Oil rents in Nigeria
Nigeria: Oil rents was 6.2% in 2021. ◆ Volatile
Oil rents in Nigeria, 1970–2021
Source: The Changing Wealth of Nations, World Bank (WB). Measured in % of GDP.
Analysis
The most recent figure for oil rents in Nigeria is 6.2%, measured in 2021.
Compared with earlier readings it is up 88.6% on the previous year and down 59.7% over ten years.
Over the whole period, oil rents in Nigeria peaked at 40.9% in 1979 and was at its lowest, 0.6%, in 1971.
That places Nigeria 25th out of 201 countries with data for 2021, putting it in the top quarter.
The series is highly variable year to year, so single readings are best treated with caution.
Oil rents 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
- 22 Russian Federation 9.7% compare
- 23 Suriname 7.9% compare
- 24 Ecuador 6.4% compare
- 26 Norway 6.1% compare
- 27 Turkmenistan 5.8% compare
- 28 Timor-Leste 5.3% compare
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 in Nigeria?
- Oil rents in Nigeria was 6.2% in 2021, according to The Changing Wealth of Nations, World Bank (WB).
- What is the highest oil rents recorded in Nigeria?
- The highest recorded value was 40.9% in 1979.
- What is the lowest oil rents recorded in Nigeria?
- The lowest recorded value was 0.6% in 1971.
- How does Nigeria rank for oil rents?
- Nigeria ranks 25th out of 201 countries with data for 2021.
- Is oil rents 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 (WB), published as part of Oil rents (% of GDP). Statizoid updates them automatically from the source API.
Download this data
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About this data
Oil rents are the difference between the value of crude oil production at regional prices and total costs of production.