12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

EconomyofNigeria
FromWikipedia,thefreeencyclopedia

(RedirectedfromNigeriaeconomy)
Nigeriais
amiddle
income,
mixed
economy
and
emerging
market,
with
expanding
financial,
service,

EconomyofNigeria

LagosisthecommercialcapitalofNigeria
Currency

Nigeriannaira()(NGN)

Trade
organisations

OPEC
Statistics

GDP

$522billion(2013est.)(Nominal23rd)

GDPgrowth

6.2%(Q12014)[1](drivenbynonoilproductionactivities)

GDPper
capita

$2,800(2012est.)

GDPbysector agriculture:40%services:30%manufacturing:15%oil:14%(2012est.)[1]
Inflation (CPI) 11.9%(2011est.)
Population
below
povertyline

33.1%(2013est.)

Ginicoefficient 39.7(2003)
Labourforce

48.53million(2011est.)

Labourforce services:32%agriculture:30%manufacturing:11%
byoccupation
Unemployment 24%(2011est.)
Main
industries

crudeoil,coal,tin,columbite,uraniumpalmoil,peanuts,cotton,rubber,woodhides
andskins,textiles,cementandotherconstructionmaterials,foodproducts,footwear,
chemicals,fertilizer,printing,ceramics,steel,smallcommercialshipconstructionand
repair,entertainment,machinery,carassembly

Easeofdoing 131[2]
businessrank
External
Exports

$97.46billion(2012est.)

https://en.wikipedia.org/wiki/Economy_of_Nigeria

1/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

Exportgoods

petroleumandpetroleumproducts95%,cocoa,rubber,machinery,processedfoods,
entertainment

Mainexport
partners

UnitedStates16.8%
India12.1%
Netherlands8.6%
Spain7.8%
Brazil7.6%
UnitedKingdom5.1%
Germany4.9%
Japan4.1%
France4.1%(2012est.)[3]

Imports

$70.58billion(2012est.)

Importgoods

machinery,chemicals,transportequipment,manufacturedgoods,foodandliveanimals

Mainimport
partners

FDIstock

China18.2%
UnitedStates10.0%
India5.5%(2012est.)[4]
$71.59billion(2009est.)

Grossexternal $10.1billion(2012est.)
debt
Publicfinances
Publicdebt

18.8%ofGDP(2012est.)

Revenues

$23.48billion

Expenses

$31.61billion(2012est.)

Creditrating

Standard&Poor's:[5]
B+(Domestic)
B+(Foreign)
B+(T&CAssessment)
Outlook:Stable[6]
Fitch:[6]
BBB+
Outlook:Stable

Foreign
reserves

$42.8billion(2012est.)

Maindatasource:
CIAWorldFactBook(https://www.cia.gov/library/publications/theworldfactbook/geos/ni.html)
Allvalues,unlessotherwisestated,areinUSdollars.

communications,technologyandentertainmentsectors.Itisranked26thintheworldintermsofGDP
(nominal:30thin2013beforerebasing,40thin2005,52ndin2000),andisthelargesteconomyinAfrica
(basedonrebasedfiguresannouncedinApril2014).Itisalsoontracktobecomeoneofthe20largest
economiesintheworldby2020.Itsreemergent,thoughcurrentlyunderperforming,manufacturingsector
https://en.wikipedia.org/wiki/Economy_of_Nigeria

