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Nigeria Economy 2010
http://www.workmall.com/wfb2010/nigeria/nigeria_economy.html
SOURCE: 2010 CIA WORLD FACTBOOK AND OTHER SOURCES

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Page last updated on January 15, 2010

Economy - overview:
Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. 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. Since 2008 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. 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. The deal requires Nigeria to be subject to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly in 2007 and 2008, and less strongly in 2009. President YAR'ADUA has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.

GDP (purchasing power parity):
$353.2 billion (2009 est.)

$340.3 billion (2008 est.)
$323.1 billion (2007 est.)
note: data are in 2009 US dollars

GDP (official exchange rate):
$165.4 billion (2009 est.)

GDP - real growth rate:
3.8% (2009 est.)

5.3% (2008 est.)
6.4% (2007 est.)

GDP - per capita (PPP):
$2,400 (2009 est.)

$2,300 (2008 est.)
$2,300 (2007 est.)
note: data are in 2009 US dollars

GDP - composition by sector:
agriculture: 33.4%
industry: 34.1%
services: 32.5% (2009 est.)

Labor force:
47.33 million (2009 est.)

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

Unemployment rate:
4.9% (2007 est.)

Population below poverty line:
70% (2007 est.)

Household income or consumption by percentage share:
lowest 10%: 2%
highest 10%: 32.4% (2004)

Distribution of family income - Gini index:
43.7 (2003)

50.6 (1997)

Investment (gross fixed):
17.1% of GDP (2009 est.)

Budget:
revenues: $10.49 billion
expenditures: $18.08 billion (2009 est.)

Public debt:
17.8% of GDP (2009 est.)

13.4% of GDP (2008 est.)

Inflation rate (consumer prices):
11.5% (2009 est.)

11.6% (2008 est.)

Central bank discount rate:
9.75% (31 December 2008)

9.5% (31 December 2007)

Commercial bank prime lending rate:
15.48% (31 December 2008)

16.94% (31 December 2007)

Stock of money:
$35.29 billion (31 December 2008)

$26.82 billion (31 December 2007)

Stock of quasi money:
$32.04 billion (31 December 2008)

$22.78 billion (31 December 2007)

Stock of domestic credit:
$49.51 billion (31 December 2008)

$35.68 billion (31 December 2007)

Market value of publicly traded shares:
$49.8 billion (31 December 2008)

$86.35 billion (31 December 2007)
$32.82 billion (31 December 2006)

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

Industries:
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:
-1.8% (2009 est.)

Electricity - production:
21.92 billion kWh (2007 est.)

Electricity - consumption:
19.21 billion kWh (2007 est.)

Electricity - exports:
0 kWh (2008 est.)

Electricity - imports:
0 kWh (2008 est.)

Oil - production:
2.169 million bbl/day (2008 est.)

Oil - consumption:
286,000 bbl/day (2008 est.)

Oil - exports:
2.327 million bbl/day (2007 est.)

Oil - imports:
170,000 bbl/day (2007 est.)

Oil - proved reserves:
36.22 billion bbl (1 January 2009 est.)

Natural gas - production:
32.82 billion cu m (2008 est.)

Natural gas - consumption:
12.28 billion cu m (2008 est.)

Natural gas - exports:
20.55 billion cu m (2008 est.)

Natural gas - imports:
0 cu m (2008 est.)

Natural gas - proved reserves:
5.215 trillion cu m (1 January 2009 est.)

Current account balance:
$-9.394 billion (2009 est.)

$3.877 billion (2008 est.)

Exports:
$45.43 billion (2009 est.)

$76.03 billion (2008 est.)

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

Exports - partners:
US 41.4%, India 10.4%, Brazil 9.4%, Spain 7.2%, France 4.6% (2008)

Imports:
$42.1 billion (2009 est.)

$46.3 billion (2008 est.)

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

Imports - partners:
China 13.8%, Netherlands 9.6%, US 8.4%, UK 5.3%, South Korea 5.2%, France 4.3% (2008)

Reserves of foreign exchange and gold:
$46.54 billion (31 December 2009 est.)

$53 billion (31 December 2008 est.)

Debt - external:
$9.689 billion (31 December 2009 est.)

$9.996 billion (31 December 2008 est.)

Stock of direct foreign investment - at home:
$71.59 billion (31 December 2009 est.)

$68.84 billion (31 December 2008 est.)

Stock of direct foreign investment - abroad:
$13.07 billion (31 December 2009 est.)

$13.02 billion (31 December 2008 est.)

Exchange rates:
nairas (NGN) per US dollar - 150.48 (2009), 117.8 (2008), 127.46 (2007), 127.38 (2006), 132.59 (2005)


NOTE: The information regarding Nigeria on this page is re-published from the 2010 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2010 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2010 should be addressed to the CIA.



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