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Nigeria Economy 2015
http://www.theodora.com/wfbcurrent/nigeria/nigeria_economy.html
SOURCE: 2015 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on June 20, 2014

Economy - overview:
Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.

GDP (purchasing power parity):
$478.5 billion (2013 est.)
country comparison to the world: 31

$450.4 billion (2012 est.)
$422.6 billion (2011 est.)
note: data are in 2013 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$502 billion (2013 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.2% (2013 est.)
country comparison to the world: 35

6.6% (2012 est.)
7.4% (2011 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,800 (2013 est.)
country comparison to the world: 180

$2,700 (2012 est.)
$2,600 (2011 est.)
note: data are in 2013 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
15.5% of GDP (2013 est.)
country comparison to the world: 106

15.9% of GDP (2012 est.)
15.4% of GDP (2011 est.)
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 50.3%
government consumption: 12.8%
investment in fixed capital: 9.8%
investment in inventories: 0%
exports of goods and services: 49.9%
imports of goods and services: -22.8%

(2013 est.)

GDP - composition, by sector of origin:
agriculture: 30.9%
industry: 43%
services: 26% (2012 est.)

Agriculture - products:
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

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:
0.9% (2013 est.)
country comparison to the world: 153
[see also: Industrial production growth rate country ranks ]

Labor force:
51.53 million (2011 est.)
country comparison to the world: 12
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
industry: 10%
services: 20% (1999 est.)

Unemployment rate:
23.9% (2011 est.)
country comparison to the world: 172

4.9% (2007 est.)
[see also: Unemployment rate country ranks ]

Population below poverty line:
70% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.8%
highest 10%: 38.2% (2010 est.)

Distribution of family income - Gini index:
43.7 (2003)
country comparison to the world: 47

50.6 (1997)
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $23.85 billion
expenditures: $31.51 billion (2013 est.)

Taxes and other revenues:
4.8% of GDP (2013 est.)
country comparison to the world: 212
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-1.5% of GDP (2013 est.)
country comparison to the world: 73
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
19.3% of GDP (2013 est.)
country comparison to the world: 136

17.9% of GDP (2012 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
8.7% (2013 est.)
country comparison to the world: 201

12.2% (2012 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 59

6% (31 December 2009 est.)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
15.5% (31 December 2013 est.)
country comparison to the world: 31

16.79% (31 December 2012 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$46.48 billion (31 December 2013 est.)
country comparison to the world: 48

$44.41 billion (31 December 2012 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$98.75 billion (31 December 2013 est.)
country comparison to the world: 53

$96.34 billion (31 December 2012 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$93.46 billion (31 December 2013 est.)
country comparison to the world: 52

$93.5 billion (31 December 2012 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$56.39 billion (31 December 2012 est.)
country comparison to the world: 51

$39.27 billion (31 December 2011)
$50.88 billion (31 December 2010 est.)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$16.16 billion (2013 est.)
country comparison to the world: 19

$20.35 billion (2012 est.)
[see also: Current account balance country ranks ]

Exports:
$93.55 billion (2013 est.)
country comparison to the world: 38

$95.68 billion (2012 est.)
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 95%, cocoa, rubber

Exports - partners:
US 16.8%, India 11.5%, Netherlands 8.6%, Spain 7.8%, Brazil 7.6%, UK 5.1%, Germany 4.9%, Japan 4.1%, France 4.1% (2012)

Imports:
$55.98 billion (2013 est.)
country comparison to the world: 52

$53.36 billion (2012 est.)
[see also: Imports country ranks ]

Imports - commodities:
machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports - partners:
China 18.3%, US 10.1%, India 5.5% (2012)

Reserves of foreign exchange and gold:
$47.7 billion (31 December 2013 est.)
country comparison to the world: 43

$46.41 billion (31 December 2012 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$15.73 billion (31 December 2013 est.)
country comparison to the world: 86

$13.4 billion (31 December 2012 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$84.56 billion (31 December 2013 est.)
country comparison to the world: 45

$76.75 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$9.212 billion (31 December 2013 est.)
country comparison to the world: 55

$7.444 billion (31 December 2012 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar -

156.8 (2013 est.)
156.81 (2012 est.)
150.3 (2010 est.)
148.9 (2009)
117.8 (2008)


NOTE: The information regarding Nigeria on this page is re-published from the 2015 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2015 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2015 should be addressed to the CIA.



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