2/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

isthethirdlargestonthecontinent,andproducesalargeproportionofgoodsandservicesfortheWest
Africanregion.Nigeriarecentlychangeditseconomicanalysistoaccountforrapidlygrowingcontributors
toitsGDP,suchastelecommunications,banking,anditsfilmindustry.Asaresultofthisstatistical
revision,Nigeriahasadded89%toitsGDP,makingitthelargestAfricaneconomy.[7]
Previouslyhinderedbyyearsofmismanagement,economicreformsofthepastdecadehaveputNigeria
backontracktowardsachievingitsfulleconomicpotential.NigerianGDPatpurchasingpowerparity
(PPP)hasalmosttripledfrom$170billionin2000to$451billionin2012,althoughestimatesofthesizeof
theinformalsector(whichisnotincludedinofficialfigures)puttheactualnumberscloserto$630billion.
Correspondingly,theGDPpercapitadoubledfrom$1400perpersonin2000toanestimated$2,800per
personin2012(again,withtheinclusionoftheinformalsector,itisestimatedthatGDPpercapitahovers
around$3,900perperson).(Populationincreasedfrom120millionin2000to160millionin2010).These
figuresaretoberevisedupwardsbyasmuchas80%whenmetricsarerecalculatedsubsequenttothe
rebasingofitseconomyinApril2014.[8]
Althoughmuchhasbeenmadeofitsstatusasamajorexporterofoil,Nigeriaproducesonlyabout2.7%of
theworld'ssupply(SaudiArabia:12.9%,Russia:12.7%,USA:8.6%).[9]Toputoilrevenuesinperspective:
atanestimatedexportrateof1.9Mbbl/d(300,000m3/d),withaprojectedsalespriceof$65perbarrelin
2011,Nigeria'santicipatedrevenuefrompetroleumisabout$52.2billion(2012GDP:$451billion).This
accountsabout11%ofofficialGDPfigures(anddropsto8%whentheinformaleconomyisincludedin
thesecalculations).Therefore,thoughthepetroleumsectorisimportant,itremainsinfactasmallpartof
thecountry'soverallvibrantanddiversifiedeconomy.
Thelargelysubsistenceagriculturalsectorhasnotkeptupwithrapidpopulationgrowth,andNigeria,once
alargenetexporteroffood,nowimportsalargequantityofitsfoodproducts,thoughthereisaresurgence
inmanufacturingandexportingoffoodproducts.In2006,NigeriasuccessfullyconvincedtheParisClubto
letitbuybackthebulkofitsdebtsowedtotheParisClubforacashpaymentofroughly$12billion
(USD).[10]
AccordingtoaCitigroupreportpublishedinFebruary2011,NigeriawillgetthehighestaverageGDP
growthintheworldbetween2010and2050.NigeriaisoneoftwocountriesfromAfricaamong11Global
GrowthGeneratorscountries.[11]

Contents
1Overview
2Economichistory
3Economicsectors
3.1Agriculture
3.2Oil
3.3Services
3.3.1Transport
3.3.2Tourism
https://en.wikipedia.org/wiki/Economy_of_Nigeria

3/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

3.4Mining
3.5Energy
3.6Overseasremittances
3.7Foreignaid
4Labourforce
4.1Humancapital
5Governmentpolicy
5.1Inflation
5.2Gradualreform
6Foreigneconomicrelations
6.1Externaltrade
6.2Externaldebt
6.3Foreigninvestment
6.4SwissBankstoreturnAbachaFunds
7Data
8References
9Furtherreading
10Externallinks

Overview
Nigeria'seconomyisstrugglingtoleveragethecountry'svastwealthinfossilfuelsinordertodisplacethe
povertythataffectsabout45%ofitspopulation.Economistsrefertothecoexistenceofvastwealthin
naturalresourcesandextremepersonalpovertyindevelopingcountrieslikeNigeriaasthe"resourcecurse".
Although"resourcecurse"ismorewidelyunderstoodtomeananabundanceofnaturalresourceswhich
fuelsofficialcorruptionresultinginaviolentcompetitionfortheresourcebythecitizensofthenation.
Nigeria'sexportsofoilandnaturalgasatatimeofpeakpriceshaveenabledthecountrytopost
merchandisetradeandcurrentaccountsurplusesinrecentyears.Reportedly,80%ofNigeria'senergy
revenuesflowtothegovernment,16%coveroperationalcosts,andtheremaining4%gotoinvestors.
However,theWorldBankhasestimatedthatasaresultofcorruption80%ofenergyrevenuesbenefitonly
1%ofthepopulation.
In2005,NigeriaachievedamilestoneagreementwiththeParisCluboflendingnationstoeliminateallof
itsbilateralexternaldebt.Undertheagreement,thelenderswillforgivemostofthedebt,andNigeriawill
payofftheremainderwithaportionofitsenergyrevenues.Outsideoftheenergysector,Nigeria'seconomy
ishighlyinefficient.Moreover,humancapitalisunderdevelopedNigeriaranked151outofcountriesin
theUnitedNationsDevelopmentIndexin2004andnonenergyrelatedinfrastructureisinadequate.

