Gross Domestic Product — Value Standard Local Currency in Nigeria
Nigeria: Gross Domestic Product — Value Standard Local Currency was 277.49 million million SLC in 2024. ◆ Volatile
Gross Domestic Product — Value Standard Local Currency in Nigeria, 1970–2024
Source: Food and Agriculture Organization of the United Nations. Measured in million SLC.
Analysis
Nigeria recorded 277.49 million million SLC for gross domestic product — value standard local currency in 2024. That is the highest value across all 55 years on record.
The figure is up 18.4% on the previous year and up 204.2% over ten years.
Over the whole period, gross domestic product — value standard local currency in Nigeria peaked at 277.49 million million SLC in 2024 and was at its lowest, 20,991 million SLC, in 1970.
That places Nigeria 16th out of 218 countries with data for 2024, putting it in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Gross Domestic Product — Value Standard Local Currency in Nigeria, year by year
| Year | million SLC | Change |
|---|---|---|
| 1970 | 20,991 million SLC | — |
| 1971 | 24,303 million SLC | +15.8% |
| 1972 | 27,276 million SLC | +12.2% |
| 1973 | 31,338 million SLC | +14.9% |
| 1974 | 48,613 million SLC | +55.1% |
| 1975 | 60,368 million SLC | +24.2% |
| 1976 | 74,966 million SLC | +24.2% |
| 1977 | 89,749 million SLC | +19.7% |
| 1978 | 98,683 million SLC | +10.0% |
| 1979 | 113,540 million SLC | +15.1% |
| 1980 | 133,333 million SLC | +17.4% |
| 1981 | 139,310 million SLC | +4.5% |
| 1982 | 149,051 million SLC | +7.0% |
| 1983 | 158,750 million SLC | +6.5% |
| 1984 | 165,854 million SLC | +4.5% |
| 1985 | 187,831 million SLC | +13.3% |
| 1986 | 198,123 million SLC | +5.5% |
| 1987 | 244,680 million SLC | +23.5% |
| 1988 | 315,615 million SLC | +29.0% |
| 1989 | 414,861 million SLC | +31.4% |
| 1990 | 494,644 million SLC | +19.2% |
| 1991 | 590,060 million SLC | +19.3% |
| 1992 | 906,029 million SLC | +53.5% |
| 1993 | 1.26 million million SLC | +38.8% |
| 1994 | 1.77 million million SLC | +40.7% |
| 1995 | 3.10 million million SLC | +75.3% |
| 1996 | 4.09 million million SLC | +31.8% |
| 1997 | 4.42 million million SLC | +8.1% |
| 1998 | 4.81 million million SLC | +8.7% |
| 1999 | 5.48 million million SLC | +14.1% |
| 2000 | 7.06 million million SLC | +28.8% |
| 2001 | 8.23 million million SLC | +16.6% |
| 2002 | 11.50 million million SLC | +39.7% |
| 2003 | 13.56 million million SLC | +17.9% |
| 2004 | 18.12 million million SLC | +33.7% |
| 2005 | 23.12 million million SLC | +27.6% |
| 2006 | 30.38 million million SLC | +31.4% |
| 2007 | 34.68 million million SLC | +14.2% |
| 2008 | 39.95 million million SLC | +15.2% |
| 2009 | 43.46 million million SLC | +8.8% |
| 2010 | 56.33 million million SLC | +29.6% |
| 2011 | 64.45 million million SLC | +14.4% |
| 2012 | 73.49 million million SLC | +14.0% |
| 2013 | 81.93 million million SLC | +11.5% |
| 2014 | 91.23 million million SLC | +11.4% |
| 2015 | 96.21 million million SLC | +5.5% |
| 2016 | 102.58 million million SLC | +6.6% |
| 2017 | 114.90 million million SLC | +12.0% |
| 2018 | 129.09 million million SLC | +12.3% |
| 2019 | 145.64 million million SLC | +12.8% |
| 2020 | 154.25 million million SLC | +5.9% |
| 2021 | 176.08 million million SLC | +14.1% |
| 2022 | 202.37 million million SLC | +14.9% |
| 2023 | 234.43 million million SLC | +15.8% |
| 2024 | 277.49 million million SLC | +18.4% |
Nigeria compared with similar countries
- Nigeria's 277.49 million million SLC is above the median for lower middle income countries, which is 1.54 million million SLC, 180.7× the median. (43 countries reporting)
- Nigeria's 277.49 million million SLC is above the median for Sub-Saharan Africa, which is 8.81 million million SLC, 31.5× the median. (45 countries reporting)
Biggest year-on-year movements
Years where Gross Domestic Product — Value Standard Local Currency in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 1995 | +75.3% | 1.77 million million SLC | 3.10 million million SLC |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 58,983 million SLC | 20,991 million SLC | 113,540 million SLC | 10 |
| 1980s | 210,741 million SLC | 133,333 million SLC | 414,861 million SLC | 10 |
| 1990s | 2.69 million million SLC | 494,644 million SLC | 5.48 million million SLC | 10 |
| 2000s | 23.01 million million SLC | 7.06 million million SLC | 43.46 million million SLC | 10 |
| 2010s | 95.58 million million SLC | 56.33 million million SLC | 145.64 million million SLC | 10 |
| 2020s | 208.92 million million SLC | 154.25 million million SLC | 277.49 million million SLC | 5 |
Countries ranked near Nigeria
- 13 Iraq 313.04 million million SLC compare
- 14 Chile 311.64 million million SLC compare
- 15 Somalia 303.90 million million SLC compare
- 17 Syrian Arab Republic 239.96 million million SLC compare
