Overview: Although Nigeria is Africa's leading oil-producing country, it remains poor with a $280 per capita GDP. In 1990, despite rising oil prices and a sharp drop in inflation, performance remained slack with continuing underutilization of industrial capacity and a second year of relatively weak agricultural performance. Agricultural production was up only 4.2% in 1990, still below the 1987 level. Industrial output showed a 7.2% increase, but remained below the 1985 level. Government efforts to reduce Nigeria's dependence on oil exports and to sustain noninflationary growth have fallen short due to inadequate new investment funds. Living standards continue to deteriorate from the higher level of the early 1980s oil boom.

GDP: $27.2 billion, per capita $230; real growth rate 2.7% (1990 est.)

Inflation rate (consumer prices): 16% (1990)

Unemployment rate: NA%

Budget: revenues $8.0 billion; expenditures $8.0 billion, including capital expenditures of $NA (1990 est.)

Exports: $13.0 billion (f.o.b., 1990 est.); commodities--oil 95%, cocoa, rubber; partners--EC 51%, US 32%

Imports: $9.5 billion (c.i.f., 1990 est.); commodities--consumer goods, capital equipment, chemicals, raw materials; partners--EC, US

External debt: $35 billion (December 1990 est.)

Industrial production: growth rate 7.2% (1990 est.); accounts for 23% of GDP, including petroleum

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

Industries: crude oil and mining--coal, tin, columbite; primary processing industries--palm oil, peanut, cotton, rubber, 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

Economic aid: US commitments, including Ex-Im (FY70-89), $705 million; Western (non-US) countries, ODA and OOF bilateral commitments (1970-87), $2.5 billion; Communist countries (1970-89), $2.2 billion

Currency: naira (plural--naira); 1 naira (4) = 100 kobo

Exchange rates: naira (4) per US$1--8.707 (December 1990), 8.038 (1990), 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 1991 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 1991 information contained here. All suggestions for corrections of any errors about Nigeria Economy 1991 should be addressed to the CIA.