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Nigeria Economy 2011
https://theodora.com/wfb2011/nigeria/nigeria_economy.html
SOURCE: 2011 CIA WORLD FACTBOOK AND OTHER SOURCES


















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Page last updated on January 12, 2011

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, curbing inflation by blocking excessive wage demands, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-10 because of increased oil exports and high global crude prices in 2010. President JONATHAN has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth and in August 2010 JONATHAN unveiled a power sector blueprint that includes privatization of the state-run electricity generation and distribution facilities. The government also is working toward developing stronger public-private partnerships for roads. Nigeria's financial sector was hurt by the global financial and economic crises and the Central Bank governor has taken measures to strengthen that sector.

GDP (purchasing power parity):
$369.8 billion (2010 est.)
country comparison to the world: 32

$346.2 billion (2009 est.)
$327.9 billion (2008 est.)
note: data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]

GDP (official exchange rate):
$206.7 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
6.8% (2010 est.)
country comparison to the world: 27

5.6% (2009 est.)
6% (2008 est.)
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$2,400 (2010 est.)
country comparison to the world: 183

$2,300 (2009 est.)
$2,200 (2008 est.)
note: data are in 2010 US dollars
[see also: GDP - per capita country ranks ]

GDP - composition by sector:
agriculture: 31.9%
[see also: GDP - composition by sector - agriculture country ranks ]
industry: 32.9%
[see also: GDP - composition by sector - industry country ranks ]
services: 35.2% (2009 est.)
[see also: GDP - composition by sector - services country ranks ]

Labor force:
48.33 million (2009 est.)
country comparison to the world: 11
[see also: Labor force country ranks ]

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

Unemployment rate:
4.9% (2007 est.)
country comparison to the world: 45


[see also: Unemployment rate country ranks ]

Population below poverty line:
70% (2007 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 2%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 32.4% (2004)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
43.7 (2003)
country comparison to the world: 46

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

Investment (gross fixed):
11.6% of GDP (2009 est.)
country comparison to the world: 147
[see also: Investment (gross fixed) country ranks ]

Budget:
revenues: $18.16 billion
[see also: Budget - revenues country ranks ]
expenditures: $29.55 billion (2009 est.)
[see also: Budget - expenditures country ranks ]

Public debt:
13.4% of GDP (2010 est.)
country comparison to the world: 120

11.8% of GDP (2009 est.)
[see also: Public debt country ranks ]

Inflation rate (consumer prices):
13.9% (2010 est.)
country comparison to the world: 219

11.5% (2009 est.)
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
6% (31 December 2009)
country comparison to the world: 49

9.75% (31 December 2008)
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18.36% (31 December 2009 est.)
country comparison to the world: 43

15.48% (31 December 2008 est.)
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$40.41 billion (31 December 2010 est)

$33.61 billion (31 December 2009 est)
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$91.97 billion (31 December 2010 est.)

$72.31 billion (31 December 2009 est.)
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$77.43 billion (31 December 2010 est.)
country comparison to the world: 55

$62.18 billion (31 December 2009 est.)
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$33.32 billion (31 December 2009)
country comparison to the world: 50

$49.8 billion (31 December 2008)
$86.35 billion (31 December 2007)
[see also: Market value of publicly traded shares country ranks ]

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:
4% (2009 est.)
country comparison to the world: 81
[see also: Industrial production growth rate country ranks ]

Electricity - production:
21.92 billion kWh (2007 est.)
country comparison to the world: 70
[see also: Electricity - production country ranks ]

Electricity - consumption:
19.21 billion kWh (2007 est.)
country comparison to the world: 69
[see also: Electricity - consumption country ranks ]

Electricity - exports:
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]

Electricity - imports:
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]

Oil - production:
2.211 million bbl/day (2009 est.)
country comparison to the world: 15
[see also: Oil - production country ranks ]

Oil - consumption:
280,000 bbl/day (2009 est.)
country comparison to the world: 45
[see also: Oil - consumption country ranks ]

Oil - exports:
2.327 million bbl/day (2007 est.)
country comparison to the world: 5
[see also: Oil - exports country ranks ]

Oil - imports:
170,000 bbl/day (2007 est.)
country comparison to the world: 52
[see also: Oil - imports country ranks ]

Oil - proved reserves:
37.5 billion bbl (1 January 2010 est.)
country comparison to the world: 10
[see also: Oil - proved reserves country ranks ]

Natural gas - production:
32.82 billion cu m (2008 est.)
country comparison to the world: 26
[see also: Natural gas - production country ranks ]

Natural gas - consumption:
12.28 billion cu m (2008 est.)
country comparison to the world: 45
[see also: Natural gas - consumption country ranks ]

Natural gas - exports:
20.55 billion cu m (2008 est.)
country comparison to the world: 11
[see also: Natural gas - exports country ranks ]

Natural gas - imports:
0 cu m (2008 est.)
country comparison to the world: 108
[see also: Natural gas - imports country ranks ]

Natural gas - proved reserves:
5.246 trillion cu m (1 January 2010 est.)
country comparison to the world: 8
[see also: Natural gas - proved reserves country ranks ]

Current account balance:
$27.77 billion (2010 est.)
country comparison to the world: 14

$22.89 billion (2009 est.)
[see also: Current account balance country ranks ]

Exports:
$76.33 billion (2010 est.)
country comparison to the world: 39

$59.32 billion (2009 est.)
[see also: Exports country ranks ]

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

Exports - partners:
US 35.08%, India 10.43%, Brazil 9.32%, Spain 7.19%, France 4.65% (2009)

Imports:
$34.18 billion (2010 est.)
country comparison to the world: 55

$29.05 billion (2009 est.)
[see also: Imports country ranks ]

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

Imports - partners:
China 14.89%, US 8.88%, Netherlands 8.18%, South Korea 5.46%, UK 4.63%, France 4.19% (2009)

Reserves of foreign exchange and gold:
$43.36 billion (31 December 2010 est.)
country comparison to the world: 26

$44.76 billion (31 December 2009 est.)
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$11.02 billion (31 December 2010 est.)
country comparison to the world: 88

$10.11 billion (31 December 2009 est.)
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$67.23 billion (31 December 2010 est.)
country comparison to the world: 47

$61.23 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$6.071 billion (31 December 2010 est.)
country comparison to the world: 57

$5.821 billion (31 December 2009 est.)
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar - 150.88 (2010), 148.84 (2009), 117.8 (2008), 127.46 (2007), 127.38 (2006)


NOTE: The information regarding Nigeria on this page is re-published from the 2011 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2011 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2011 should be addressed to the CIA.



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