Lagos and the FCT attracted 98% of Nigeria’s capital imports in Q1 2023
In Q1 2023, eight Nigerian states and the Federal Capital Territory (FCT) received $1.13 billion in capital imports. Lagos State secured $705 million (62%) and the FCT attracted $410 million (36%), adding up to 98%.
At independence in 1960, Nigeria contributed about 10% of Africa’s GDP, establishing itself early as one of the continent’s largest economies.
Nigeria’s share peaked at 31% in 1981 during the oil boom, highlighting the dramatic impact of natural resources on the economy.
Between the mid-1980s and 2000s, Nigeria’s share fluctuated significantly, dropping to 9.2% in 1999 due to political instability, economic mismanagement, and external shocks.
By 2024, Nigeria’s share fell to 7.1%, despite a GDP of $187.8 billion, showing slower relative growth compared to other African economies and the ongoing need for economic diversification.
This share reflects Nigeria’s relative position in Africa’s economy over time, showing how it moved in relation to the growth of the rest of the continent.
After yielding 61.9 million tonnes, yams were valued at $25.4 billion in 2023, the highest among reported commodities.
With 62.7 million tonnes produced, cassava generated $9.1 billion, making it the second most valuable crop.
Okra ($818/t), tomatoes ($808/t), and pineapples ($753/t) earned the highest returns per unit despite smaller volumes (1.6–3.8 million tonnes).
Maize ($3.7 b, 11.1 m t), rice ($3.1 b, 8.9 m t), sorghum ($2.3 b, 6.4 m t), cowpeas ($1.2 b, 4.3 m t), and groundnuts ($0.9 b, 4.3 m t) form the backbone of production.
Food prices rose roughly 13.9% from January to August 2025, according to the rebased Consumer Price Index (CPI) from the National Bureau of Statistics.
Month-on-month inflation for food fluctuated, with some months seeing sharper increases than others.
Using January as a baseline, the purchasing power of money for food declined steadily, meaning households need more naira to buy the same items.
Food carries a large weight in the CPI basket, making it a major driver of overall inflation and cost-of-living increases.
