Nigeria recorded a Current Account surplus of 2.30 percent of the country's Gross Domestic Product in 2018.

Current Account to GDP in Nigeria averaged 2.07 percent from 1980 until 2018, reaching an all time high of 32.80 percent in 2005 and a record low of -18.70 percent in 1986. This page provides - Nigeria Current Account to GDP - actual values, historical data, forecast, chart, statistics, economic calendar and news. Nigeria Current Account to GDP - values, historical data and charts - was last updated on July of 2020. source: Central Bank of Nigeria

Current Account to GDP in Nigeria is expected to reach -1.20 percent by the end of 2020, according to Trading Economics global macro models and analysts expectations. In the long-term, the Nigeria Current Account to GDP is projected to trend around 1.50 percent in 2021 and 2.30 percent in 2022, according to our econometric models.

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Nigeria Current Account to GDP

Actual Previous Highest Lowest Dates Unit Frequency
2.30 2.80 32.80 -18.70 1980 - 2018 percent Yearly

Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade -162246.25 197560.16 2177553.08 -975441.14 NGN Millions [+]
Current Account -4881.73 -6953.30 10383.67 -6953.30 USD Million [+]
Current Account to GDP 2.30 2.80 32.80 -18.70 percent [+]
Imports 1127880.09 1234379.31 2518686.57 167.88 NGN Millions [+]
Exports 965633.84 1431939.47 2648881.76 322.93 NGN Millions [+]
Terms of Trade 103.54 100.73 160.25 49.48 points [+]
Foreign Direct Investment 495.42 498.62 3084.90 63.50 USD Million [+]
Capital Flows -6300.42 13235.94 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.50 21.46 21.50 21.37 Tonnes [+]
Crude Oil Production 1552.00 1793.00 2475.00 675.00 BBL/D/1K [+]
Remittances 5629.04 5925.68 6270.24 3836.61 USD Million [+]
Non Oil Exports 302855.61 374680.87 1450442.90 29675.90 NGN Million [+]
Oil Exports 662778.23 1057258.60 2033861.20 46192.00 NGN Million [+]
Terrorism Index 8.60 8.66 9.31 3.86 [+]
External Debt 27676.14 26941.50 37267.68 3287.73 USD Million [+]


Nigeria Current Account to GDP
The Current account balance as a percent of GDP provides an indication on the level of international competitiveness of a country. Usually, countries recording a strong current account surplus have an economy heavily dependent on exports revenues, with high savings ratings but weak domestic demand. On the other hand, countries recording a current account deficit have strong imports, a low saving rates and high personal consumption rates as a percentage of disposable incomes.