https://en.wikipedia.org/wiki/Economy_of_Nigeria

4/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

From2003to2007,NigeriaattemptedtoimplementaneconomicreformprogramcalledtheNational
EconomicEmpowermentDevelopmentStrategy(NEEDS).ThepurposeoftheNEEDSwastoraisethe
country'sstandardoflivingthroughavarietyofreforms,includingmacroeconomicstability,deregulation,
liberalization,privatization,transparency,andaccountability.
TheNEEDSaddressedbasicdeficiencies,suchasthelackoffreshwaterforhouseholduseandirrigation,
unreliablepowersupplies,decayinginfrastructure,impedimentstoprivateenterprise,andcorruption.The
governmenthopedthattheNEEDSwouldcreate7millionnewjobs,diversifytheeconomy,boostnon
energyexports,increaseindustrialcapacityutilization,andimproveagriculturalproductivity.Arelated
initiativeonthestatelevelistheStateEconomicEmpowermentDevelopmentStrategy(SEEDS).
AlongertermeconomicdevelopmentprogramistheUnitedNations(UN)sponsoredNationalMillennium
GoalsforNigeria.Undertheprogram,whichcoverstheyearsfrom2000to2015,Nigeriaiscommittedto
achieveawiderangeofambitiousobjectivesinvolvingpovertyreduction,education,genderequality,
health,theenvironment,andinternationaldevelopmentcooperation.Inanupdatereleasedin2004,theUN
foundthatNigeriawasmakingprogresstowardachievingseveralgoalsbutwasfallingshortonothers.
Specifically,Nigeriahadadvancedeffortstoprovideuniversalprimaryeducation,protecttheenvironment,
anddevelopaglobaldevelopmentpartnership.However,thecountrylaggedbehindonthegoalsof
eliminatingextremepovertyandhunger,reducingchildandmaternalmortality,andcombatingdiseases
suchashumanimmunodeficiencyvirus/acquiredimmunedeficiencysyndrome(HIV/AIDS)andmalaria.
Aprerequisiteforachievingmanyoftheseworthwhileobjectivesiscurtailingendemiccorruption,which
stymiesdevelopmentandtaintsNigeria'sbusinessenvironment.PresidentOlusegunObasanjo'scampaign
againstcorruption,whichincludesthearrestofofficialsaccusedofmisdeedsandrecoveringstolenfunds,
haswonpraisefromtheWorldBank.InSeptember2005,Nigeria,withtheassistanceoftheWorldBank,
begantorecoverUS$458millionofillicitfundsthathadbeendepositedinSwissbanksbythelatemilitary
dictatorSaniAbacha,whoruledNigeriafrom1993to1998.However,whilebroadbasedprogresshasbeen
slow,theseeffortshavebeguntobecomeevidentininternationalsurveysofcorruption.Infact,Nigeria's
rankinghasconsistentlyimprovedsince2001ranking147outof180countriesinTransparency
International's2007CorruptionPerceptionsIndex.

Economichistory
ThisisachartoftrendofgrossdomesticproductofNigeriaatmarketpricesestimated
(http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001)bytheInternational
MonetaryFundwithfiguresin$USDBillions.Figuresbefore2000arebackwardsprojectionsfromthe
20002012numbers,basedonhistoricalgrowthrates,andshouldbereplacedwhendatabecomes
available.

https://en.wikipedia.org/wiki/Economy_of_Nigeria

5/19

12/5/2014

Year

EconomyofNigeriaWikipedia,thefreeencyclopedia

GrossDomesticProduct,
InflationIndex PerCapitaIncome
USDollarExchange
(PPP,inBillions)
(2000=100)
(as%ofUSA)

1980 *58

1Naira

1.30

7%

1985 *82

3Naira

3.20

5%

1990 *118

9Naira

8.10

2.5%

1995 *155

50Naira

56

3%

2000 170

100Naira

100

3.5%

2005 291

130Naira

207

4%

2010 392

150Naira

108

5%

2012 451

158Naira

121

7%

ThisisachartoftrendoftheglobalrankingoftheNigerianeconomy,incomparisonwithothercountries
oftheworld,derivedfromthehistoricalListofcountriesbyGDP(PPP).
Year

