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    Nigeria Index 2006

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    Nigeria Economy - 2006

      Economy - overview:
      Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth - Nigeria is Africa's most populous country - and the country, once a large net exporter of food, now must import food. 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 the last year the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF's Poverty Reduction and Growth Facility for fiscal and monetary management. GDP rose strongly in 2005, based largely on increased oil exports and high global crude prices. In November 2005, Abuja won Paris Club approval for a historic debt-relief deal that by March 2006 should eliminate $30 billion worth of Nigeria's total $37 billion external debt. The deal first requires that Nigeria repay roughly $12 billion in arrears to its bilateral creditors. Nigeria would then be allowed to buy back its remaining debt stock at a discount. The deal also commits Nigeria to more intensified IMF reviews.

      GDP (purchasing power parity):
      $132.9 billion (2005 est.)

      GDP (official exchange rate):
      $76.46 billion (2005 est.)

      GDP - real growth rate:
      5.6% (2005 est.)

      GDP - per capita (PPP):
      $1,000 (2005 est.)

      GDP - composition by sector:
      agriculture: 26.8%
      industry: 48.8%
      services: 24.4% (2005 est.)

      Labor force:
      57.21 million (2005 est.)

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

      Unemployment rate:
      2.9% (2005 est.)

      Population below poverty line:
      60% (2000 est.)

      Household income or consumption by percentage share:
      lowest 10%: 1.6%
      highest 10%: 40.8% (1996-97)

      Distribution of family income - Gini index:
      50.6 (1996-97)

      Inflation rate (consumer prices):
      15.6% (2005 est.)

      Investment (gross fixed):
      23.1% of GDP (2005 est.)

      revenues: $12.86 billion
      expenditures: $13.54 billion; including capital expenditures of $NA (2005 est.)

      Public debt:
      11.2% of GDP (2005 est.)

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

      crude oil, coal, tin, columbite; palm oil, peanuts, cotton, rubber, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel, small commercial ship construction and repair

      Industrial production growth rate:
      2.4% (2005 est.)

      Electricity - production:
      15.59 billion kWh (2003)

      Electricity - consumption:
      14.46 billion kWh (2003)

      Electricity - exports:
      40 million kWh (2003)

      Electricity - imports:
      0 kWh (2003)

      Oil - production:
      2.451 million bbl/day (2005 est.)

      Oil - consumption:
      310,000 bbl/day (2003 est.)

      Oil - exports:
      NA bbl/day

      Oil - imports:
      NA bbl/day

      Oil - proved reserves:
      36 billion bbl (2005 est.)

      Natural gas - production:
      19.2 billion cu m (2003 est.)

      Natural gas - consumption:
      7.41 billion cu m (2003 est.)

      Natural gas - exports:
      7.83 billion cu m (2001 est.)

      Natural gas - imports:
      0 cu m (2001 est.)

      Natural gas - proved reserves:
      4.502 trillion cu m (2005)

      Current account balance:
      $9.622 billion (2005 est.)

      $52.16 billion f.o.b. (2005 est.)

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

      Exports - partners:
      US 46.8%, Brazil 10.5%, Spain 7% (2004)

      $25.95 billion f.o.b. (2005 est.)

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

      Imports - partners:
      China 9.2%, US 8.2%, UK 7.6%, Netherlands 5.7%, France 5.4%, Germany 4.7% (2004)

      Reserves of foreign exchange and gold:
      $30.16 billion (2005 est.)

      Debt - external:
      $37.49 billion (2005 est.)

      Economic aid - recipient:
      IMF, $250 million (1998)

      Currency (code):
      naira (NGN)

      Exchange rates:
      nairas per US dollar - 132.59 (2005), 132.89 (2004), 129.22 (2003), 120.58 (2002), 111.23 (2001)

      Fiscal year:
      calendar year

      NOTE: The information regarding Nigeria on this page is re-published from the 2006 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2006 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2006 should be addressed to the CIA.

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    Revised 06-Jun-06
    Copyright © 2006 Photius Coutsoukis (all rights reserved)