GDP Growth Rate
GDP growth rate stood at 0.83 in 2017. This performance is higher when compared to 2016 which recorded a real GDP growth aggregate of -1.58, presenting a positive year-on-year real growth rate
Crude Oil Production
Nigeria produced 780.69million barrels of Crude Oil in 2015 which was the highest between 2015 and 2017. It fell to 668.58 in 2016 but significantly increased again in 2017 to 686.67 million barrels of crude oil
Average Price of Crude Oil
This statistic shows the Brent crude oil price from 1986 to 2017. In 2017, the average price of Brent crude oil was at 54.25 U.S. dollars per barreAverage price Crude Oil was at 54.25 as at the end of 2017, up from 43.29 in 2016 and down from 93.17 in 2014.
Exchange Rate of Crude Oil
The Exchange rate of crude oil maitain same equilibrium between 2011 to 2014 respectivelty and the price stood between $157 to 158$
The total pool of revenue from the federal, states and Local Government witnessed a drop from the 2016 figure of N4.5tn to 2.1tn in 2017.
Foreign Imports (Oil and Non-Oil)
The Imports of Nigeria have decreased from 11tn in 2015 to $9.4tn in 2016. The most recent imports total which include the Oil and the No-Oil totalled about N10.6tn in 2017.
Nigeria exported N13.9tn worth of goods in 2017, up by 59.47 percent from N8.83tn in 2016
Balance of Trade
Trade balance in Nigeria is the difference between the value of Nigeria's exports and import.It witnessed a deficit in 2015 and 2016 with N-2,230.90bn and N-644.8bn respectively but was on a surplus at the end of 2017 with N3,183bn.
The total value of Nigeria’s trade decreased from N19.9tn in 2015 to N18.3tn in 2016 but witnessed a significant increase in 2017 with a total N24.7tn of import and export in 2017.
Nigeria’s external reserve signifcantly dropped to $28bn and $26bn in 2015 and 2016 respectively but in 2017 the external reserve peaked since hitting about $39.3bn at the end of 2017.
The federal government spent N979.5bn as capital expenditure at the end of 2017 fiscal year, compared to the 2016 figure of N634.8bn of 2016.
The first nine months of 2017, the federal government spent approximately N4.15tn as recurrent expenditure but at the end of 2017 fiscal year, the federal governmrnt figure of the expenditure comes N7.1tn compared to the 2016 figure of N5.7tn.
The Total expenditure of the federal Government comprises of the Capital and the Recureent expenditure, at at the end of 2016, the total expenditure of the Federal Government was N5.1tn while the 2017 was significantly higher at N8.3tn.
Total Federal Colllected Revenue
The total Federally Collected revenue are both revenue from the Oil and the Non-Oil sector. In fiscal year 2017, the federal government collected total federally collected revenues was N7.3tn compared to the 2016 figure of N5.6tn.
Non Oil Revenue
The Federal Government Non Oil Revenue witnessed growth in 2017 compared to the 2016 figure of N2.9tn The Actual revenue from the non-oil sector including federal government independent revenue came in at N865.3bn or 53.6 percent of total revenue collected between January and September of fiscal year 2017 while total Non-Oil revenue at the end of the fiscal year was at N3.2tn.
Oil revenue’s contribution to the Total Revenue of the federation was down to 47.4% in 2016, from a high of 88.6% in 2006, As at September 2017, total revenue from the oil sector which accounts for about 10% of Nigeria’s gross domestic product arrived at N749.92bnbut in 2017. The Oil revenue for the federation as the end of 2017 was N4.1tn compared to the 2016 figure of N2.6tn.
The Excess Crude Account increased from $387.71bn in 2012 to $462.2bn in 2013, and decreased significantly to $76bn by 2014. The account was also depleted to $15.6bn in 2015 but as at 2016, the account stands at $323.6bn.
Federal Government's Actual Share of Value Added Tax
The VAT revenue of the federation was N762.5bn and N747.6bn in 2014 and 2015 respectively. The 2016 revenue was up to N778.6bn.
Federal Government's Actual Share of Statutory Allocation
The Statutory Allocation of the federation for 2014 was N6tn down to 2015 figures of N4.3tn. For 2016, the federation revenue of the VAT was at N3.1tn