Īlthough oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. The GDP figures were to be revised upwards by as much as 80% (percent) when metrics were to be recalculated subsequent to the rebasing of its economy in April 2014. The country's population increased from 120 million in 2000 to 160 million in 2010. Again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person. Subsequently, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012, though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion.
In addition, the debt-to-GDP ratio was 16.075% as of 2019. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. Nigeria has the largest economy in Africa. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity. The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. All values, unless otherwise stated, are in US dollars.
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