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): GDP (official exchange rate): GDP - real growth rate: GDP - per capita (PPP): GDP - composition by sector: Labor force: Labor force - by occupation: Unemployment rate: Population below poverty line: Household income or consumption by percentage share: Distribution of family income - Gini index: Investment (gross fixed): Budget: Public debt: Inflation rate (consumer prices): Central bank discount rate: Commercial bank prime lending rate: Stock of narrow money: Stock of broad money: Stock of domestic credit: Market value of publicly traded shares: Agriculture - products: Industries: Industrial production growth rate: Electricity - production: Electricity - consumption: Electricity - exports: Electricity - imports: Oil - production: Oil - consumption: Oil - exports: Oil - imports: Oil - proved reserves: Natural gas - production: Natural gas - consumption: Natural gas - exports: Natural gas - imports: Natural gas - proved reserves: Current account balance: Exports: Exports - commodities: Exports - partners: Imports: Imports - commodities: Imports - partners: Reserves of foreign exchange and gold: Debt - external: Stock of direct foreign investment - at home: Stock of direct foreign investment - abroad: Exchange rates:
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.
$369.8 billion (2010 est.)
country comparison to the world: 32
note:
data are in 2010 US dollars
[see also: GDP (purchasing power parity) country ranks ]
$206.7 billion (2009 est.)
[see also: GDP (official exchange rate) country ranks ]
6.8% (2010 est.)
country comparison to the world: 27
[see also: GDP - real growth rate country ranks ]
$2,400 (2010 est.)
country comparison to the world: 183
note:
data are in 2010 US dollars
[see also: GDP - per capita country ranks ]
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 ]
48.33 million (2009 est.)
country comparison to the world: 11
[see also: Labor force country ranks ]
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 ]
4.9% (2007 est.)
country comparison to the world: 45
[see also: Unemployment rate country ranks ]
70% (2007 est.)
[see also: Population below poverty line country ranks ]
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 ]
43.7 (2003)
country comparison to the world: 46
[see also: Distribution of family income - Gini index country ranks ]
11.6% of GDP (2009 est.)
country comparison to the world: 147
[see also: Investment (gross fixed) country ranks ]
revenues: $18.16 billion
[see also: Budget - revenues country ranks ]
expenditures:
$29.55 billion (2009 est.)
[see also: Budget - expenditures country ranks ]
13.4% of GDP (2010 est.)
country comparison to the world: 120
[see also: Public debt country ranks ]
13.9% (2010 est.)
country comparison to the world: 219
[see also: Inflation rate (consumer prices) country ranks ]
6% (31 December 2009)
country comparison to the world: 49
[see also: Central bank discount rate country ranks ]
18.36% (31 December 2009 est.)
country comparison to the world: 43
[see also: Commercial bank prime lending rate country ranks ]
$40.41 billion (31 December 2010 est)
[see also: Stock of narrow money country ranks ]
$91.97 billion (31 December 2010 est.)
[see also: Stock of broad money country ranks ]
$77.43 billion (31 December 2010 est.)
country comparison to the world: 55
[see also: Stock of domestic credit country ranks ]
$33.32 billion (31 December 2009)
country comparison to the world: 50
[see also: Market value of publicly traded shares country ranks ]
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
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
4% (2009 est.)
country comparison to the world: 81
[see also: Industrial production growth rate country ranks ]
21.92 billion kWh (2007 est.)
country comparison to the world: 70
[see also: Electricity - production country ranks ]
19.21 billion kWh (2007 est.)
country comparison to the world: 69
[see also: Electricity - consumption country ranks ]
0 kWh (2008 est.)
[see also: Electricity - exports country ranks ]
0 kWh (2008 est.)
[see also: Electricity - imports country ranks ]
2.211 million bbl/day (2009 est.)
country comparison to the world: 15
[see also: Oil - production country ranks ]
280,000 bbl/day (2009 est.)
country comparison to the world: 45
[see also: Oil - consumption country ranks ]
2.327 million bbl/day (2007 est.)
country comparison to the world: 5
[see also: Oil - exports country ranks ]
170,000 bbl/day (2007 est.)
country comparison to the world: 52
[see also: Oil - imports country ranks ]
37.5 billion bbl (1 January 2010 est.)
country comparison to the world: 10
[see also: Oil - proved reserves country ranks ]
32.82 billion cu m (2008 est.)
country comparison to the world: 26
[see also: Natural gas - production country ranks ]
12.28 billion cu m (2008 est.)
country comparison to the world: 45
[see also: Natural gas - consumption country ranks ]
20.55 billion cu m (2008 est.)
country comparison to the world: 11
[see also: Natural gas - exports country ranks ]
0 cu m (2008 est.)
country comparison to the world: 108
[see also: Natural gas - imports country ranks ]
5.246 trillion cu m (1 January 2010 est.)
country comparison to the world: 8
[see also: Natural gas - proved reserves country ranks ]
$27.77 billion (2010 est.)
country comparison to the world: 14
[see also: Current account balance country ranks ]
$76.33 billion (2010 est.)
country comparison to the world: 39
[see also: Exports country ranks ]
petroleum and petroleum products 95%, cocoa, rubber
US 35.08%, India 10.43%, Brazil 9.32%, Spain 7.19%, France 4.65% (2009)
$34.18 billion (2010 est.)
country comparison to the world: 55
[see also: Imports country ranks ]
machinery, chemicals, transport equipment, manufactured goods, food and live animals
China 14.89%, US 8.88%, Netherlands 8.18%, South Korea 5.46%, UK 4.63%, France 4.19% (2009)
$43.36 billion (31 December 2010 est.)
country comparison to the world: 26
[see also: Reserves of foreign exchange and gold country ranks ]
$11.02 billion (31 December 2010 est.)
country comparison to the world: 88
[see also: Debt - external country ranks ]
$67.23 billion (31 December 2010 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - at home country ranks ]
$6.071 billion (31 December 2010 est.)
country comparison to the world: 57
[see also: Stock of direct foreign investment - abroad country ranks ]
nairas (NGN) per US dollar - 150.88 (2010), 148.84 (2009), 117.8 (2008), 127.46 (2007), 127.38 (2006)
This page was last modified 09-Feb-11