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    Nigeria Economy - 1989

      Overview: In 1987 real GDP fell slightly as lower oil revenues and a poor harvest took their effect on the economy. Oil earnings, which account for only 16% of GDP but 95% of export earnings and 70% of government revenue, fell by about 7%. Agricultural production, generating 28% of GDP, decreased by at least 10% because of adverse rainfall patterns. Manufacturing rose an estimated 6% and contributed 12% to GDP. 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: $78.0 billion, per capita $720; real growth rate - 2.6% (1987)

      Inflation rate (consumer prices): 25.0% (1988 est.)

      Unemployment rate: 7.5% (1988 est.)

      Budget: revenues $4.8 billion; expenditures $4.8 billion, including capital expenditures of $2.0 billion (1987)

      Exports: $6.7 billion (f.o.b., 1987); @m5commodities--oil 95%, cocoa, palm kernels, rubber; @m5partners--EC 51%, US 32%

      Imports: $5.8 billion (c.i.f., 1987); @m5commodities--consumer goods, capital equipment, chemicals, raw materials; @m5partners--EC, US

      External debt: $38.9 billion, medium and long-term debt (December 1988 est.)

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

      Electricity: 4,707,000 kW capacity; 11,273 million kWh produced, 100 kWh per capita (1988)

      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: peanuts, cotton, cocoa, rubber, yams, cassava, sorghum, palm kernels, millet, corn, rice; livestock; an illegal producer of cannabis for the international drug trade

      Aid: NA

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

      Exchange rates: naira (N) per US$1--5.0327 (November 1988), 4.0064 (1987), 1.3468 (1986), 0.8924 (1985)

      Fiscal year: calendar year

      NOTE: The information regarding Nigeria on this page is re-published from the 1989 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 1989 information contained here. All suggestions for corrections of any errors about Nigeria Economy 1989 should be addressed to the CIA.

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    Revised 15-Apr-03
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