Economy in Nigeria

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Economy—overview: The oil-rich Nigerian economy continues to be hobbled by political instability corruption and poor macroeconomic management. Nigeria's unpopular military rulers have failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides 30% of GDP 95% of foreign exchange earnings and about 80% of budgetary revenues. The government's resistance to initiating greater transparency and accountability in managing the country's multibillion dollar oil earnings continues to limit economic growth and prevent an agreement with the IMF and bilateral creditors on debt relief. The largely subsistence agricultural sector has failed to keep up with rapid population growth and Nigeria once a large net exporter of food now must import food. Agricultural production in 1996 suffered from severe shortages of fertilizer and production of fertilizer fell even further in 1997.

GDP: purchasing power parity—$132.7 billion (1996 est.)

GDP—real growth rate: 3.3% (1996 est.)

GDP—per capita: purchasing power parity—$1 300 (1996 est.)

GDP—composition by sector:

agriculture: 39%

industry: 31%

services: 30% (1996 est.)

Inflation rate—consumer price index: 12% (1997 est.)

Labor force:

total: 42.844 million

by occupation: agriculture 54% industry commerce and services 19% government 15%

Unemployment rate: 28% (1992 est.)

Budget:

revenues: $13.9 billion (1998 est.)

expenditures: $13.9 billion including capital expenditures of $NA billion (1998 est.)

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: 4.1% (1996)

Electricity—capacity: 5.881 million kW (1995)

Electricity—production: 16.21 billion kWh (1996)

Electricity—consumption per capita: 152 kWh (1995)

Agriculture—products: cocoa peanuts palm oil corn rice sorghum millet cassava (tapioca) yams rubber; cattle sheep goats pigs; fishing and forest resources extensively exploited

Exports:

total value: $15 billion (f.o.b. 1996)

commodities: petroleum and petroleum products 95% cocoa rubber

partners: US 40% EU 21% (1995)

Imports:

total value: $8 billion (c.i.f. 1996)

commodities: machinery chemicals transportation equipment manufactured goods food and animals

partners: EU 50% US 12% Japan 7%

Debt—external: $34 billion (1997 est.)

Economic aid:

recipient: ODA $NA

Currency: 1 naira (N) = 100 kobo

Exchange rates: naira (N) per US$1—21.886 (December 1997) 21.886 (1997) 21.895 (1995) 21.996 (1994) 22.065 (1993)

Fiscal year: calendar year

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