Economy
Nominal GDP
USD 343 billion
GDP per capita
USD 2,027
2021–2025 average
Currency
- Name
- Nigerian naira
Нигерийская найра - ISO code
- NGN
- Rate against the US dollar
- USD 1 = 1,328 NGN
- Rate against the rouble
- 1,000 NGN = 62.8038 RUB
- Rate type
- Official Bank of Russia rate
- Currency zone
- National currency
Exchange rate as of 1 October 2026
Economic structure
GDP structure: 2021–2025 average Source: Based on World Bank data. Period: 2021–2025 average
- Agriculture 26.9%
- Industry 18.2%
- Services 53.2%
Industries and programmes
- Key industries
- Oil and gas, agriculture, telecommunications, trade, finance, cement, and film production.
- Government programmes
- “Renewed Hope” program (Renewed Hope Agenda)
- National Development Plan 2021–2025
- Plan to increase oil production
International trade
Exports of goods, 2021–2025
USD billion Source: World Bank / WTO, merchandise exports (TX.VAL.MRCH.CD.WT). Period: 2021–2025
Table
| Year | USD billion | index, 2021 = 100 |
|---|---|---|
| 2021 | 46.9 | 100.0 |
| 2022 | 63.1 | 134.5 |
| 2023 | 55.2 | 117.7 |
| 2024 | 53.3 | 113.6 |
| 2025 | 55.5 | 118.3 |
- Imports of goods
- USD 54.0 billion 2021–2025 averageSource: ITC. Period: 2021–2025 average
- Change in exports of goods, 2021–2025
- +18.3%
- Average annual rate of change in exports of goods, 2021–2025
- +4.3%
Export specialisation
Main export products
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; share of total merchandise exports, HS chapters (2 digits). Period: 2024
Main export destinations
share of exports of goods, %, 2024 Source: UN Comtrade, 2024; share of total merchandise exports, HS chapters (2 digits). Period: 2024
Investment areas
- Oil refining and gas-based chemical production
- Electricity generation
- Agribusiness
- Fertilizers
- Metallurgy
- Digital services
- Nuclear energy
Agreements with Russia
Investment protection
Agreement on the Promotion and Reciprocal Protection of Investments: signed 24 June 2009; not yet in force
Signed, not in force
Double taxation
There is no double taxation agreement with Russia.
Absent
Visa requirements
Russian citizens holding ordinary passports require a visa.
Visa required
Peaceful nuclear energy
- intergovernmental agreements on cooperation (2009) and on the construction and operation of nuclear power plants (2016)
Intergovernmental agreement
Other agreements
- Agreement on Military Cooperation (2017).
- Agreement on Cooperation in Education (2013).
Incentives
- Main regimes and incentives
Pioneer industry status (3–5-year tax holidays); free zone regimes (NEPZA, OGFZA); incentives for the gas industry.
- Type of measure
- Investment agency
- NIPC — Nigerian Investment Promotion Commission
- Zone operator / authority
- NEPZA — Export Processing Zones Authority
