Economy, Finance and Trade: Nigeria

May 2023

Lack of economic diversification, soaring unemployment, and a persistently high inflation rate cloud the economic outlook for Nigeria. Despite rising government revenues due to elevated oil prices, public debt continued to increase over the year, with the country’s fiscal health deteriorating further. However, investments into the non-oil sector are set to foster job creation within the country, while tightening monetary policy is expected to reduce inflation.

USD 300
Request More Information


Files are delivered directly into your account soon after payment is received and any tax certification is verified (where applicable).

This report comes in PDF.


The Country Briefings series examine market potential, economic and consumer trends impacting each country and how they are set to change.

Each Country Briefing covers one of these topics:

Economy, Finance and Trade: Understanding the structure, health and potential risks of an economy are important for decision-making within an existing operating environment as well as for expansion strategies. Real GDP growth, inflation and exchange rate fluctuations will directly impact consumer market potential. Import and export trade profiles help gauge how open an economy is to trade and investment, while analysis of government finances can be used to explore macroeconomic stability and susceptibility to economic shocks.

Income and Expenditure: Insights into income, wealth and expenditure of consumers are vital in helping businesses make strategic decisions with regards to which country (or even which region within a country) to enter, which consumer segment to target, which products or services to market, and at which price point. Other factors such as the size and expansion of the middle class and income inequality are also important in helping companies gauge the potential of a country market.

Households: Global shifts in gender, ageing, migration and housing are transforming the size, location,  general make-up as well as income and expenditure of households around the globe, with diverse implications for governments and companies. Households insights can help identify the decision-making processes and consumption tastes of different household groups and types within a country, and assess household appliance and digital readiness that is key for formulating market technology and internet strategies.

Business Dynamics: A stable and competitive business environment is vital to operate efficiently and attract inward investment. Businesses can assess these factors alongside challenges such as corruption, political instability and terrorism, also gain insight into business operating environment and make strategic investment decisions. Transport infrastructure, ICT readiness and labour force dynamics will also identify potential issues with a supply chain and the level of workforce skills.

Commodities: Insights on key sectors directly related to the environmental commodities of a country such as energy, water, pollution, environmental resilience, forest and biodiversity and food and agriculture help businesses to make strategic decisions in relation to environmental and commodities trends, improve brand reputation and ensure long-term operations while ultimately growing the bottom line.

The briefings cover 103 countries and identify topics of crucial interest to planners, marketers and researchers.

Economy, Finance and Trade: Nigeria


Nigeria's economic outlook dims as private spending slows, and power shortages persist
Inflation continues to soar, threatening food security in Nigeria
The UK tariff cut to boost the competitiveness of Nigerian exports
EU's Green Deal initiative to spur economic diversification
Nigeria's petroleum subsidy program poses fiscal challenges


Chart 1 Economic Landscape of Nigeria 2022-2027
Chart 2 Real GDP Growth in Nigeria 2010-2027
Chart 3 GDP Size and Growth 2017-2027
Chart 4 Gross Value Added by Sector in Nigeria 2022
Chart 5 Domestic Demand 2022 and Period Growth 2017-2022
Chart 6 Standardised Business Confidence Index 2017-2024
Chart 7 Standardised Consumer Confidence Index 2017-2024
Chart 8 Productivity 2017/2022
Chart 9 Productivity by Sector in Nigeria 2022 and CAGR 2017-2022
Chart 10 Monetary Landscape of Nigeria 2022
Chart 11 Inflation 2017-2027
Chart 12 Average Inflation 2017-2027
Chart 13 Interest Rates in Nigeria 2017-2024
Chart 14 Exchange Rates 2017-2024
Chart 15 Money Supply Growth and Money Velocity in Nigeria 2017-2024
Chart 16 Foreign Trade Landscape of Nigeria 2022
Chart 17 Exports and Export Price Index in Nigeria 2017-2022
Chart 18 Exports by Commodity in Nigeria 2022
Chart 19 Top 10 Export Destinations 2022 and Period Growth 2017-2022
Chart 20 Imports and Import Price Index in Nigeria 2017-2022
Chart 21 Imports by Commodity in Nigeria 2022
Chart 22 Top 10 Import Origins 2022 and Period Growth 2017-2022
Chart 23 Investment Landscape of Nigeria 2021-2022
Chart 24 Foreign Direct Investment Inflows and FDI intensity 2021
Chart 25 Foreign Direct Investment Inflows and Outflows in Nigeria 2016-2021
Chart 26 Gross Fixed Capital Formation in Nigeria 2017-2024
Chart 27 Government Budget Landscape of Nigeria 2022
Chart 28 Public Debt 2022
Chart 29 Government Revenue 2022
Chart 30 Government Expenditure 2022
Chart 31 Government Expenditure by Economic Type in Nigeria 2022
Chart 32 Government Expenditure by Function in Nigeria 2022 and Period Growth 2017-2022
Chart 33 Baseline and Scenario Forecasts in Nigeria 2020-2026

Why buy this report?

Gain competitive intelligence about market leaders. Track key industry trends, opportunities and threats. Inform your marketing, brand, strategy and market development, sales and supply functions.


If you purchase a report that is updated in the next 60 days, we will send you the new edition and data extraction Free!