Economy of Nigeria

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Economy - overview: The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. 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 loan from the IMF, both contingent on economic reforms. Increases in foreign investment and oil production combined with high world oil prices should push growth over 4% in 2001-02.

GDP: purchasing power parity - $117 billion (2000 est.)
GDP - real growth rate: 3.5% (2000 est.)
GDP - per capita: purchasing power parity - $950 (2000 est.)
GDP - composition by sector:
agriculture:  40%
industry:  40%
services:  20% (1999 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 40.8% (1996-97)
Inflation rate (consumer prices): 6.5% (2000 est.)
Labor force: 66 million (1999 est.)
Labor force - by occupation: agriculture 70%, industry 10%, services 20% (1999 est.)
Unemployment rate: 28% (1992 est.)
Budget:
revenues:  $3.4 billion
expenditures:  $3.6 billion (2000 est.)
Industries: 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
Industrial production growth rate: 1.5% (2000 est.)
Electricity - production: 18.7 billion kWh (1999)
Electricity - production by source:
fossil fuel:  52.94%
hydro:  47.06%
nuclear:  0%
other:  0% (1999)
Electricity - consumption: 17.372 billion kWh (1999)
Agriculture - products: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Exports: $22.2 billion (f.o.b., 2000 est.)
Exports - commodities: petroleum and petroleum products 95%, cocoa, rubber
Exports - partners: United States 36%, India 9%, Spain 8%, Brazil 6%, France 6%, (1999)
Imports: $10.7 billion (f.o.b., 2000 est.)
Imports - commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partners: UK 11%, Germany 10%, United States 9%, France 8%, China 6% (1999)
Debt - external: $32 billion (2000 est.)
Economic aid - recipient: ODA $250 million (1998)
Currency: naira (NGN)

SOURCE: The World Factbook

Mother Earth Travel > Country Index > Nigeria > Map Economy History