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 668.58million in 2016 but significantly increased again in 2017 to 686.67 million.
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 barrel. Average price of crude oil was at 54.25 U.S dollars per barrel as at the end of 2017, up from 43.29 U.S dollars per barrel in 2016 and down from 93.17 U.S dollars per barrel in 2014.
Exchange Rate of Crude Oil
The exchange rate of crude oil maintained some equilibrium between 2011 to 2014 and the prices stood between $157 to 158$ respectively.
The total pool of revenue from the Federal, State, and Local Governments witnessed a drop from the 2016 figure of N4.5tn to 2.1tn in 2017.
Foreign Imports (Total)
The Imports of Nigeria have decreased from $11trn in 2015 to $9.4tn in 2016. The most recent imports which include Oil and Non-Oil imports totalled about N10.6tn in 2017.
FForeign Exports (Total)
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 imports. It witnessed a deficit in 2015 and 2016 of N-2,230.90bn and N-644.8bn respectively but was on a surplus at the end of 2017 with N3,183bn
Total Trade (Imports & Exports)
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 exports and imports in 2017
Nigeria’s external reserves significantly dropped to $28bn and $26bn in 2015 and 2016 respectively but in 2017, external reserves peaked 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.
In 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 Government has spent N7.1tn compared to N5.7tn in 2016.
The Total Expenditure of the Federal Government comprises of Capital and Recurrent Expenditure. At the end of 2016, total expenditure of the Federal Government was N5.1tn while 2017 was significantly higher at N8.3tn
Total Federal Colllected Revenue
The Total Federally Collected Revenue is revenue from the Oil and Non-Oil sector. In fiscal year 2017, Total Federally Collected Revenue was N7.3tn compared to the 2016 figure of N5.6tn
Non Oil Revenue
The Federal Government’s Non-Oil Revenue witnessed growth in 2017 when compared to the 2016 figure of N2.9tn. The actual revenue from the non-oil sector including federal government independent revenue was 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 N3.2tn
Oil revenue 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 stood at N749.92bn . By the end of 2017, the oil revenue for the federation 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.
Value Added Tax of the Federation
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
Statutory Allocation of the Federation
The Statutory Allocation of the Federation for 2014 was N6tn and down to N4.3tn in 2015. In 2016, VAT revenue of the Statutory Allocation of the Federation was 3.1tn.