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Nigeria Economy
Economy - overview:
Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms 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 failed to keep up with rapid population growth - Nigeria is Africa's most populous country - and the country, once a large net exporter of food, now must import food. 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. The government has lacked 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. During 2003, however, the government deregulated fuel prices and announced the privatization of the country's four oil refineries. GDP growth probably will rise marginally in 2004, led by oil and natural gas exports.
GDP:
purchasing power parity - $114.8 billion (2003 est.)
GDP - real growth rate:
7.1% (2003 est.)
GDP - per capita:
purchasing power parity - $900 (2003 est.)
GDP - composition by sector:
agriculture: 30.8%
industry: 43.8%
services: 25.4% (2003 est.)
Investment (gross fixed):
27.7% of GDP (2003)
Population below poverty line:
60% (2000 est.)
Household income or consumption by percentage share:
lowest 10%: 1.6%
highest 10%: 40.8% (1996-97)
Distribution of family income - Gini index:
50.6 (1996-97)
Inflation rate (consumer prices):
13.8% (2003 est.)
Labor force:
54.36 million (2003 est.)
Labor force - by occupation:
agriculture 70%, industry 10%, services 20% (1999 est.)
Unemployment rate:
2.7% (2003 est.)
Budget:
revenues: $8.026 billion
expenditures: $11.09 billion, including capital expenditures of NA (2003 est.)
Public debt:
28.6% of GDP (2003)
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:
2.3% (2003 est.)
Electricity - production:
15.67 billion kWh (2001)
Electricity - production by source:
fossil fuel: 61.9%
hydro: 38.1%
other: 0% (2001)
nuclear: 0%
Electricity - consumption:
14.55 billion kWh (2001)
Electricity - exports:
20 million kWh (2001)
Electricity - imports:
0 kWh (2001)
Oil - production:
2.256 million bbl/day (2001 est.)
Oil - consumption:
275,000 bbl/day (2001 est.)
Oil - exports:
NA (2001)
Oil - imports:
NA (2001)
Oil - proved reserves:
27 billion bbl (1 January 2002)
Natural gas - production:
15.68 billion cu m (2001 est.)
Natural gas - consumption:
7.85 billion cu m (2001 est.)
Natural gas - exports:
7.83 billion cu m (2001 est.)
Natural gas - imports:
0 cu m (2001 est.)
Natural gas - proved reserves:
4.007 trillion cu m (1 January 2002)
Agriculture - products:
cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Current account balance:
$1.439 billion (2003)
Exports:
$21.8 billion f.o.b. (2003 est.)
Exports - commodities:
petroleum and petroleum products 95%, cocoa, rubber
Exports - partners:
US 41.4%, Spain 8.6%, Brazil 5.5%, France 5.2%, India 4.1% (2003 est.)
Imports:
$14.54 billion f.o.b. (2003 est.)
Imports - commodities:
machinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partners:
China 13.4%, UK 9.2%, France 7.9%, US 7.7%, Netherlands 6.4%, South Korea 5.7%, Italy 5.6%, Germany 5.4%, Brazil 4.5% (2003 est.)
Reserves of foreign exchange & gold:
$7.128 billion (2003)
Debt - external:
$31.07 billion (2003 est.)
Economic aid - recipient:
IMF $250 million (1998)
Currency:
naira (NGN)
Currency code:
NGN
Exchange rates:
nairas per US dollar - 129.222 (2003), 120.578 (2002), 111.231 (2001), 101.697 (2000), 92.3381 (1999)
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