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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Taxes and other revenues: Budget surplus (+) or deficit (-): Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates: Fiscal year:
NOTE: 1) The information regarding Nigeria on this page is re-published from the 2013 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2013 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2013 should be addressed to the CIA.
$450.5 billion (2012 est.)
country comparison to the world: 31
note:
data are in 2012 US dollars
[see also: GDP country ranks ]
$272.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]
7.1% (2012 est.)
country comparison to the world: 25
[see also: GDP - real growth rate country ranks ]
$2,700 (2012 est.)
country comparison to the world: 176
note:
data are in 2012 US dollars
[see also: GDP - per capita country ranks ]
agriculture: 30.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry:
43%
services:
26% (2012 est.)
53.83 million (2012 est.)
country comparison to the world: 11
[see also: Labor force country ranks ]
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry:
10%
services:
20% (1999 est.)
23.9% (2011 est.)
country comparison to the world: 169
[see also: Unemployment rate country ranks ]
70% (2010 est.)
[see also: Population below poverty line country ranks ]
lowest 10%: 1.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%:
38.2% (2010 est.)
43.7 (2003)
country comparison to the world: 48
[see also: Distribution of family income - Gini index country ranks ]
18.8% of GDP (2012 est.)
country comparison to the world: 113
[see also: Investment (gross fixed) country ranks ]
revenues: $23.48 billion
[see also: Budget revenues country ranks ]
expenditures:
$31.61 billion (2012 est.)
8.6% of GDP (2012 est.)
country comparison to the world: 211
[see also: Taxes and other revenues country ranks ]
-3% of GDP (2012 est.)
country comparison to the world: 106
[see also: Budget surplus (+) or deficit (-) country ranks ]
18.8% of GDP (2012 est.)
country comparison to the world: 128
[see also: Public debt country ranks ]
12.1% (2012 est.)
country comparison to the world: 203
[see also: Inflation rate (consumer prices) country ranks ]
4.25% (31 December 2010 est.)
country comparison to the world: 59
[see also: Central bank discount rate country ranks ]
16% (31 December 2012 est.)
country comparison to the world: 34
[see also: Commercial bank prime lending rate country ranks ]
$40.66 billion (31 December 2012 est.)
country comparison to the world: 51
[see also: Stock of narrow money country ranks ]
$80.1 billion (31 December 2011 est.)
country comparison to the world: 58
[see also: Stock of broad money country ranks ]
$95.2 billion (31 December 2012 est.)
country comparison to the world: 53
[see also: Stock of domestic credit country ranks ]
$39.27 billion (31 December 2011)
country comparison to the world: 52
[see also: Market value of publicly traded shares country ranks ]
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
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
2.5% (2011 est.)
country comparison to the world: 113
[see also: Industrial production growth rate country ranks ]
$6.158 billion (2012 est.)
country comparison to the world: 30
[see also: Current account balance country ranks ]
$97.46 billion (2012 est.)
country comparison to the world: 41
[see also: Exports country ranks ]
petroleum and petroleum products 95%, cocoa, rubber
US 29.1%, India 11.6%, Brazil 7.8%, Spain 7.1%, France 5%, Netherlands 4.3% (2011)
$70.58 billion (2012 est.)
country comparison to the world: 43
[see also: Imports country ranks ]
machinery, chemicals, transport equipment, manufactured goods, food and live animals
China 17.3%, US 9.1%, India 5%, Netherlands 4.9%, South Korea 4.7% (2011)
$42.8 billion (31 December 2012 est.)
country comparison to the world: 43
[see also: Reserves of foreign exchange and gold country ranks ]
$10.1 billion (31 December 2012 est.)
country comparison to the world: 93
[see also: Debt - external country ranks ]
$85.73 billion (31 December 2012 est.)
country comparison to the world: 43
[see also: Stock of direct foreign investment - at home country ranks ]
$11.23 billion (31 December 2012 est.)
country comparison to the world: 51
[see also: Stock of direct foreign investment - abroad country ranks ]
nairas (NGN) per US dollar -
calendar year
2) The rank that you see is the CIA reported rank, which may habe the following issues:
a) They assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order
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This page was last modified 11-Mar-13