Doing business in Nigeria: economic snapshot February 2018 | finder.com

ECONOMIC SNAPSHOT
NIGERIA

Internal perspective

Nigeria has closed the worst GDP in years due to low oil prices, tight monetary liquidity and militant attacks on oil infrastructure. Many challenges remain, including rampant crime, limited public safety and high unemployment. The country’s fragile recovery depends on growth in the non-oil sector.

Population

185,989,640 (2016)

Internet users

38% (2013)

Gross domestic product (GDP)

  • $404.653 billion

Top 5 Imports

Top 5 exports

Languages

Top 3 Trading Partners

Top franchises

GDP growth rate (est.)

  • 1.17% in 2017
  • 2.416% in 2018

Trends and outlooks

  • Rapid urbanization in Lago, Kano, and other big cities
  • Slow economic recovery

Economic challenges

  • Political and economic corruption
  • Boko Haram terrorism
  • High crime and unemployment

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