2005 2006 2007 2008 2009 2010 2011 2012 2013

Ranking 52

47

38

37

34

31

31

30

23

Forpurchasingpowerparitycomparisons,theUSDollarisexchangedat75.75NigerianNairaonly.
CurrentGDPpercapita]ofNigeriaexpanded132%intheSixtiesreachingapeakgrowthof283%inthe
Seventies.Butthisprovedunsustainableanditconsequentlyshrankby66%intheEighties.IntheNineties,
diversificationinitiativesfinallytookeffectanddecadalgrowthwasrestoredto10%.
Duetoinflation,percapitaGDPtodayremainslowerthanin1960whenNigeriadeclaredindependence.
About45%ofthepopulationlivesonlessthanUS$2perday.In2012,theGDPwascomposedofthe
followingsectors:agriculture:40%services:30%manufacturing:15%oil:14%(2012est.)[1]
In2005Nigeria'sinflationratewasanestimated15.6%.Nigeria'sgoalundertheNationalEconomic
EmpowermentDevelopmentStrategy(NEEDS)programistoreduceinflationtothesingledigits.In2005
Nigeria'scentralgovernmenthadexpendituresofUS$13.54billionbutrevenuesofonlyUS$12.86billion,
resultinginabudgetdeficitof5%.Nigeriantaxauthoritiesfacethechallengeofwidespreadtaxevasion,
whichismotivatedbycomplaintsaboutcorruptionandthepoorqualityofservices.
Meanwageswere$1.11permanhourin2009.

Economicsectors
Agriculture
NigeriarankssixthworldwideandfirstinAfricainfarmoutput.
Agriculturehassufferedfromyearsofmismanagement,inconsistentandpoorlyconceivedgovernment
policies,neglectandthelackofbasicinfrastructure.Still,thesectoraccountsforover26.8%ofGDPand
twothirdsofemployment.Nigeriahas19millionheadofcattle,
https://en.wikipedia.org/wiki/Economy_of_Nigeria

6/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

(http://allafrica.com/stories/201405160659.html)thelargestinAfrica.Nigeriaisnolongeramajorexporter
ofcocoa,groundnuts(peanuts),rubber,andpalmoil.Cocoaproduction,mostlyfromobsoletevarietiesand
overagetrees,hasneverthelessincreasedfromaround180,000tonsannuallyto350,000tons.
Adramaticdeclineingroundnutandpalmoilproductionalsohastakenplace.Oncethebiggestpoultry
producerinAfrica,corporatepoultryoutputhasbeen
slashedfrom40millionbirdsannuallytoabout18
million.Importconstraintslimittheavailabilityof
manyagriculturalandfoodprocessinginputsfor
poultryandothersectors.Fisheriesarepoorlymanaged.
Mostcriticalforthecountry'sfuture,Nigeria'sland
tenuresystemdoesnotencouragelongterminvestment
intechnologyormodernproductionmethodsanddoes
notinspiretheavailabilityofruralcredit.
Agriculturalproductsincludecassava(tapioca),corn,
cocoa,millet,palmoil,peanuts,rice,rubber,sorghum,
andyams.In2003livestockproduction,inorderof
metrictonnage,featuredeggs,milk,beefandveal,
poultry,andpork,respectively.Inthesameyear,the
NigerianfarmersintheMiddleBelt,2006.70%of
totalfishingcatchwas505.8metrictons.Roundwood
Nigeriansareemployedinagriculture. [12]
removalstotaledslightlylessthan70millioncubic
meters,andsawnwoodproductionwasestimatedat2
millioncubicmeters.Theagriculturalsectorsuffers
fromextremelylowproductivity,reflectingrelianceonantiquatedmethods.Althoughoverallagricultural
productionroseby28%duringthe1990s,percapitaoutputrosebyonly8.5%duringthesamedecade.
AgriculturehasfailedtokeeppacewithNigeria'srapidpopulationgrowth,sothatthecountry,whichonce
exportedfood,nowreliesonimportstosustainitself.

Oil
Theoilboomofthe1970sledNigeriatoneglectits
strongagriculturalandlightmanufacturingbasesin
favorofanunhealthydependenceoncrudeoil.In2000,
oilandgasexportsaccountedformorethan98%of
exportearningsandabout83%offederalgovernment
revenue.Newoilwealth,theconcurrentdeclineof
othereconomicsectors,andalurchtowardastatist
economicmodelfueledmassivemigrationtothecities
andledtoincreasinglywidespreadpoverty,especially
inruralareas.
Acollapseofbasicinfrastructureandsocialservices
ThegatesoftheoilrefineryinPortHarcourt.
sincetheearly1980saccompaniedthistrend.By2000,
Nigeria'spercapitaincomehadplungedtoaboutone
quarterofitsmid1970shigh,belowthelevelatindependence.Alongwiththeendemicmalaiseof
Nigeria'snonoilsectors,theeconomycontinuestowitnessmassivegrowthof"informalsector"economic
activities,estimatedbysometobeashighas75%ofthetotaleconomy.
https://en.wikipedia.org/wiki/Economy_of_Nigeria

