Nigeria Economy 2018, CIA World Factbook
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Nigeria Economy 2018

SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES











Nigeria Economy 2018
SOURCE: 2018 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on February 28, 2018

Economy - overview:
Nigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria's 170 million people still live in extreme poverty.Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production had been contracting every year since 2012 until a slight rebound in 2017.President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but his reliance on the Central Bank governor has led to overwhelmingly protectionist policies aimed at defending the naira from further devaluation. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.Partly because of lower oil prices, Nigeria entered a recession in 2016. However, GDP growth turned positive, with oil prices recovering and output stabilizing in 2017.

GDP (purchasing power parity):
$1.118 trillion (2017 est.) $1.109 trillion (2016 est.) $1.127 trillion (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 24

GDP (official exchange rate):
$394.8 billion (2016 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
0.8% (2017 est.) -1.6% (2016 est.) 2.7% (2015 est.)
country comparison to the world: 191
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,900 (2017 est.) $6,000 (2016 est.) $6,300 (2015 est.)
note: data are in 2017 dollars
country comparison to the world: 164

Gross national saving:
14.9% of GDP (2017 est.) 13.2% of GDP (2016 est.) 12.3% of GDP (2015 est.)
country comparison to the world: 126
[see also: Gross national saving country ranks ]

GDP - composition, by end use:
household consumption: 79%
[see also: GDP - composition, by end use - household consumption country ranks ]
government consumption: 6.8%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.4%
[see also: GDP - composition, by end use - investment in fixed capital country ranks ]
investment in inventories: 0.7%
[see also: GDP - composition, by end use - investment in inventories country ranks ]
exports of goods and services: 12.5%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -13.5% (2017 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.6%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 18.3%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 60.1% (2017 est.)
[see also: GDP - composition, by sector of origin - services country ranks ]

Agriculture - products:
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, 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:
0.7% (2017 est.)
country comparison to the world: 176
[see also: Industrial production growth rate country ranks ]

Labor force:
60.08 million (2017 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:
13.4% (2017 est.) 13.4% (2017 est.)
country comparison to the world: 166
[see also: Unemployment rate country ranks ]

Population below poverty line:
70% (2010 est.)
[see also: Population below poverty line country ranks ]

Household income or consumption by percentage share:
lowest 10%: 1.8%
[see also: Household income or consumption by percentage share - lowest 10% country ranks ]
highest 10%: 38.2% (2010 est.)

Distribution of family income - Gini index:
48.8 (2013) 50.6 (1997)
country comparison to the world: 21
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $13.97 billion
[see also: Budget - revenues country ranks ]
expenditures: $22.15 billion (2017 est.)
[see also: Budget - expenditures country ranks ]

Taxes and other revenues:
3.5% of GDP (2017 est.)
country comparison to the world: 219
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.1% of GDP (2017 est.)
country comparison to the world: 92
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
15.3% of GDP (2017 est.) 14.3% of GDP (2016 est.)
country comparison to the world: 191
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
16.3% (2017 est.) 15.7% (2016 est.)
country comparison to the world: 213
[see also: Inflation rate (consumer prices) country ranks ]

Central bank discount rate:
4.25% (31 December 2010) 6% (31 December 2009)
country comparison to the world: 95
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
17.5% (31 December 2017 est.) 16.87% (31 December 2016 est.)
country comparison to the world: 26
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$32.99 billion (31 December 2017 est.) $37.45 billion (31 December 2016 est.)
country comparison to the world: 62
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$67.97 billion (31 December 2017 est.) $77.91 billion (31 December 2016 est.)
country comparison to the world: 63
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$79.26 billion (31 December 2017 est.) $89.18 billion (31 December 2016 est.)
country comparison to the world: 59
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$53.07 billion (31 December 2016 est.) $63.47 billion (31 December 2014 est.) $80.61 billion (31 December 2013 est.)
country comparison to the world: 50
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
$7.667 billion (2017 est.) $2.722 billion (2016 est.)
country comparison to the world: 24
[see also: Current account balance country ranks ]

Exports:
$40.81 billion (2017 est.) $34.7 billion (2016 est.)
country comparison to the world: 54
[see also: Exports country ranks ]

Exports - commodities:
petroleum and petroleum products 95%, cocoa, rubber (2012 est.)

Exports - partners:
India 34%, US 9%, Spain 5.9%, France 5.8%, South Africa 5.5%, Canada 5.1% (2016)

Imports:
$35.24 billion (2017 est.) $35.24 billion (2016 est.)
country comparison to the world: 60
[see also: Imports country ranks ]

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

Imports - partners:
China 20.3%, US 8.3%, Belgium 7.6%, UK 4.4%, Netherlands 4.1% (2016)

Reserves of foreign exchange and gold:
$31.08 billion (31 December 2017 est.) $25.84 billion (31 December 2016 est.)
country comparison to the world: 51
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$35.23 billion (31 December 2017 est.) $31.41 billion (31 December 2016 est.)
country comparison to the world: 77
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$118 billion (31 December 2017 est.) $113.4 billion (31 December 2016 est.)
country comparison to the world: 44
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$17.04 billion (31 December 2017 est.) $15.65 billion (31 December 2016 est.)
country comparison to the world: 55
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar - 323.5 (2017 est.) 253 (2016 est.) 253 (2015 est.) 192.73 (2014 est.) 158.55 (2013 est.)


NOTE: 1) The information regarding Nigeria on this page is re-published from the 2018 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2018 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2018 should be addressed to the CIA.
2) The rank that you see is the CIA reported rank, which may habe the following issues:
  a) The assign increasing rank number, alphabetically for countries with the same value of the ranked item, whereas we assign them the same rank.
  b) The CIA sometimes assignes counterintuitive ranks. For example, it assigns unemployment rates in increasing order, whereas we rank them in decreasing order






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