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

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 December of 2020.

Current Account to GDP in Nigeria is expected to reach -3.90 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 -2.50 percent in 2021 and 0.60 percent in 2022, according to our econometric models.

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Nigeria Current Account to GDP

Actual Previous Highest Lowest Dates Unit Frequency
-3.60 0.90 32.80 -18.70 1980 - 2019 percent Yearly

Nigeria Trade Last Previous Highest Lowest Unit
Balance of Trade -830084.94 -850195.56 2177553.08 -975441.14 NGN Millions [+]
Current Account -3232.28 -4881.73 10383.67 -6953.30 USD Million [+]
Current Account to GDP -3.60 0.90 32.80 -18.70 percent [+]
Imports 1726282.63 1842188.46 2518686.57 167.88 NGN Millions [+]
Exports 896197.69 991992.89 2648881.76 322.93 NGN Millions [+]
Terms of Trade 103.19 103.48 160.25 49.48 points [+]
Foreign Direct Investment 427.76 495.42 3084.90 63.50 USD Million [+]
Capital Flows 4146.35 -6300.42 20302.97 -15439.95 USD Million [+]
Gold Reserves 21.46 21.50 21.50 21.37 Tonnes [+]
Crude Oil Production 1329.00 1347.00 2475.00 675.00 BBL/D/1K [+]
Remittances 3373.09 5629.04 6270.24 3373.09 USD Million [+]
Non Oil Exports 154578.68 185734.31 1450442.90 29675.90 NGN Million [+]
Oil Exports 741619.01 806258.58 2033861.20 46192.00 NGN Million [+]
Terrorism Index 8.60 8.66 9.31 3.86 [+]
External Debt 31477.14 27665.66 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.