7/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

Nigeria'sprovenoilreservesareestimatedtobe35billionbarrels(5.6 109m3)naturalgasreservesare
wellover100trillioncubicfeet(2,800km3).NigeriaisamemberoftheOrganizationofPetroleum
ExportingCountries(OPEC),andinmid2001,itscrudeoilproductionwasaveragingaroundThetypesof
crudeoilexportedbyNigeriaareBonnylightoil,Forcadoscrudeoil,QuaIbocrudeoilandBrassRiver
crudeoil.Poorcorporaterelationswithindigenouscommunities,vandalismofoilinfrastructure,severe
ecologicaldamage,andpersonalsecurityproblemsthroughouttheNigerDeltaoilproducingregion
continuetoplagueNigeria'soilsector.
Effortsareunderwaytoreversethesetroubles.Intheabsenceofgovernmentprograms,themajor
multinationaloilcompanieshavelaunchedtheirowncommunitydevelopmentprograms.Anewentity,the
NigerDeltaDevelopmentCommission(NDDC),hasbeencreatedtohelpcatalyzeeconomicandsocial
developmentintheregion.Althoughithasyettolaunchitsprograms,hopesarehighthattheNDDCcan
reversetheimpoverishmentoflocalcommunities.TheU.S.remainsNigeria'slargestcustomerforcrude
oil,accountingfor40%ofthecountry'stotaloilexportsNigeriaprovidesabout10%ofoverallU.S.oil
importsandranksasthefifthlargestsourceforU.S.importedoil.
TheUnitedKingdomisNigeria'slargesttradingpartnerfollowedbytheUnitedStates.Althoughthetrade
balanceoverwhelminglyfavorsNigeria,thankstooilexports,alargeportionofU.S.exportstoNigeriais
believedtoenterthecountryoutsideoftheNigeriangovernment'sofficialstatistics,duetoimporters
seekingtoavoidNigeria'sexcessivetariffs.Tocountersmugglingandunderinvoicingbyimporters,in
May2001,theNigeriangovernmentinstitutedafullinspectionprogramforallimports,andenforcement
hasbeensustained.
Onthewhole,Nigerianhightariffsandnontariffbarriersaregraduallybeingreduced,butmuchprogress
remainstobemade.Thegovernmentalsohasbeenencouragingtheexpansionofforeigninvestment,
althoughthecountry'sinvestmentclimateremainsdauntingtoallbutthemostdetermined.Thestockof
U.S.investmentisnearly$7billion,mostlyintheenergysector.ExxonMobilandChevronarethetwo
largestU.S.corporationsinoffshoreoilandgasproduction.Significantexportsofliquefiednaturalgas
startedinlate1999andareslatedtoexpandasNigeriaseekstoeliminategasflaringby2008.
Oildependency,andtheallureitgeneratedofgreatwealththroughgovernmentcontracts,spawnedother
economicdistortions.Thecountry'shighpropensitytoimportmeansroughly80%ofgovernment
expendituresisrecycledintoforeignexchange.Cheapconsumerimports,resultingfromachronically
overvaluedNaira,coupledwithexcessivelyhighdomesticproductioncostsdueinparttoerraticelectricity
andfuelsupply,pusheddownutilizationofindustrialcapacitytolessthan30%.ManymoreNigerian
factorieswouldhaveclosedexceptforrelativelylowlaborcosts(10%15%).Domesticmanufacturers,
especiallypharmaceuticalsandtextiles,havelosttheirabilitytocompeteintraditionalregionalmarkets.
However,therearesignsthatsomemanufacturershavebeguntoimprovecompetitiveness.
ThepumppriceofP.M.S.inNigeriacurrentlystandsat97naira,butsomefuelingstationsinNigeria,
especiallyintownsfarfromthestatecapitals,tendtoselltheproductatamuchhigherprice,rangingfrom
110nairato140naira.AninitialincreaseinthepriceofpetroleumonNewYeardayfrom65nairato138
nairatriggeredoffatotalstrikeandmassiveprotestsacrossthecountry.PresidentGoodluckEbeleJonathan
laterreachedanagreementwiththeNigerianLabourCongressandreducedthepumppriceto97naira.

