Nigeria: Remittances, percent of GDP

* indicates monthly or quarterly data series
 Nigeria

Remittances as percent of GDP

 Latest value 5.65
 Year 2023
 Measure percent
 Data availability 1977 - 2023
 Average 2.41
 Min - Max 0.00 - 8.33
 Source The World Bank
The latest value from 2023 is 5.65 percent, an increase from 4.26 percent in 2022. In comparison, the world average is 5.13 percent, based on data from 174 countries. Historically, the average for Nigeria from 1977 to 2023 is 2.41 percent. The minimum value, 0 percent, was reached in 1988 while the maximum of 8.33 percent was recorded in 2005. See the global rankings for that indicator or use the country comparator to compare trends over time.
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* indicates monthly or quarterly data series


Recent data
Nigeria - Remittances, percent of GDP - Recent values chart

Historical series
Nigeria - Remittances, percent of GDP - historical chart - 1977-2023




Definition: Personal remittances comprise personal transfers and compensation of employees. Personal transfers consist of all current transfers in cash or in kind made or received by resident households to or from nonresident households. Personal transfers thus include all current transfers between resident and nonresident individuals. Compensation of employees refers to the income of border, seasonal, and other short-term workers who are employed in an economy where they are not resident and of residents employed by nonresident entities. Data are the sum of two items defined in the sixth edition of the IMF's Balance of Payments Manual: personal transfers and compensation of employees.

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 Related indicators Latest 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 0.52 2023 percent
 Foreign Direct Investment, billion dollars -0.19 2022 billion U.S. dollars
 Portfolio investment inflows, equities 1,588.28 2023 million dollars (current)
 Current account, percent of GDP 0.90 2023 percent
 Current account, in dollars -0.81 2023 billion U.S. dollars
 Trade balance, percent of GDP -7.68 1960 percent
 Trade balance, in dollars -5.16 2023 billion U.S. dollars
 Reserves 35.56 2022 billion U.S. dollars
 Remittances, percent of GDP 5.65 2023 percent
 Remittances 20,500.00 2023 million U.S. dollars
 Net errors and omissions -18,016.02 2023 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 36.61 12/2022 billion
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