Nigeria recorded a Current Account deficit of 4.20 percent of the country's Gross Domestic Product in 2020. source: Central Bank of Nigeria

Current Account to GDP in Nigeria averaged 1.77 percent of GDP from 1980 until 2020, reaching an all time high of 32.80 percent of GDP in 2005 and a record low of -18.70 percent of GDP 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 2021.

Current Account to GDP in Nigeria is expected to reach -2.70 percent of GDP by the end of 2021, 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 -2.30 percent of GDP in 2022 and -1.80 percent of GDP in 2023, according to our econometric models.

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Nigeria Current Account to GDP

Actual Previous Highest Lowest Dates Unit Frequency
-4.20 -3.30 32.80 -18.70 1980 - 2020 percent of GDP Yearly

Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade -1123289.91 -1507542.69 2177553.08 -1507542.69 NGN Millions [+]
Current Account -1750.60 -5264.53 10383.67 -6676.40 USD Million [+]
Current Account to GDP -4.20 -3.30 32.80 -18.70 percent of GDP [+]
Imports 2193557.03 2456665.77 2518686.57 167.88 NGN Millions [+]
Exports 1070267.12 949123.09 2648881.76 322.93 NGN Millions [+]
Terms of Trade 100.04 100.17 160.25 49.48 points [+]
Foreign Direct Investment 2138.38 438.70 3084.90 63.50 USD Million [+]
Capital Flows 7886.98 -3371.72 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.46 21.46 21.46 21.37 Tonnes [+]
Crude Oil Production 1313.00 1344.00 2475.00 675.00 BBL/D/1K [+]
Remittances 4071.91 3871.28 6270.24 3373.09 USD Million [+]
Non Oil Exports 405369.81 294400.99 1450442.90 29675.90 NGN Million [+]
Oil Exports 664897.32 654722.09 2033861.20 46192.00 NGN Million [+]
Terrorism Index 8.31 8.60 9.31 3.86 [+]
External Debt 32859.99 33348.08 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.