Services

https://en.wikipedia.org/wiki/Economy_of_Nigeria

8/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

Nigeriaranks63rdworldwideandfifthinAfricainservices'output.Lowpowergenerationhascrippledthe
growthofthissector.
Sinceundergoingseveredistressinthemid1990s,Nigeria'sbankingsectorhaswitnessedsignificant
growthoverthelastfewyearsasnewbanksenterthefinancialmarket.Harshmonetarypolicies
implementedbytheCentralBankofNigeriatoabsorbexcessNairaliquidityintheeconomyhasmadelife
moredifficultforbanks,someofwhomengageincurrencyarbitrage(roundtripping)activitiesthat
generallyfalloutsidelegalbankingmechanisms.
PrivatesectorledeconomicgrowthremainsstymiedbythehighcostofdoingbusinessinNigeria,
includingtheneedtoduplicateessentialinfrastructure,thethreatofcrimeandassociatedneedforsecurity
countermeasures,thelackofeffectivedueprocess,andnontransparenteconomicdecisionmaking,
especiallyingovernmentcontracting.Whilecorruptpracticesareendemic,theyaregenerallylessflagrant
thanduringmilitaryrule,andtherearesignsofimprovement.Meanwhile,since1999theNigerianStock
Exchangehasenjoyedstrongperformance,althoughequityasameanstofostercorporategrowthisbeing
moreutilizedbyNigeria'sprivatesector.
Transport
Nigeria'spubliclyownedtransportationinfrastructureis
amajorconstrainttoeconomicdevelopment.Principal
portsareatLagos(ApapaandTinCanIsland),Port
Harcourt,andCalabar.Ofthe80,500kilometers
(50,000mi.)ofroads,morethan15,000kilometers
(10,000mi.)areofficiallypaved,butmanyremainin
poorshape.
Extensiveroadrepairsandnewconstructionactivities
aregraduallybeingimplementedasstategovernments,
inparticular,spendtheirportionsofenhanced
governmentrevenueallocations.Thegovernment
MinibusesinLagos.
implementationof100%destinationinspectionofall
goodsenteringNigeriahasresultedinlongdelaysin
clearinggoodsforimportersandcreatednewsourcesofcorruption,sincetheportslackadequatefacilities
tocarryouttheinspection.
FiveofNigeria'sairportsLagos,Kano,PortHarcourt,EnuguandAbujacurrentlyreceiveinternational
flights.GovernmentownedNigeriaAirwaysceasedoperationsinDecember2002.VirginNigeriaAirways
startedoperationsin2005asareplacementandservesdomesticandinternationalroutes.Also,The
NigerianAirforcebegananewairlinecalledUnitedNigeria,withaBoeing737500in2013.Thereare
severaldomesticprivateNigeriancarriers,andairserviceamongNigeria'scitiesisgenerallydependable.
ThemaintenancecultureofNigeria'sdomesticairlinesisnotuptointernationallyacceptedstandards.
Tourism

Mining
Energy
https://en.wikipedia.org/wiki/Economy_of_Nigeria

9/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

Overseasremittances
Nexttopetrodollars,thesecondbiggestsourceofforeignexchangeearningsforNigeriaareremittances
senthomebyNigerianslivingabroad.[13]In2014,17.5millionNigerianslivedinforeigncountries,with
theUKandtheUSAhavingmorethan2millionNigerianseach.[14]
AccordingtotheInternationalOrganizationforMigration,Nigeriawitnessedadramaticincreasein
remittancessenthomefromoverseasNigerians,goingfromUSD2.3billionin2004to17.9billionin2007,
representing6.7%ofGDP.TheUnitedStatesaccountsforthelargestportionofofficialremittances,
followedbytheUnitedKingdom,Italy,Canada,SpainandFrance.OntheAfricancontinent,Egypt,
EquatorialGuinea,Chad,LibyaandSouthAfricaareimportantsourcecountriesofremittanceflowsto
Nigeria,whileChinaisthebiggestremittancesendingcountryinAsia.

