Gross Fixed Capital Formation — Value Standard Local Currency in Nigeria
Nigeria: Gross Fixed Capital Formation — Value Standard Local Currency was 90.11 million million SLC in 2024. ◆ Volatile
Gross Fixed Capital Formation — Value Standard Local Currency in Nigeria, 1970–2024
Source: Food and Agriculture Organization of the United Nations. Measured in million SLC.
Analysis
In 2024, gross fixed capital formation — value standard local currency in Nigeria stood at 90.11 million million SLC. That is the highest value across all 55 years on record.
The figure is up 8.7% on the previous year and up 562.8% over ten years.
Over the whole period, gross fixed capital formation — value standard local currency in Nigeria peaked at 90.11 million million SLC in 2024 and was at its lowest, 16,646 million SLC, in 1970.
Nigeria ranks 12th of 230 countries on this measure, in the top 10%.
The series is highly variable year to year, so single readings are best treated with caution.
Gross Fixed Capital Formation — Value Standard Local Currency in Nigeria, year by year
| Year | million SLC | Change |
|---|---|---|
| 1970 | 16,646 million SLC | — |
| 1971 | 19,252 million SLC | +15.7% |
| 1972 | 22,320 million SLC | +15.9% |
| 1973 | 24,082 million SLC | +7.9% |
| 1974 | 27,810 million SLC | +15.5% |
| 1975 | 44,049 million SLC | +58.4% |
| 1976 | 71,739 million SLC | +62.9% |
| 1977 | 88,925 million SLC | +24.0% |
| 1978 | 91,881 million SLC | +3.3% |
| 1979 | 89,551 million SLC | -2.5% |
| 1980 | 102,710 million SLC | +14.7% |
| 1981 | 124,524 million SLC | +21.2% |
| 1982 | 128,097 million SLC | +2.9% |
| 1983 | 120,264 million SLC | -6.1% |
| 1984 | 97,782 million SLC | -18.7% |
| 1985 | 87,145 million SLC | -10.9% |
| 1986 | 108,865 million SLC | +24.9% |
| 1987 | 122,462 million SLC | +12.5% |
| 1988 | 138,097 million SLC | +12.8% |
| 1989 | 217,750 million SLC | +57.7% |
| 1990 | 262,766 million SLC | +20.7% |
| 1991 | 285,590 million SLC | +8.7% |
| 1992 | 396,609 million SLC | +38.9% |
| 1993 | 559,146 million SLC | +41.0% |
| 1994 | 744,092 million SLC | +33.1% |
| 1995 | 1.15 million million SLC | +55.0% |
| 1996 | 1.49 million million SLC | +29.6% |
| 1997 | 1.70 million million SLC | +13.6% |
| 1998 | 1.95 million million SLC | +14.8% |
| 1999 | 2.10 million million SLC | +7.7% |
| 2000 | 2.40 million million SLC | +14.6% |
| 2001 | 2.47 million million SLC | +2.9% |
| 2002 | 3.08 million million SLC | +24.5% |
| 2003 | 3.85 million million SLC | +24.9% |
| 2004 | 4.72 million million SLC | +22.8% |
| 2005 | 5.77 million million SLC | +22.2% |
| 2006 | 7.95 million million SLC | +37.7% |
| 2007 | 7.00 million million SLC | -12.0% |
| 2008 | 7.54 million million SLC | +7.7% |
| 2009 | 9.18 million million SLC | +21.8% |
| 2010 | 9.18 million million SLC | +0.1% |
| 2011 | 9.90 million million SLC | +7.8% |
| 2012 | 10.28 million million SLC | +3.9% |
| 2013 | 11.48 million million SLC | +11.6% |
| 2014 | 13.60 million million SLC | +18.4% |
| 2015 | 14.11 million million SLC | +3.8% |
| 2016 | 15.08 million million SLC | +6.8% |
| 2017 | 16.91 million million SLC | +12.1% |
| 2018 | 24.55 million million SLC | +45.2% |
| 2019 | 35.86 million million SLC | +46.1% |
| 2020 | 44.19 million million SLC | +23.2% |
| 2021 | 58.29 million million SLC | +31.9% |
| 2022 | 65.23 million million SLC | +11.9% |
| 2023 | 82.89 million million SLC | +27.1% |
| 2024 | 90.11 million million SLC | +8.7% |
Nigeria compared with similar countries
- Nigeria's 90.11 million million SLC is above the median for lower middle income countries, which is 367,772 million SLC, 245.0× the median. (44 countries reporting)
- Nigeria's 90.11 million million SLC is above the median for Sub-Saharan Africa, which is 1.26 million million SLC, 71.5× the median. (45 countries reporting)
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 49,625 million SLC | 16,646 million SLC | 91,881 million SLC | 10 |
| 1980s | 124,770 million SLC | 87,145 million SLC | 217,750 million SLC | 10 |
| 1990s | 1.06 million million SLC | 262,766 million SLC | 2.10 million million SLC | 10 |
| 2000s | 5.40 million million SLC | 2.40 million million SLC | 9.18 million million SLC | 10 |
| 2010s | 16.09 million million SLC | 9.18 million million SLC | 35.86 million million SLC | 10 |
| 2020s | 68.14 million million SLC | 44.19 million million SLC | 90.11 million million SLC | 5 |
Countries ranked near Nigeria
- 9 Japan 154.55 million million SLC compare
- 10 India 102.08 million million SLC compare
- 11 Argentina 91.73 million million SLC compare
- 13 United Republic of Tanzania 82.68 million million SLC compare
- 14 Lao People's Democratic Republic 78.08 million million SLC compare
- 14 Laos 78.08 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)
- SDRs holdings, US dollar, annual growth rate 3.99 % change on previous year (2025)
- SDRs holdings, US dollar, per unit of GDP 0.0148 units per US$ of GDP (2025)
- SDRs holdings, US dollar, per capita 18.13 units per person (2025)
- SDRs holdings, SDR, annual growth rate -0.9704 % change on previous year (2025)
- SDRs holdings, SDR, per unit of GDP 0.0108 units per US$ of GDP (2025)
- SDRs holdings, SDR, per capita 13.24 units per person (2025)
- IMF holdings of currency, US dollar, annual growth rate -17.26 % change on previous year (2025)
- IMF holdings of currency, US dollar, per unit of GDP 0.0107 units per US$ of GDP (2025)
Frequently asked questions
- What is gross fixed capital formation — value standard local currency in Nigeria?
- Gross fixed capital formation — value standard local currency in Nigeria was 90.11 million million SLC in 2024, according to Food and Agriculture Organization of the United Nations.
- What is the highest gross fixed capital formation — value standard local currency recorded in Nigeria?
- The highest recorded value was 90.11 million million SLC in 2024.
- What is the lowest gross fixed capital formation — value standard local currency recorded in Nigeria?
- The lowest recorded value was 16,646 million SLC in 1970.
- How does Nigeria rank for gross fixed capital formation — value standard local currency?
- Nigeria ranks 12th out of 230 countries with data for 2024.
- Is gross fixed capital formation — value standard local currency rising or falling in Nigeria?
- Over the last ten years it is up 562.8%. 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 Fixed Capital Formation — Value Standard Local Currency. Statizoid updates them automatically from the source API.
Download this data
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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).