falls below the attribute average of 64.77%. The country is ranked 129 out of 180 countries.
Nigeria's 65,313 fixed broadband subscriptions are well below the attribute average of 6,591,956. Nigeria is ranked 132 out of 185 countries for fixed broadband subscriptions.
In terms of mobile cellular subscriptions, Nigeria has 204,228,678 subscriptions, surpassing the average of 42,526,463. Nigeria ranks 7 out of 193 countries in this category.
Summary
Nigeria lags behind the global average in secure internet servers, secure internet servers per 1 million people, percentage of population using the internet, and fixed broadband subscriptions. However, it excels in mobile cellular subscriptions, surpassing the average by a significant margin and ranking 7th globally. These indicators are crucial as they highlight Nigeria's strengths and weaknesses in its digital infrastructure, impacting its connectivity, competitiveness, and potential for economic growth in the digital age.
Energy Consumption
Nigeria's renewable energy consumption is at 82.51%, which is significantly higher than the attribute average of 32.18%. This places Nigeria at rank 15 out of 191 countries in the dataset.
On the other hand, Nigeria's CO2 emissions are 111978.1 kt, below the attribute average of 171895.94 kt. This positions Nigeria at rank 36 out of 188 countries in the dataset.
Summary
Nigeria excels in renewable energy consumption, surpassing the global average by a significant margin and ranking 15th globally. However, the country's CO2 emissions are below the global average, positioning Nigeria at 36th place. These statistics highlight Nigeria's commitment to sustainable energy practices despite being a developing nation. The high renewable energy consumption signifies a positive step towards environmental sustainability, while the lower CO2 emissions showcase Nigeria's potential for continued growth without excessive environmental impact.
Government Balance Sheet
Nigeria's total reserves account for 44.34% of its total external debt, which is below the average of 66.13%. In a pool of 102 countries, Nigeria ranks 44th in this aspect.
For reserves and related items in the balance of payments (current US$), Nigeria's value is at -5047487522.91, significantly below the average of 1924407186.58. This places Nigeria in 159th position out of 171 countries.
Nigeria's total reserves minus gold amount to 36729565817.62 current US$, a figure much lower than the average of 74221588171.61. Nigeria ranks 44th out of 161 countries in this metric.
When considering total reserves including gold, Nigeria's value stands at 36729565817.62 current US$, falling short of the average of 85708019773.47. Nigeria holds the 49th position among 161 countries for this particular statistic.
Nigeria's total reserves in months of imports amount to 5.60, which is below the average of 7.10 months. This places Nigeria in the 74th rank out of 151 countries.
Summary
Nigeria's total reserves fall below average in various aspects compared to a global sample of countries, such as total reserves to external debt ratio, reserves in the balance of payments, total reserves minus gold, total reserves including gold, and total reserves in months of imports. These indicators are crucial as they reflect Nigeria's ability to meet its external financial obligations, maintain stability in trade and payments, and withstand economic shocks. The lower rankings suggest a potential need for Nigeria to bolster its reserve levels to enhance economic resilience and mitigate risks associated with external vulnerabilities.
Taxes
Nigeria has a tariff rate of 12.37% for all products, which is 7.16% above the average rate of 5.21%. This places Nigeria at the 10th rank out of 153 countries in terms of tariff rates.
Summary
Nigeria has a relatively high tariff rate of 12.37%, exceeding the global average by 7.16%. This places Nigeria as the 10th highest country out of 153 in terms of tariff rates. The significance of these findings lies in the potential impact on Nigeria's trade relationships, competitiveness, and overall economic development. High tariff rates can affect the cost of imported goods, influence foreign investment decisions, and shape the country's position in the global market.
Top Stats
Ranks in Top Decile For:
| Attribute | Rank/Total |
|---|---|
| Population, total | 7/194 |
| Population ages 0-14 (% of total population) | 18/194 |
| Population ages 0-14, total | 3/194 |
| Population ages 15-64, total | 8/194 |
| Rural population | 6/190 |
| Urban population | 7/194 |
| Age dependency ratio (% of working-age population) | 15/194 |
| Birth rate, crude (per 1,000 people) | 8/192 |
| Death rate, crude (per 1,000 people) | 14/192 |
| Fertility rate, total (births per woman) | 8/190 |
| Arable land (hectares) | 8/190 |
| Land under cereal production (hectares) | 6/174 |
| Agriculture, forestry, and fishing, value added (current US$) | 5/182 |
| Inflation, consumer prices (annual %) | 12/165 |
| Net secondary income (BoP, current US$) | 7/170 |
| Fuel exports (% of merchandise exports) | 4/147 |
| Medium and high-tech exports (% manufactured exports) | 8/149 |
| Transport services (% of service exports, BoP) | 16/169 |
| Insurance and financial services (% of service exports, BoP) | 8/161 |
| Insurance and financial services (% of commercial service exports) | 7/161 |
| Transport services (% of commercial service exports) | 14/169 |
| International tourism, expenditures (% of total imports) | 12/131 |
| Merchandise imports by the reporting economy, residual (% of total merchandise imports) | 4/180 |
| Mobile cellular subscriptions | 7/193 |
| Renewable energy consumption (% of total final energy consumption) | 15/191 |
| Tariff rate, applied, weighted mean, all products (%) | 10/153 |
Ranks in Bottom Decile For:
| Attribute | Rank/Total |
|---|---|
| Population ages 15-64 (% of total population) | 180/194 |
| Military expenditure (% of GDP) | 134/148 |
| Coal rents (% of GDP) | 61/65 |
| Mineral rents (% of GDP) | 80/86 |
| Broad money (% of GDP) | 130/139 |
| Public and publicly guaranteed debt service (% of GNI) | 110/120 |
| Merchandise trade (% of GDP) | 184/186 |
| Trade in services (% of GDP) | 159/171 |
| Current account balance (BoP, current US$) | 161/170 |
| Net trade in goods and services (BoP, current US$) | 167/171 |
| Net trade in goods (BoP, current US$) | 160/171 |
| International tourism, receipts (% of total exports) | 111/120 |
| Ores and metals exports (% of merchandise exports) | 141/152 |
| Computer, communications and other services (% of commercial service exports) | 162/169 |
| Reserves and related items (BoP, current US$) | 159/171 |