Net Current Account Total for Nigeria
NGABCABP6GDPPT • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
5.19
Year-over-Year Change
3195.41%
Date Range
1/1/2000 - 1/1/2026
Summary
The Net Current Account Total for Nigeria measures the difference between the value of a country's exports and imports of goods, services, and investment income. It is a key indicator of a nation's economic performance and international competitiveness.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
The Net Current Account Total represents Nigeria's trade balance, including both goods and services. It is a widely-tracked statistic that reflects a country's international economic position and can inform policy decisions related to trade, investment, and currency valuation.
Methodology
The data is collected and calculated by the Central Bank of Nigeria based on surveys of domestic and international transactions.
Historical Context
Economists and policymakers use the Net Current Account Total to assess Nigeria's overall economic health and external financial position.
Key Facts
- Nigeria's current account balance was 5.6% of GDP in 2021.
- Nigeria's exports primarily consist of crude oil, natural gas, and agricultural products.
- The current account balance can impact the value of the Nigerian naira relative to other currencies.
FAQs
Q: What does this economic trend measure?
A: The Net Current Account Total for Nigeria measures the difference between the country's exports and imports of goods, services, and investment income.
Q: Why is this trend relevant for users or analysts?
A: The current account balance is a key indicator of Nigeria's international economic position and competitiveness, which is important for economic policymakers and investors.
Q: How is this data collected or calculated?
A: The data is collected and calculated by the Central Bank of Nigeria based on surveys of domestic and international transactions.
Q: How is this trend used in economic policy?
A: Economists and policymakers use the Net Current Account Total to assess Nigeria's overall economic health and external financial position, which can inform decisions related to trade, investment, and currency valuation.
Q: Are there update delays or limitations?
A: The data is published on a quarterly basis with a typical delay of several months.
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Citation
U.S. Federal Reserve, Net Current Account Total for Nigeria (NGABCABP6GDPPT), retrieved from FRED.