Oil rents as a share of GDP in Nigeria
Nigeria: Oil rents as a share of GDP was 6.2% in 2021. ◆ Volatile
Oil rents as a share of GDP in Nigeria, 1970–2021
Source: The Changing Wealth of Nations, World Bank staff estimates, via World Bank (2026) – processed by Our World in Data. Measured in % of GDP.
Analysis
Nigeria recorded 6.2% for oil rents as a share of gdp in 2021.
The figure is up 88.6% on the previous year and down 59.7% over ten years.
Over the whole period, oil rents as a share of gdp in Nigeria peaked at 40.9% in 1979 and was at its lowest, 0.6%, in 1971.
Nigeria ranks 25th of 199 countries on this measure, in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Oil rents as a share of GDP in Nigeria, year by year
| Year | % of GDP | Change |
|---|---|---|
| 1970 | 0.7% | — |
| 1971 | 0.6% | -23.4% |
| 1972 | 1.7% | +204.2% |
| 1973 | 2.8% | +60.8% |
| 1974 | 27.0% | +867.0% |
| 1975 | 18.3% | -32.3% |
| 1976 | 16.3% | -11.0% |
| 1977 | 20.4% | +25.6% |
| 1978 | 16.4% | -19.6% |
| 1979 | 40.9% | +149.3% |
| 1980 | 24.7% | -39.6% |
| 1981 | 3.9% | -84.2% |
| 1982 | 1.6% | -59.7% |
| 1983 | 4.6% | +193.7% |
| 1984 | 8.0% | +73.1% |
| 1985 | 9.4% | +17.1% |
| 1986 | 4.2% | -54.7% |
| 1987 | 8.8% | +106.7% |
| 1988 | 7.9% | -10.4% |
| 1989 | 19.9% | +153.6% |
| 1990 | 22.0% | +10.3% |
| 1991 | 14.4% | -34.5% |
| 1992 | 17.4% | +20.8% |
| 1993 | 28.7% | +65.1% |
| 1994 | 18.7% | -34.9% |
| 1995 | 16.3% | -12.9% |
| 1996 | 16.7% | +2.5% |
| 1997 | 14.5% | -13.0% |
| 1998 | 7.1% | -51.2% |
| 1999 | 10.1% | +42.4% |
| 2000 | 22.0% | +118.1% |
| 2001 | 15.2% | -30.9% |
| 2002 | 11.1% | -26.9% |
| 2003 | 12.1% | +8.8% |
| 2004 | 14.4% | +19.0% |
| 2005 | 17.7% | +22.7% |
| 2006 | 14.9% | -15.9% |
| 2007 | 13.8% | -7.0% |
| 2008 | 15.5% | +12.3% |
| 2009 | 8.7% | -44.1% |
| 2010 | 12.1% | +39.5% |
| 2011 | 15.5% | +28.2% |
| 2012 | 13.1% | -15.6% |
| 2013 | 9.9% | -24.5% |
| 2014 | 7.1% | -28.4% |
| 2015 | 2.8% | -60.7% |
| 2016 | 2.7% | -3.6% |
| 2017 | 5.5% | +103.9% |
| 2018 | 7.7% | +40.5% |
| 2019 | 6.5% | -15.3% |
| 2020 | 3.3% | -49.2% |
| 2021 | 6.2% | +88.6% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 1970s | 14.5% | 0.6% | 40.9% | 10 |
| 1980s | 9.3% | 1.6% | 24.7% | 10 |
| 1990s | 16.6% | 7.1% | 28.7% | 10 |
| 2000s | 14.6% | 8.7% | 22.0% | 10 |
| 2010s | 8.3% | 2.7% | 15.5% | 10 |
| 2020s | 4.8% | 3.3% | 6.2% | 2 |
Countries ranked near Nigeria
More energy & mining data for Nigeria
- Fossil fuel consumption by fuel, per unit of GDP 0 terawatt-hours per US$ of GDP (2024)
- Primary energy use, annual growth rate 2.96 % change on previous year (2024)
- Coal consumption, per capita 0 terawatt-hours per person (2024)
- Coal consumption, per unit of GDP 0 terawatt-hours per US$ of GDP (2024)
- Primary energy use, per unit of GDP 0 terawatt-hours per US$ of GDP (2024)
- Primary energy use, per capita 0 terawatt-hours per person (2024)
- Coal production, per capita 0 terawatt-hours per person (2024)
- Coal production, per unit of GDP 0 terawatt-hours per US$ of GDP (2024)
- Fossil fuel consumption by fuel, per capita 0 terawatt-hours per person (2024)
- Fuel imports 38.0% (2024)
Frequently asked questions
- What is oil rents as a share of gdp in Nigeria?
- Oil rents as a share of gdp in Nigeria was 6.2% in 2021, according to The Changing Wealth of Nations, World Bank staff estimates, via World Bank (2026) – processed by Our World in Data.
- What is the highest oil rents as a share of gdp recorded in Nigeria?
- The highest recorded value was 40.9% in 1979.
- What is the lowest oil rents as a share of gdp recorded in Nigeria?
- The lowest recorded value was 0.6% in 1971.
- How does Nigeria rank for oil rents as a share of gdp?
- Nigeria ranks 25th out of 199 countries with data for 2021.
- Is oil rents as a share of gdp rising or falling in Nigeria?
- Over the last ten years it is down 59.7%. The long-run trend across the full record is volatile.
- Where does this Nigeria data come from?
- The figures come from The Changing Wealth of Nations, World Bank staff estimates, via World Bank (2026) – processed by Our World in Data, published as part of Oil rents as a share of GDP. Statizoid updates them automatically from the source API.
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About this data
Economic profits generated from oil extraction, measured as the difference between production value and costs, expressed as a percentage of gross domestic product.