- 18 Guinea 222.10 million million SLC compare
- 19 United Republic of Tanzania 211.61 million million SLC compare
More economy & growth data for Nigeria
- Africa's Development Dynamics (AfDD) Table 04 - Annual real GDP 1.04 Percent per annum (2029)
- Africa's Development Dynamics (AfDD) Table 02 - Annual real GDP 3.32 Percent per annum (2029)
- Foreign direct investment, net outflows (BoP, current US$), gaps 1.19 billion BoP, current US$ (2025)
- Foreign direct investment, net outflows (BoP, current US$), per unit 0.0041 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net outflows (BoP, current US$), per capita 5 BoP, current US$ per person (2025)
- Foreign direct investment, net inflows (BoP, current US$), gaps filled 4.01 billion BoP, current US$ (2025)
- Foreign direct investment, net inflows (BoP, current US$), annual 148.16 % change on previous year (2025)
- Foreign direct investment, net inflows (BoP, current US$), per unit 0.0138 BoP, current US$ per US$ of GDP (2025)
- Foreign direct investment, net inflows (BoP, current US$), per capita 16.86 BoP, current US$ per person (2025)
- Total reserves (includes gold, current US$), annual growth rate 13.91 % change on previous year (2025)
Frequently asked questions
- What is gross domestic product — value standard local currency in Nigeria?
- Gross domestic product — value standard local currency in Nigeria was 277.49 million million SLC in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross domestic product — value standard local currency recorded in Nigeria?
- The highest recorded value was 277.49 million million SLC in 2024.
- What is the lowest gross domestic product — value standard local currency recorded in Nigeria?
- The lowest recorded value was 20,991 million SLC in 1970.
- How does Nigeria rank for gross domestic product — value standard local currency?
- Nigeria ranks 16th out of 218 countries with data for 2024.
- Is gross domestic product — value standard local currency rising or falling in Nigeria?
- Over the last ten years it is up 204.2%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from Food and Agriculture Organization of the United Nations, published as part of Gross Domestic Product — Value Standard Local Currency. Statizoid updates them automatically from the source API.
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About this data
The FAOSTAT Macro Indicators database provides a selection of country-level macro indicators relating to total economy (Gross Domestic Product, Gross Fixed Capital Formation); agriculture activity; agriculture, forestry and fishing activity; total manufacturing activity; manufacturing of food products and beverages activity; manufacturing activity of tobacco products; and manufacturing activity of food, beverage and tobacco products.It releases time series for a selection of National Accounts variables, including gross domestic product, gross fixed capital formation, industry-level value added and gross output. The database also proposes additional indicators such as gross domestic product per capita, year-on-year growth rates and measures of industry contribution to gross domestic product. All data relating to Gross Domestic Product, Gross Fixed Capital Formation, agriculture, forestry and fishing activity, and to total manufacturing activity originates from the United Nations Statistics Division (UNSD) National Accounts Estimates of Main Aggregates database, which consists of a complete and consistent set of time series of the main National Accounts aggregates of all UN Members States and other territories in the world for which National Accounts information is available. The UNSD database's content is based on the countries' official National Accounts data reported to UNSD through the annual National Accounts Questionnaire, supplemented with data estimates for any years and countries with incomplete or inconsistent information (See http://unstats.un.org/unsd/snaama/Introduction.asp). Data series relating to the sub-industry Agriculture activity are obtained from the UNSD national accounts Official Country Data databases while series on the Manufacturing activity of food and beverages products, manufacturing activity of tobacco products and manufacturing activity of food, beverages and tobacco products originates from the United Nations Industrial Development Organization (UNIDO) INDSTAT2 database. In order to ensure that sub-industry series are consistent in levels with National Accounts based series, which is needed to support comparability across industries (agriculture vs. agro-industry and sub-industries), UNIDO originating series are rescaled on UNSD National Accounts Estimates of Main Aggregates data series (See Section 17.5 for a more detailed description of the data processing steps).