Nigeria: Imports, percent of GDP

* indicates monthly or quarterly data series
 Nigeria

Imports of goods and services as percent of GDP

 Latest value 16.92
 Year 1960
 Measure percent
 Data availability 1960 - 1960
 Average 16.92
 Min - Max 16.92 - 16.92
 Source The World Bank
For that indicator, we provide data for Nigeria from 1960 to 1960. The average value for Nigeria during that period was 16.92 percent with a minimum of 16.92 percent in 1960 and a maximum of 16.92 percent in 1960. The latest value from 1960 is 16.92 percent. For comparison, the world average in 1960 based on 64 countries is 25.30 percent. See the global rankings for that indicator or use the country comparator to compare trends over time. The value of that indicator for 1960 is 16.92 percent.
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* indicates monthly or quarterly data series


Recent values chart
Nigeria - Imports, percent of GDP - Recent values chart




The imports of Nigeria and other countries are calculated as the total amount of goods and services produced abroad and sold at home. Imports are often reported as percent of GDP so that we can evaluate their magnitude relative to the size of the economy.

If imports are about 15 percent or less of GDP the economy is considered relatively closed. That, for example, applies to the U.S. In contrast, many small European countries import over 40 percent of the products they consume. They are considered more open to international trade.
Definition: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. They include the value of merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services. They exclude compensation of employees and investment income (formerly called factor services) and transfer payments.

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 Related indicators Latest value Reference Measure
 Terms of trade 127.38 2021 percent
 Trade openness 26.17 1960 percent
 Financial openness -0.666 2021 index points
 Exports, percent of GDP 9.24 1960 percent
 Exports, billion dollars 0.39 1960 billion U.S. dollars
 Imports, percent of GDP 16.92 1960 percent
 Imports, billion dollars 0.71 1960 billion U.S. dollars
 Foreign Direct Investment, percent of GDP -0.04 2022 percent
 Foreign Direct Investment, billion dollars -0.19 2022 billion U.S. dollars
 Portfolio investment inflows, equities 293.46 2022 million dollars (current)
 Current account, percent of GDP 0.10 2022 percent
 Current account, in dollars 1.02 2022 billion U.S. dollars
 Trade balance, percent of GDP -7.68 1960 percent
 Trade balance, in dollars -7.96 2022 billion U.S. dollars
 Reserves 35.56 2022 billion U.S. dollars
 Remittances, percent of GDP 4.26 2022 percent
 Remittances 20,127.61 2022 million U.S. dollars
 Net errors and omissions -7,513.48 2022 million USD
 External debt 21.39 2022 percent
 Short-term external debt 22.25 2022 percent
 Short-term debt to reserves 61.52 2022 percent
 Foreign exchange reserves 37.39 9/2022 billion
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