Overview: In 1989, despite rising oil prices, the economic performance failed to meet government expectations because of higher inflationary pressures fueled by a relatively poor agricultural performance. Agricultural production was up only 4% following a 10% decline in 1988, and manufacturing remained below the 1985 level with only a 6% increase. The government is continuing an economic adjustment program to reduce Nigeria's dependence on oil and to help create a basis for sustainable noninflationary growth.

GNP: $30.0 billion, per capita $270; real growth rate 4% (1989)

Inflation rate (consumer prices): 47.5% (1989)

Unemployment rate: 7.5% (1988 est.)

Budget: revenues $6.5 billion; expenditures $7.4 billion, including capital expenditures of $1.9 billion (1988 est.)

Exports: $8.4 billion (f.o.b., 1989 est.); commodities--oil 95%, cocoa, palm kernels, rubber; partners--EC 51%, US 32%

Imports: $5.7 billion (c.i.f., 1989 est.); commodities--consumer goods, capital equipment, chemicals, raw materials; partners--EC, US

External debt: $32 billion, medium and long-term (December 1989 est.)

Industrial production: growth rate 5% (1987 est.)

Electricity: 4,737,000 kW capacity; 11,270 million kWh produced, 100 kWh per capita (1989)

Industries: mining--crude oil, natural gas, coal, tin, columbite; primary processing industries--palm oil, peanut, cotton, rubber, petroleum, wood, hides and skins; manufacturing industries--textiles, cement, building materials, food products, footwear, chemical, printing, ceramics, steel

Agriculture: accounts for 28% of GNP and half of labor force; inefficient small-scale farming dominates; once a large net exporter of food and now an importer; cash crops--cocoa, peanuts, palm oil, rubber; food crops--corn, rice, sorghum, millet, cassava, yams; livestock--cattle, sheep, goats, pigs; fishing and forestry resources extensively exploited

Illicit drugs: illicit heroin and some cocaine trafficking; marijuana cultivation for domestic consumption and export; major transit country for heroin en route from Southwest Asia via Africa to Western Europe and the US; growing transit route for cocaine from South America via West Africa to Western Europe and the US

Aid: US commitments, including Ex-Im (FY70-88), $662 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $1.9 billion; Communist countries (1970-88), $2.2 billion

Currency: naira (plural--naira); 1 naira (N) = 100 kobo

Exchange rates: naira (N) per US$1--7.6221 (December 1989), 7.3647 (1989), 4.5370 (1988), 4.0160 (1987), 1.7545 (1986), 0.8938 (1985)

Fiscal year: calendar year

NOTE: The information regarding Nigeria on this page is re-published from the 1990 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 1990 information contained here. All suggestions for corrections of any errors about Nigeria Economy 1990 should be addressed to the CIA.