This is a chart of trend of gross domestic product of Nigeria at market prices estimated by the International Monetary Fund with figures in millions of Nigerian Naira.
|
Year
|
Gross Domestic
Product
|
US Dollar
Exchange
|
Inflation Index
(2000=100) |
Per Capita
Income
(as % of USA) |
|
1980
|
50,849
|
0.78 Naira
|
1.30
|
7.22
|
|
1985
|
98,619
|
2.83 Naira
|
3.20
|
1.87
|
|
1990
|
286,374
|
8.94 Naira
|
8.10
|
1.49
|
|
1995
|
1,928,642
|
54.36 Naira
|
56
|
1.28
|
|
2000
|
4,676,394
|
102.24 Naira
|
100
|
1.11
|
|
2005
|
14,894,454
|
131.01 Naira
|
207
|
1.96
|
For purchasing power parity comparisons, the US Dollar is exchanged at 75.75
Nigerian Naira only.
Current GDP per capita] of Nigeria expanded 132% in the Sixties reaching a
peak growth of 283% in the Seventies. But this proved unsustainable and it
consequently shrank by 66% in the Eighties. In the Nineties, diversification
initiatives finally took effect and decadal growth was restored to 10%.
Due to inflation, per capita GDP today remains lower than in 1960 when
Nigeria declared independence. About 57% of the population lives on less than
US$1 per day. In 2005 the GDP was composed of the following sectors:
agriculture, 26.8%; industry, 48.8%; and services, 24.4%.
In 2005 Nigeria's inflation rate was an estimated 15.6%. Nigeria's goal
under the National Economic Empowerment Development Strategy (NEEDS) program is
to reduce inflation to the single digits. In 2005 Nigeria's central government
had expenditures of US$13.54 billion but revenues of only US$12.86 billion,
resulting in a budget deficit of 5%. Nigerian tax authorities face the challenge
of widespread tax evasion, which is motivated by complaints about corruption
and the poor quality of services.
Mean wages were $1.11 per manhour in 2009.