| Economy | Nigeria |
 = Fields  = World Records  = Dictionary  = Bar graph  = Distribution map  = Fields History  = Definitions |
Economy - overview:
|
Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies , and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 because of growth in non-oil sectors and robust global crude oil prices . President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements. |
GDP (purchasing power parity):
|
$414.5 billion (2011 est.)
$387.8 billion (2010 est.)
$356.7 billion (2009 est.)
note: data are in 2011 US dollars |
GDP - per capita (PPP):
|
$2,600 (2011 est.)
$2,500 (2010 est.)
$2,300 (2009 est.)
note: data are in 2011 US dollars |
GDP (official exchange rate):
|
$247.1 billion (2011 est.) |
GDP - real growth rate:
|
6.9% (2011 est.)
8.7% (2010 est.)
7% (2009 est.) |
GDP - composition by sector:
|
agriculture: 35.4%
industry: 33.6%
services: 31% (2011 est.) |
Investment (gross fixed):
|
14.1% of GDP (2011 est.) |
Population below poverty line:
|
70% (2007 est.) |
Household income or consumption by percentage share:
|
lowest 10%: 2%
highest 10%: 32.4% (2004) |
Distribution of family income - Gini index:
|
43.7 (2003)
50.6 (1997) |
Inflation rate (consumer prices):
|
10.8% (2011 est.)
13.7% (2010 est.) |
Central bank discount rate:
|
4.25% (31 December 2010 est.)
6% (31 December 2009 est.) |
Commercial bank prime lending rate:
|
16% (31 December 2011 est.)
17.585% (31 December 2010 est.) |
Stock of money:
|
$35.29 billion (31 December 2008)
$26.82 billion (31 December 2007) |
Stock of money - per capita:
|
228 USD per capita |
Stock of quasi money:
|
$32.04 billion (31 December 2008)
$22.78 billion (31 December 2007) |
Stock of quasi money - per capita:
|
207 USD per capita |
Stock of domestic credit:
|
$76.25 billion (31 December 2011 est.)
$70.1 billion (31 December 2010 est.) |
Stock of domestic credit - per capita:
|
492 USD per capita |
Stock of narrow money:
|
$38.07 billion (31 December 2011 est.)
$34.65 billion (31 December 2010 est.) |
Stock of broad money:
|
$74.08 billion (31 December 2010 est.)
$71.98 billion (31 December 2009 est.) |
Labor force:
|
51.53 million (2011 est.) |
Labor force participation rate:
|
33.20 % of population |
Labor force - by occupation:
|
agriculture: 70%
industry: 10%
services: 20% (1999 est.) |
Unemployment rate:
|
21% (2011 est.)
4.9% (2011 est.) |
Unemployment, youth ages 15-24:
|
void |
Budget:
|
revenues: $24.54 billion
expenditures: $32.65 billion (2011 est.) |
Budget revenues per capita:
|
159 USD per capita |
Taxes and other revenues:
|
9.9% of GDP (2011 est.) |
Budget surplus (+) or deficit (-):
|
-3.3% of GDP (2011 est.) |
Public debt:
|
17.6% of GDP (2011 est.)
17.8% of GDP (2010 est.) |
Industries:
|
crude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel |
Industrial production growth rate:
|
1.8% (2011 est.) |
Electricity - production:
|
20.13 billion kWh (2008 est.) |
Electricity - production per capita:
|
130 kWh per capita |
Electricity - consumption:
|
18.14 billion kWh (2008 est.) |
Electricity - consumption - per capita:
|
117 kWh per capita |
Electricity - exports:
|
0 kWh (2009 est.) |
Electricity - imports:
|
0 kWh (2009 est.) |
Oil - production:
|
2.458 million bbl/day (2010 est.) |
Oil - production per capita:
|
15,837 bbl/day per capita |
Oil - consumption:
|
279,000 bbl/day (2010 est.) |
Oil - consumption - per capita:
|
0.66 bbl/year per capita |
Oil - exports:
|
2.102 million bbl/day (2009 est.) |
Oil - imports:
|
187,700 bbl/day (2009 est.) |
Oil - proved reserves:
|
37.2 billion bbl (1 January 2011 est.) |
Natural gas - production:
|
23.21 billion cu m (2009 est.) |
Natural gas - production per capita:
|
150 cu m per capita |
Natural gas - consumption:
|
7.216 billion cu m (2009 est.) |
Natural gas - consumption - per capita:
|
47 cu m per capita |
Natural gas - exports:
|
15.99 billion cu m (2009 est.) |
Natural gas - imports:
|
0 cu m (2009 est.) |
Natural gas - proved reserves:
|
5.292 trillion cu m (1 January 2011 est.) |
Agriculture - products:
|
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish |
Current account balance:
|
$12.01 billion (2011 est.)
$2.476 billion (2010 est.) |
Current account balance - per capita:
|
78 USD per capita |
Exports:
|
$101.1 billion (2011 est.)
$73.7 billion (2010 est.) |
Exports per capita:
|
652 USD per capita |
Exports - commodities:
|
petroleum and petroleum products 95%, cocoa, rubber |
Exports - partners:
|
US 37.4%, India 10.5%, Brazil 7.8%, Spain 6.9% (2010) |
Imports:
|
$67.36 billion (2011 est.)
$53.46 billion (2010 est.) |
Imports per capita:
|
434 USD per capita |
Imports - commodities:
|
machinery, chemicals, transport equipment, manufactured goods, food and live animals |
Imports - partners:
|
China 15.4%, Netherlands 9.7%, US 9.3%, France 4.8%, UK 4.2% (2010) |
Reserves of foreign exchange and gold:
|
$36.81 billion (31 December 2011 est.)
$34.92 billion (31 December 2010 est.) |
Reserves of foreign exchange and gold - per capita:
|
238 USD per capita |
Debt - external:
|
$12.06 billion (31 December 2011 est.)
$9.16 billion (31 December 2010 est.) |
Debt - external - per capita:
|
78 USD per capita |
Stock of direct foreign investment - at home:
|
$75.69 billion (31 December 2011 est.)
$69.4 billion (31 December 2010 est.) |
Stock of direct foreign investment - at home - per capita:
|
488 USD per capita |
Stock of direct foreign investment - abroad:
|
$10.25 billion (31 December 2011 est.)
$9.521 billion (31 December 2010 est.) |
Stock of direct foreign investment - abroad - per capita:
|
67 USD per capita |
Market value of publicly traded shares:
|
$50.88 billion (31 December 2010)
$33.32 billion (31 December 2009)
$49.8 billion (31 December 2008) |
Market value of publicly traded shares - per capita:
|
328 USD per capita |
Currency (code):
|
naira (NGN) |
Exchange rates:
|
nairas (NGN) per US dollar -
152.7 (2011 est.)
150.3 (2010 est.)
148.9 (2009)
117.8 (2008)
127.46 (2007) |
Fiscal year:
|
calendar year |
|
= Fields = World Records = Dictionary = Bar graph = Distribution map = Fields History = Definitions |
|
Home 
Geographic Names
Chiefs of State
Intl. Organizations
Intl. Environmental Agree.
Other References
