Annual inflation, consumer prices in Nigeria
Nigeria: Annual inflation, consumer prices was 33.2% in 2024. ▲ Rising
Annual inflation, consumer prices in Nigeria, 2000–2024
Source: United Nations Statistics Division, SDG Global Database. Measured in %.
Analysis
In 2024, annual inflation, consumer prices in Nigeria stood at 33.2%. That is the highest value across all 25 years on record.
Compared with earlier readings it is up 34.8% on the previous year and up 313.1% over ten years.
Over the whole period, annual inflation, consumer prices in Nigeria peaked at 33.2% in 2024 and was at its lowest, 5.4%, in 2007.
Nigeria ranks 10th of 203 countries on this measure, in the top 10%.
The long-run direction has been consistently rising across the 25 years of available data.
Annual inflation, consumer prices in Nigeria, year by year
| Year | % | Change |
|---|---|---|
| 2000 | 6.9% | — |
| 2001 | 18.9% | +172.2% |
| 2002 | 12.9% | -31.8% |
| 2003 | 14.0% | +9.0% |
| 2004 | 15.0% | +6.9% |
| 2005 | 17.9% | +19.1% |
| 2006 | 8.2% | -54.0% |
| 2007 | 5.4% | -34.5% |
| 2008 | 11.6% | +114.9% |
| 2009 | 12.5% | +8.3% |
| 2010 | 13.7% | +9.6% |
| 2011 | 10.8% | -21.2% |
| 2012 | 12.2% | +12.9% |
| 2013 | 8.5% | -30.5% |
| 2014 | 8.0% | -5.3% |
| 2015 | 9.0% | +12.0% |
| 2016 | 15.7% | +74.2% |
| 2017 | 16.5% | +5.1% |
| 2018 | 12.1% | -26.7% |
| 2019 | 11.4% | -5.8% |
| 2020 | 13.2% | +16.2% |
| 2021 | 17.0% | +28.0% |
| 2022 | 18.8% | +11.2% |
| 2023 | 24.7% | +30.8% |
| 2024 | 33.2% | +34.8% |
Nigeria compared with similar countries
- Nigeria's 33.2% is above the median for lower middle income countries, which is 5.0%, 6.7× the median. (43 countries reporting)
- Nigeria's 33.2% is above the median for Sub-Saharan Africa, which is 4.5%, 7.4× the median. (43 countries reporting)
Biggest year-on-year movements
Years where Annual inflation, consumer prices in Nigeria changed far more than this series normally does. A large move can be a real event or a change in how the figure was measured — the source note below says who published it.
| Year | Change | From | To |
|---|---|---|---|
| 2001 | +172.2% | 6.9% | 18.9% |
Averages by decade
| Decade | Average | Lowest | Highest | Years |
|---|---|---|---|---|
| 2000s | 12.3% | 5.4% | 18.9% | 10 |
| 2010s | 11.8% | 8.0% | 16.5% | 10 |
| 2020s | 21.4% | 13.2% | 33.2% | 5 |
Countries ranked near Nigeria
- 8 State of Palestine 53.7% compare
- 9 Lebanon 45.2% compare
- 11 Iran (Islamic Republic of) 32.5% compare
- 12 Malawi 32.2% compare
- 13 Sierra Leone 28.6% compare
More development goals data for Nigeria
- Red List Index 0.9147 index (2025)
- Number of refugees per 100,000 population, by country of origin 201.98 per 100,000 people (2025)
- Manufacturing value added per capita 238.4 constant US$ (2025)
- Number of transboundary breeds 22 (2025)
- Number of transboundary breeds (not extinct) 21 (2025)
- Number of transboundary breeds with unknown risk status 21 (2025)
- Number of local breeds with unknown risk status 19 (2025)
- Number of local breeds (not extinct) 19 (2025)
- Number of local breeds kept in the country 20 (2025)
- Infant deaths 519,644 (2024)
Frequently asked questions
- What is annual inflation, consumer prices in Nigeria?
- Annual inflation, consumer prices in Nigeria was 33.2% in 2024, according to United Nations Statistics Division, SDG Global Database.
- What is the highest annual inflation, consumer prices recorded in Nigeria?
- The highest recorded value was 33.2% in 2024.
- What is the lowest annual inflation, consumer prices recorded in Nigeria?
- The lowest recorded value was 5.4% in 2007.
- How does Nigeria rank for annual inflation, consumer prices?
- Nigeria ranks 10th out of 203 countries with data for 2024.
- Is annual inflation, consumer prices rising or falling in Nigeria?
- Over the last ten years it is up 313.1%. The long-run trend across the full record is rising.
- Where does this Nigeria data come from?
- The figures come from United Nations Statistics Division, SDG Global Database, published as part of Annual inflation, consumer prices (%). Statizoid updates them automatically from the source API.
Download this data
CSV · JSON — 25 observations, free to reuse under UN SDG Global Database (open, attribution requested).