| Economy | Nigeria |
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Economy - overview:
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Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. 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. Since 2008 the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF's Poverty Reduction and Growth Facility for fiscal and monetary management. 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. The deal requires Nigeria to be subject to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly in 2007 and 2008. President YAR'ADUA has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads. |
GDP (purchasing power parity):
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$338.1 billion (2008 est.)
$318.7 billion (2007)
$299.5 billion (2006)
note: data are in 2008 US dollars |
GDP - per capita (PPP):
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$2,300 (2008 est.)
$2,200 (2007 est.)
$2,100 (2006 est.)
note: data are in 2008 US dollars |
GDP (official exchange rate):
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$220.3 billion (2008 est.) |
GDP - real growth rate:
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6.1% (2008 est.)
6.4% (2007 est.)
6.2% (2006 est.) |
GDP - composition by sector:
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agriculture: 18%
industry: 50.9%
services: 31.1% (2008 est.) |
Investment (gross fixed):
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21.4% of GDP (2008 est.) |
Population below poverty line:
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70% (2007 est.) |
Household income or consumption by percentage share:
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lowest 10%: 1.9%
highest 10%: 33.2% (2003) |
Distribution of family income - Gini index:
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43.7 (2003) |
Inflation rate (consumer prices):
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10.6% (2008 est.) |
Central bank discount rate:
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9.5% (31 December 2007) |
Commercial bank prime lending rate:
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16.94% (31 December 2007) |
Stock of money:
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$21.72 billion (31 December 2007) |
Stock of money - per capita:
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146 USD per capita |
Stock of quasi money:
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$19.07 billion (31 December 2007) |
Stock of quasi money - per capita:
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128 USD per capita |
Stock of domestic credit:
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$16.15 billion (31 December 2007) |
Stock of domestic credit - per capita:
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109 USD per capita |
Labor force:
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51.04 million (2008 est.) |
Labor force participation rate:
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34.20 % of population |
Labor force - by occupation:
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agriculture: 70%
industry: 10%
services: 20% (1999 est.) |
Unemployment rate:
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NA |
Budget:
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revenues: $29.49 billion
expenditures: $30.61 billion (2008 est.) |
Budget revenues per capita:
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198 USD per capita |
Public debt:
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12.2% of GDP (2008 est.) |
Industries:
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crude oil, coal, tin, columbite; palm oil, peanuts, cotton, rubber, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel, small commercial ship construction and repair |
Industrial production growth rate:
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2.8% (2008 est.) |
Electricity - production:
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22.11 billion kWh (2006 est.) |
Electricity - production per capita:
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149 kWh per capita |
Electricity - consumption:
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15.85 billion kWh (2006 est.) |
Electricity - consumption - per capita:
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107 kWh per capita |
Electricity - exports:
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0 kWh (2007 est.) |
Electricity - imports:
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0 kWh (2007 est.) |
Oil - production:
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2.352 million bbl/day (2007 est.) |
Oil - production per capita:
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15,762 bbl/day per capita |
Oil - consumption:
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312,000 bbl/day (2006 est.) |
Oil - consumption - per capita:
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0.76 bbl/year per capita |
Oil - exports:
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2.473 million bbl/day (2005) |
Oil - imports:
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154,300 bbl/day (2005) |
Oil - proved reserves:
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36.22 billion bbl (1 January 2008 est.) |
Natural gas - production:
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34.1 billion cu m (2007 est.) |
Natural gas - production per capita:
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229 cu m per capita |
Natural gas - consumption:
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12.9 billion cu m (2007 est.) |
Natural gas - consumption - per capita:
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87 cu m per capita |
Natural gas - exports:
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21.2 billion cu m (2007 est.) |
Natural gas - imports:
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0 cu m (2007 est.) |
Natural gas - proved reserves:
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5.21 trillion cu m (1 January 2008 est.) |
Agriculture - products:
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cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish |
Current account balance:
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$7.722 billion (2008 est.) |
Current account balance - per capita:
|
52 USD per capita |
Exports:
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$83.09 billion f.o.b. (2008 est.) |
Exports per capita:
|
557 USD per capita |
Exports - commodities:
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petroleum and petroleum products 95%, cocoa, rubber |
Exports - partners:
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US 51.6%, Brazil 8.9%, Spain 7.7% (2007) |
Imports:
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$46.36 billion f.o.b. (2008 est.) |
Imports per capita:
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311 USD per capita |
Imports - commodities:
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machinery, chemicals, transport equipment, manufactured goods, food and live animals |
Imports - partners:
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China 10.6%, Netherlands 7.9%, US 7.8%, South Korea 6.6%, UK 5.7%, France 4.3%, Brazil 4.2%, Germany 4.1% (2007) |
Reserves of foreign exchange and gold:
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$72.04 billion (31 December 2008 est.) |
Reserves of foreign exchange and gold - per capita:
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483 USD per capita |
Debt - external:
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$9.132 billion (31 December 2008 est.) |
Debt - external - per capita:
|
62 USD per capita |
Stock of direct foreign investment - at home:
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$35.75 billion (2008 est.) |
Stock of direct foreign investment - at home - per capita:
|
240 USD per capita |
Stock of direct foreign investment - abroad:
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$12.83 billion (2008 est.) |
Stock of direct foreign investment - abroad - per capita:
|
86 USD per capita |
Market value of publicly traded shares:
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$86.35 billion (31 December 2007) |
Market value of publicly traded shares - per capita:
|
579 USD per capita |
Economic aid - donor:
|
void |
Economic aid - recipient:
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$6.437 billion (2005) |
Economic aid - recipient per capita:
|
44 USD per capita |
Currency (code):
|
naira (NGN) |
Exchange rates:
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nairas (NGN) per US dollar - 117.8 (2008 est.), 127.46 (2007), 127.38 (2006), 132.59 (2005), 132.89 (2004) |
Fiscal year:
|
calendar year |
|
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