Nigeria - Imports of goods and services (% of GDP)

Imports of goods and services (% of GDP) in Nigeria was 16.57 as of 2020. Its highest value over the past 60 years was 23.92 in 1976, while its lowest value was 3.03 in 1984.

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.

Source: World Bank national accounts data, and OECD National Accounts data files.

See also:

Year Value
1960 16.92
1961 16.30
1962 13.56
1963 13.54
1964 15.41
1965 16.02
1966 14.62
1967 17.41
1968 15.74
1969 15.43
1970 11.21
1971 13.63
1972 11.80
1973 15.35
1974 14.57
1975 22.83
1976 23.92
1977 22.52
1978 23.76
1979 19.06
1980 19.20
1981 9.58
1982 7.09
1983 4.51
1984 3.03
1985 3.30
1986 3.89
1987 6.65
1988 5.77
1989 8.93
1990 9.95
1991 12.77
1992 14.25
1993 13.65
1994 9.51
1995 15.37
1996 17.23
1997 22.81
1998 21.13
1999 13.12
2000 12.97
2001 21.43
2002 16.80
2003 22.58
2004 11.64
2005 12.03
2006 13.05
2007 18.10
2008 15.13
2009 17.43
2010 17.66
2011 21.66
2012 12.99
2013 13.00
2014 12.45
2015 10.67
2016 11.50
2017 13.18
2018 17.51
2019 19.80
2020 16.57

Limitations and Exceptions: Because policymakers have tended to focus on fostering the growth of output, and because data on production are easier to collect than data on spending, many countries generate their primary estimate of GDP using the production approach. Moreover, many countries do not estimate all the components of national expenditures but instead derive some of the main aggregates indirectly using GDP (based on the production approach) as the control total. Data on exports and imports are compiled from customs reports and balance of payments data. Although the data from the payments side provide reasonably reliable records of cross-border transactions, they may not adhere strictly to the appropriate definitions of valuation and timing used in the balance of payments or corresponds to the change-of ownership criterion. This issue has assumed greater significance with the increasing globalization of international business. Neither customs nor balance of payments data usually capture the illegal transactions that occur in many countries. Goods carried by travelers across borders in legal but unreported shuttle trade may further distort trade statistics.

Statistical Concept and Methodology: Gross domestic product (GDP) from the expenditure side is made up of household final consumption expenditure, general government final consumption expenditure, gross capital formation (private and public investment in fixed assets, changes in inventories, and net acquisitions of valuables), and net exports (exports minus imports) of goods and services. Such expenditures are recorded in purchaser prices and include net taxes on products.

Aggregation method: Weighted average

Periodicity: Annual

Classification

Topic: Economic Policy & Debt Indicators

Sub-Topic: National accounts