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Nigeria Economy 2017
https://theodora.com/wfbcurrent/nigeria/nigeria_economy.html
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES











Nigeria Economy 2017
SOURCE: 2017 CIA WORLD FACTBOOK AND OTHER SOURCES


Page last updated on January 12, 2017

Economy - overview:
Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2015 GDP estimated at $1.1 trillion. Oil has been a dominant source of income and government revenues since the 1970s. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Nigeria’s economic growth over the last five years 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 has contracted every year since 2012.Because of lower oil prices, GDP growth in 2015 fell to around 3%, and government revenues declined, while the nonoil sector also contracted due to economic policy uncertainty. 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. The government is working to develop stronger public-private partnerships for roads, agriculture, and power. The medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.

GDP (purchasing power parity):
$1.089 trillion (2016 est.) $1.108 trillion (2015 est.) $1.08 trillion (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 24
[see also: GDP country ranks ]

GDP (official exchange rate):
$415.1 billion (2015 est.)
[see also: GDP (official exchange rate) country ranks ]

GDP - real growth rate:
-1.7% (2016 est.) 2.7% (2015 est.) 6.3% (2014 est.)
country comparison to the world: 205
[see also: GDP - real growth rate country ranks ]

GDP - per capita:
$5,900 (2016 est.) $6,200 (2015 est.) $6,200 (2014 est.)
note: data are in 2016 dollars
country comparison to the world: 163
[see also: GDP - per capita country ranks ]

Gross national saving:
13.1% of GDP (2016 est.) 12.4% of GDP (2015 est.) 16% of GDP (2014 est.)
country comparison to the world: 131
[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: 7.2%
[see also: GDP - composition, by end use - government consumption country ranks ]
investment in fixed capital: 14.2%
[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: 9%
[see also: GDP - composition, by end use - exports of goods and services country ranks ]
imports of goods and services: -10.1% (2016 est.)
[see also: GDP - composition, by end use - imports of goods and services country ranks ]

GDP - composition, by sector of origin:
agriculture: 21.1%
[see also: GDP - composition, by sector of origin - agriculture country ranks ]
industry: 19.4%
[see also: GDP - composition, by sector of origin - industry country ranks ]
services: 59.5% (2016 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:
-4.7% (2016 est.)
country comparison to the world: 193
[see also: Industrial production growth rate country ranks ]

Labor force:
58.8 million (2016 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:
23.9% (2011 est.) 4.9% (2011 est.)
country comparison to the world: 177
[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.)
[see also: Household income or consumption by percentage share - highest 10% country ranks ]

Distribution of family income - Gini index:
43.7 (2003) 50.6 (1997)
country comparison to the world: 47
[see also: Distribution of family income - Gini index country ranks ]

Budget:
revenues: $11.4 billion
[see also: Budget revenues country ranks ]
expenditures: $21.21 billion (2016 est.)
[see also: Budget expenditures country ranks ]

Taxes and other revenues:
2.7% of GDP (2016 est.)
country comparison to the world: 217
[see also: Taxes and other revenues country ranks ]

Budget surplus (+) or deficit (-):
-2.4% of GDP (2016 est.)
country comparison to the world: 76
[see also: Budget surplus (+) or deficit (-) country ranks ]

Public debt:
13.2% of GDP (2016 est.) 11.5% of GDP (2015 est.)
country comparison to the world: 170
[see also: Public debt country ranks ]

Fiscal year:
calendar year

Inflation rate (consumer prices):
15.3% (2016 est.) 9% (2015 est.)
country comparison to the world: 215
[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: 94
[see also: Central bank discount rate country ranks ]

Commercial bank prime lending rate:
18% (31 December 2016 est.) 16.85% (31 December 2015 est.)
country comparison to the world: 24
[see also: Commercial bank prime lending rate country ranks ]

Stock of narrow money:
$33.51 billion (31 December 2016 est.) $43.62 billion (31 December 2015 est.)
country comparison to the world: 59
[see also: Stock of narrow money country ranks ]

Stock of broad money:
$71.38 billion (31 December 2016 est.) $101.9 billion (31 December 2015 est.)
country comparison to the world: 61
[see also: Stock of broad money country ranks ]

Stock of domestic credit:
$80.77 billion (31 December 2016 est.) $111.7 billion (31 December 2015 est.)
country comparison to the world: 57
[see also: Stock of domestic credit country ranks ]

Market value of publicly traded shares:
$49.97 billion (31 December 2015 est.) $63.47 billion (31 December 2014 est.) $80.61 billion (31 December 2013 est.)
country comparison to the world: 53
[see also: Market value of publicly traded shares country ranks ]

Current account balance:
-$2.856 billion (2016 est.) -$15.44 billion (2015 est.)
country comparison to the world: 158
[see also: Current account balance country ranks ]

Exports:
$33.27 billion (2016 est.) $45.89 billion (2015 est.)
country comparison to the world: 57
[see also: Exports country ranks ]

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

Exports - partners:
India 18.2%, Netherlands 8.5%, Spain 8.2%, Brazil 8.2%, South Africa 7.8%, France 5.2%, Japan 4.5%, Cote dIvoire 4.2%, Ghana 4% (2015)

Imports:
$36.4 billion (2016 est.) $52.33 billion (2015 est.)
country comparison to the world: 58
[see also: Imports country ranks ]

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

Imports - partners:
China 25.7%, US 6.4%, Netherlands 6.1%, India 4.3% (2015)

Reserves of foreign exchange and gold:
$23.47 billion (31 December 2016 est.) $29.07 billion (31 December 2015 est.)
country comparison to the world: 55
[see also: Reserves of foreign exchange and gold country ranks ]

Debt - external:
$39.1 billion (31 December 2016 est.) $32.27 billion (31 December 2015 est.)
country comparison to the world: 71
[see also: Debt - external country ranks ]

Stock of direct foreign investment - at home:
$98.73 billion (31 December 2016 est.) $95.82 billion (31 December 2015 est.)
country comparison to the world: 47
[see also: Stock of direct foreign investment - at home country ranks ]

Stock of direct foreign investment - abroad:
$13.71 billion (31 December 2016 est.) $12.41 billion (31 December 2015 est.)
country comparison to the world: 58
[see also: Stock of direct foreign investment - abroad country ranks ]

Exchange rates:
nairas (NGN) per US dollar - 246.2 (2016 est.) 192.73 (2015 est.) 192.73 (2014 est.) 158.55 (2013 est.) 156.81 (2012 est.)


NOTE: The information regarding Nigeria on this page is re-published from the 2017 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2017 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2017 should be addressed to the CIA.




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