Economy - overview The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. In 2000, Nigeria is likely to receive a debt-restructuring deal with the Paris club and a $1 billion loan from the IMF, both contingent on economic reforms. Increased foreign investment combined with high world oil prices should push growth to over 5% in 2000-01.
GDP purchasing power parity - $110.5 billion (1999 est.)
GDP - real growth rate 2.7% (1999 est.)
GDP - per capita purchasing power parity - $970 (1999 est.)
GDP - composition by sector agriculture:33%
industry:42%
services:25% (1997 est.)
Population below poverty line 34.1% (1992-93 est.)
Household income or consumption by percentage share lowest 10%:1.3%
highest 10%:31.4% (1992-93)
Inflation rate (consumer prices) 12.5% (1999 est.)
Labor force 42.844 million
Labor force - by occupation agriculture 54%, industry 6%, services 40% (1999 est.)
Unemployment rate 28% (1992 est.)
Budget revenues:$NA
expenditures:$NA, including capital expenditures of $NA
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
Industrial production growth rate NA%
Electricity - production 14.75 billion kWh (1998)
Electricity - production by source fossil fuel:61.69%
hydro:38.31%
nuclear:0%
other:0% (1998)
Electricity - consumption 13.717 billion kWh (1998)
Electricity - exports 0 kWh (1998)
Electricity - imports 0 kWh (1998)
Agriculture - products cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Exports $13.1 billion (f.o.b., 1999)
Exports - commodities petroleum and petroleum products 95%, cocoa, rubber
Exports - partners US 35%, Spain 11%, India 9%, France 6%, Italy (1998 est.)
Imports $10 billion (f.o.b., 1999)
Imports - commodities machinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partners UK 13%, US 12%, Germany 10%, France 9%, Netherlands (1998 est.)
Debt - external $29 billion (1999 est.)
Economic aid - recipient $39.2 million (1995)
Currency 1 naira (N) = 100 kobo
Exchange rates nairas (N) per US$1 - 96.261 (October 1999), 99 (1999), 21.886 (1998), 21.886 (1997), 21.895 (1995)
|
