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Nigeria Economy 2014
http://www.theodora.com/wfbcurrent/nigeria/nigeria_economy.html
SOURCE: 2014 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 28, 2014

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 2007-12 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):
$444.3 billion (2012 est.)
country comparison to the world: 31

$416.9 billion (2011 est.)
$388.3 billion (2010 est.)
note: data are in 2012 US dollars
[see also: GDP country ranks ]

GDP (official exchange rate):
$266.6 billion (2012 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.6% (2012 est.)
country comparison to the world: 34

7.4% (2011 est.)
8% (2010 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,700 (2012 est.)
country comparison to the world: 179

$2,600 (2011 est.)
$2,500 (2010 est.)
note: data are in 2012 US dollars
[see also: GDP - per capita country ranks ]

Gross national saving:
15.9% of GDP (2012 est.)
country comparison to the world: 98

15.4% of GDP (2011 est.)
17.9% of GDP (2010 est.)

GDP - composition, by end use:
household consumption: 47.4%
government consumption: 11.8%
investment in fixed capital: 8.2%
investment in inventories: 0%
exports of goods and services: 55.4%
imports of goods and services: -22.8%

(2012 est.)
[see also: country ranks ]

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 (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:
2.3% (2012 est.)
country comparison to the world: 98
[see also: Industrial production growth rate country ranks ]

Labor force:
51.53 million (2012 est.)
country comparison to the world: 13
[see also: Labor force country ranks ]

Labor force - by occupation:
agriculture: 70%
[see also: Labor force - by occupation - agriculture country ranks ]
industry: 10%
services: 20% (1999 est.)

Unemployment rate:
23.9% (2011 est.)
country comparison to the world: 170

4.9% (2011 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%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
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: $22.35 billion
[see also: Budget revenues country ranks ]
expenditures: $27.87 billion (2012 est.)

Taxes and other revenues:
8.4% of GDP (2012 est.)
country comparison to the world: 209
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2012 est.)
country comparison to the world: 90
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
17.9% of GDP (2012 est.)
country comparison to the world: 132

17.1% of GDP (2011 est.)
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
12.2% (2012 est.)
country comparison to the world: 207

10.8% (2011 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010 est.)
country comparison to the world: 61

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

Commercial bank prime lending rate:
16.79% (31 December 2012 est.)
country comparison to the world: 34

16.02% (31 December 2011 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$44.41 billion (31 December 2012 est.)
country comparison to the world: 49

$42.79 billion (31 December 2011 est.)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$80.1 billion (31 December 2011 est.)
country comparison to the world: 57

$74.08 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$93.5 billion (31 December 2012 est.)
country comparison to the world: 53

$89.37 billion (31 December 2011 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$39.27 billion (31 December 2011)
country comparison to the world: 51

$50.88 billion (31 December 2010)
$33.32 billion (31 December 2009)
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$20.35 billion (2012 est.)
country comparison to the world: 18

$12.55 billion (2011 est.)
[see also: Current account balance country ranks ]

Exports:
$95.68 billion (2012 est.)
country comparison to the world: 40

$96.37 billion (2011 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:
$53.36 billion (2012 est.)
country comparison to the world: 53

$61.65 billion (2011 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:
$46.41 billion (31 December 2012 est.)
country comparison to the world: 42

$35.21 billion (31 December 2011 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$13.4 billion (31 December 2012 est.)
country comparison to the world: 91

$13.11 billion (31 December 2011 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$76.75 billion (31 December 2012 est.)
country comparison to the world: 44

$69.24 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$7.444 billion (31 December 2012 est.)
country comparison to the world: 61

$5.865 billion (31 December 2011 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar -

156.81 (2012 est.)
154.74 (2011 est.)
150.3 (2010 est.)
148.9 (2009)
117.8 (2008)


NOTE: The information regarding Nigeria on this page is re-published from the 2014 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2014 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2014 should be addressed to the CIA.



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