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Economic Indicators

Economic Indicators

Nigeria's economy is a key regional player in the West African region. The country accounts for about half of West Africa's population with approximately 202 million people and one of the largets populations of youth in the world. Nigeria is Africa's biggest oil exporter, and has the largest natural gas reserves in the continent. 

Oil price volatility continues to influence Nigeria's growth performance. Between 2000 and 2014, Nigeria's Gross Domestic Product (GDP) grew at an average rate of 7% per year. Following the oil price collapse in 2014 to 2016, combined with negative production shocks, the GDP growth rate dropped to 2.7% in 2015. In 2016 during its first recession in 25 years, the economy contracted by 1.6%. 

Nigeria's economic growth remains muted since 2015, as growth averaged 1.9% in 2018 nd remained stable at 2% in the first half of 2019. Domestic demands remains constrained by stagnating private consumption in the context of high inflation (11% in the first half of 2019).

 

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