Goods and Services: Debit for Nigeria
NGABMGSBP6GDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
29.83
Year-over-Year Change
98.77%
Date Range
1/1/2000 - 1/1/2026
Summary
The 'Goods and Services: Debit for Nigeria' series measures Nigeria's trade balance, specifically the value of goods and services imported into the country. This metric is crucial for understanding Nigeria's economic health and competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This data series tracks Nigeria's imports of goods and services as a percentage of its gross domestic product (GDP). It provides insight into the country's trade deficit or surplus and can inform policy decisions related to exchange rates, tariffs, and economic diversification.
Methodology
The data is collected and calculated by the World Bank using national accounts and balance of payments statistics.
Historical Context
Policymakers and analysts use this metric to assess Nigeria's external sector performance and the impact of trade policies on the broader economy.
Key Facts
- Nigeria's imports of goods and services were 13.7% of GDP in 2021.
- Nigeria's trade deficit was 1.7% of GDP in 2021.
- The manufacturing sector accounts for a significant portion of Nigeria's imports.
FAQs
Q: What does this economic trend measure?
A: This trend measures the value of goods and services imported into Nigeria as a percentage of its gross domestic product (GDP).
Q: Why is this trend relevant for users or analysts?
A: This metric provides insight into Nigeria's trade balance and can inform policy decisions related to exchange rates, tariffs, and economic diversification.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the World Bank using national accounts and balance of payments statistics.
Q: How is this trend used in economic policy?
A: Policymakers and analysts use this metric to assess Nigeria's external sector performance and the impact of trade policies on the broader economy.
Q: Are there update delays or limitations?
A: The data is typically published with a lag, and there may be limitations in the underlying data sources or collection methods.
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Citation
U.S. Federal Reserve, Goods and Services: Debit for Nigeria (NGABMGSBP6GDPPT), retrieved from FRED.