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The Nigerian Economy
"We must diversify our
mono-product economic base. We must begin to harness our alternative
treasures in gas, agriculture, solid minerals, tourism and manufacturing.”
~ President Obasanjo
Oil-rich Nigeria ( affectionately called
Naija ) is undertaking some reforms under a new reform-minded President
Obasanjo administration. Nigeria's former military rulers failed to
diversify the economy away from its overdependence on the capital-intensive
oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and
about 65% of budgetary revenues.
Government has begun showing the political
will to implement the market-oriented reforms, 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. GDP rose strongly in
2005, based largely on increased oil exports and high global crude prices.
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GDP (purchasing power parity)
of Nigeria:
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$132.9 billion (2005 est.)
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GDP (official exchange rate)
of Nigeria:
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$76.46 billion (2005 est.)
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GDP - real growth rate:
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5.6% (2005 est.) |
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GDP - per capita (PPP):
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$1,000 (2005 est.) |
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GDP - composition by sector in
Nigeria:
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agriculture:
26.8%
industry: 48.8%
services: 24.4% (2005 est.) |
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Labor force:
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57.21 million (2005 est.)
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Labor force - by occupation in
Nigeria:
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agriculture 70%, industry 10%,
services 20% (1999 est.) |
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Unemployment rate:
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2.9% (2005 est.) |
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Population below poverty line
in Nigeria:
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60% (2000 est.) |
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Household income or
consumption by percentage share:
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lowest 10%:
1.6%
highest 10%: 40.8% (1996-97) |
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Distribution of family income
- Gini index:
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50.6 (1996-97) |
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Inflation rate (consumer
prices) of Nigeria:
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15.6% (2005 est.) |
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Investment (gross fixed):
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23.1% of GDP (2005 est.) |
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Budget of Nigeria:
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revenues:
$12.86 billion
expenditures: $13.54 billion; including capital expenditures
of $NA (2005 est.) |
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Public debt:
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11.2% of GDP (2005 est.) |
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Agriculture - products from
Nigeria:
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cocoa, peanuts, palm oil, corn, rice,
sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep,
goats, pigs; timber; fish |
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Industries in Nigeria:
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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 |
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Industrial production growth
rate:
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2.4% (2005 est.) |
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Electricity - production:
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15.59 billion kWh (2003) |
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Electricity - production by
source in Niberia:
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fossil fuel:
61.9%
hydro: 38.1%
nuclear: 0%
other: 0% (2001) |
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Electricity - consumption:
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14.46 billion kWh (2003) |
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Electricity - exports:
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40 million kWh (2003) |
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Electricity - imports:
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0 kWh (2003) |
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Oil - production:
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2.451 million bbl/day (2005 est.)
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Oil - consumption:
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310,000 bbl/day (2003 est.)
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Oil - exports:
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NA bbl/day |
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Oil - imports:
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NA bbl/day |
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Oil - proved reserves:
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36 billion bbl (2005 est.)
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Natural gas - production:
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19.2 billion cu m (2003 est.)
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Natural gas - consumption:
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7.41 billion cu m (2003 est.)
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Natural gas - exports:
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7.83 billion cu m (2001 est.)
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Natural gas - imports:
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0 cu m (2001 est.) |
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Natural gas - proved reserves:
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4.502 trillion cu m (2005)
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Current account balance:
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$9.622 billion (2005 est.)
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Exports:
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$52.16 billion f.o.b. (2005 est.)
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Exports - commodities:
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petroleum and petroleum products 95%,
cocoa, rubber |
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Exports - partners:
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US 47.4%, Brazil 10.7%, Spain 7.1%
(2004) |
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Imports:
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$25.95 billion f.o.b. (2005 est.)
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Imports - commodities:
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machinery, chemicals, transport
equipment, manufactured goods, food and live animals |
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Imports - partners:
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China 9.4%, US 8.4%, UK 7.8%,
Netherlands 5.9%, France 5.4%, Germany 4.8%, Italy 4% (2004)
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Reserves of foreign exchange
and gold:
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$30.16 billion (2005 est.)
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Debt - external:
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$37.49 billion (2005 est.)
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Economic aid - recipient:
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IMF, $250 million (1998) |
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Currency (code):
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naira (NGN) |
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Currency code:
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NGN |
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Exchange rates in Nigeria:
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nairas per US dollar - 132.59 (2005),
132.89 (2004), 129.22 (2003), 120.58 (2002), 111.23 (2001)
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Fiscal year:
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calendar year |
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