unbekannter Gast

Nigeria: Economy#

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 GDP estimated at US$ 502 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.

Economic Facts#

GDP (purchasing power parity)$478.5 billion (2013 est.)
$450.4 billion (2012 est.)
$422.6 billion (2011 est.)
note: data are in 2013 US dollars
GDP - real growth rate6.2% (2013 est.)
6.6% (2012 est.)
7.4% (2011 est.)
GDP - per capita (PPP)$2,800 (2013 est.)
$2,700 (2012 est.)
$2,600 (2011 est.)
note: data are in 2013 US dollars
GDP - composition, by sector of originagriculture: 30.9%
industry: 43%
services: 26% (2012 est.)
Population below poverty line70% (2010 est.)
Household income or consumption by percentage sharelowest 10%: 1.8%
highest 10%: 38.2% (2010 est.)
Labor force - by occupationagriculture: 70%
industry: 10%
services: 20% (1999 est.)
Exports - commoditiespetroleum and petroleum products 95%, cocoa, rubber
Exports - partnersUS 16.8%, India 11.5%, Netherlands 8.6%, Spain 7.8%, Brazil 7.6%, UK 5.1%, Germany 4.9%, Japan 4.1%, France 4.1% (2012)
Agriculture - productscocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Budgetrevenues: $23.85 billion
expenditures: $31.51 billion (2013 est.)
Imports - commoditiesmachinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partnersChina 18.3%, US 10.1%, India 5.5% (2012)
Exchange ratesnairas (NGN) per US dollar -
156.8 (2013 est.)
156.81 (2012 est.)
150.3 (2010 est.)
148.9 (2009)
117.8 (2008)
Exports$93.55 billion (2013 est.)
$95.68 billion (2012 est.)
Debt - external$15.73 billion (31 December 2013 est.)
$13.4 billion (31 December 2012 est.)
Fiscal yearcalendar year
Imports$55.98 billion (2013 est.)
$53.36 billion (2012 est.)
Industrial production growth rate0.9% (2013 est.)
Industriescrude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel
Inflation rate (consumer prices)8.7% (2013 est.)
12.2% (2012 est.)
Labor force51.53 million (2011 est.)
Unemployment rate23.9% (2011 est.)
4.9% (2007 est.)
Distribution of family income - Gini index43.7 (2003)
50.6 (1997)
Public debt19.3% of GDP (2013 est.)
17.9% of GDP (2012 est.)
Current account balance$16.16 billion (2013 est.)
$20.35 billion (2012 est.)
Reserves of foreign exchange and gold$47.7 billion (31 December 2013 est.)
$46.41 billion (31 December 2012 est.)
GDP (official exchange rate)$502 billion (2013 est.)
Stock of direct foreign investment - at home$84.56 billion (31 December 2013 est.)
$76.75 billion (31 December 2012 est.)
Stock of direct foreign investment - abroad$9.212 billion (31 December 2013 est.)
$7.444 billion (31 December 2012 est.)
Market value of publicly traded shares$56.39 billion (31 December 2012 est.)
$39.27 billion (31 December 2011)
$50.88 billion (31 December 2010 est.)
Central bank discount rate4.25% (31 December 2010 est.)
6% (31 December 2009 est.)
Commercial bank prime lending rate15.5% (31 December 2013 est.)
16.79% (31 December 2012 est.)
Stock of domestic credit$93.46 billion (31 December 2013 est.)
$93.5 billion (31 December 2012 est.)
Stock of narrow money$46.48 billion (31 December 2013 est.)
$44.41 billion (31 December 2012 est.)
Stock of broad money$98.75 billion (31 December 2013 est.)
$96.34 billion (31 December 2012 est.)
Taxes and other revenues4.8% of GDP (2013 est.)
Budget surplus (+) or deficit (-)-1.5% of GDP (2013 est.)
GDP - composition, by end usehousehold consumption: 50.3%
government consumption: 12.8%
investment in fixed capital: 9.8%
investment in inventories: 0%
exports of goods and services: 49.9%
imports of goods and services: -22.8%
(2013 est.)
Gross national saving15.5% of GDP (2013 est.)
15.9% of GDP (2012 est.)
15.4% of GDP (2011 est.)