Foreignaid
AsofOctober2005,WorldBankassistancetoNigeriainvolved19activeprojectswithatotalcommitment
valueofaboutUS$1.87billion.SinceNigeriajoinedtheWorldBankin1961,theWorldBankhasassisted
iton120projects.InOctober2005,theInternationalMonetaryFundapprovedatwoyearpolicysupport
instrumentdesignedtopromotethegrowthofthenonoilsectorandtoreducepoverty.
TheUnitedStatesassistedwithNigeria'seconomicdevelopmentfrom1954throughJune1974,when
concessionalassistancewasphasedoutbecauseofasubstantialincreaseinNigeria'spercapitaincome
resultingfromrisingoilrevenue.By1974,theUnitedStateshadprovidedNigeriawithapproximately$360
millioninassistance,whichincludedgrantsfortechnicalassistance,developmentassistance,reliefand
rehabilitation,andfoodaid.Disbursementscontinuedintothelate1970s,bringingtotalbilateraleconomic
assistancetoroughly$445million.
Thesharpdeclineinoilprices,economicmismanagement,andcontinuedmilitaryrulecharacterized
Nigeriainthe1980s.In1983,USAIDbeganprovidingassistancetotheNigerianFederalandState
MinistriesofHealthtodevelopandimplementprogramsinfamilyplanningandchildsurvival.In1992,an
HIV/AIDSpreventionandcontrolprogramwasaddedtoexistinghealthactivities.USAIDcommitted$135
milliontobilateralassistanceprogramsfortheperiodof1986to1996asNigeriaundertookaninitially
successfulStructuralAdjustmentProgram,butlaterabandonedit.
Planstocommit$150millioninassistancefrom1993to2000wereinterruptedbystrainsinU.S.Nigerian
relationsoverhumanrightsabuses,thefailedtransitiontodemocracy,andalackofcooperationfromthe
NigerianGovernmentonantinarcoticstraffickingissues.Bythemid1990s,theseproblemsresultedinthe
curtailmentofUSAIDactivitiesthatmightbenefitthemilitaryGovernment.Existinghealthprogramswere
redesignedtofocusonworkingthroughgrassrootsNigeriannongovernmentalorganizationsand
communitygroups.AsaresponsetotheNigerianmilitarygovernment'splansfordelayedtransitionto
civilianrule,thePeaceCorpscloseditsprograminNigeriain1994.
Inresponsetotheincreasinglyrepressivepoliticalsituation,USAIDestablishedaDemocracyand
Governance(DG)programin1996.Thisprogramintegratesthemesfocusingonbasicparticipatory
democracy,humanrightsandcivilrights,women'sempowerment,accountability,andtransparencywith
otherhealthactivitiestoreachNigeriansatthegrassrootslevelin14ofNigeria's36states.

https://en.wikipedia.org/wiki/Economy_of_Nigeria

10/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

ThesuddendeathofGeneralSaniAbachaandtheassumptionofpowerbyGeneralAbdulsalamiAbubakar
inJune1998,markedaturningpointinU.S.Nigerianrelations.USAIDprovidedsignificantsupporttothe
electoralprocessbyprovidingsome$4millioninfundingforinternationalelectionobservation,the
trainingofNigerianelectionobserversandpoliticalpartypollingagents,aswellasvotereducation
activities.AVitalNationalInterestCertificationwassubmittedtoCongressinFebruary1999byPresident
ClintontoliftrestrictionsonU.S.GovernmentinteractionwithandsupporttotheGovernmentofNigeria.
Sincethattime,USAIDhassupportedNigeriatosustaindemocracyandtoimprovegovernanceby
providingtrainingontherolesandresponsibilitiesofelectedofficialsinarepresentativedemocracyfor
newlyelectedofficialsatthefederal,state,andlocallevelspriortotheirinstallationinMay1999and
assistingwithconflictpreventionandresolutionintheNigerDelta,civilmilitaryrelations,civilsociety,
andpoliticalpartydevelopment.IntheeconomicareaUSAIDsupportsprogramsinstrengthening
economicmanagementandcoordination,encouragingprivatesectordevelopmentandeconomicreform,
helpingNigeriareapthebenefitsofAGOA,improvedagriculturaltechnologyandmarketingand
smallscaleandmicroenterprisedevelopment.Inaddition,healthassistance,focusingonHIV/AIDS,
nutrition,andimmunization,education,transportationandenergyinfrastructure,areprioritiesforbilateral
assistance.

Labourforce
In2005,Nigeriahadalabourforceof57.2million.In2003,theunemploymentratewas10.8%overall
urbanunemploymentof12.3%exceededruralunemploymentof7.4%.Accordingtothelatestavailable
informationfrom1999,laborforceemploymentbysectorwasasfollows:70%inagriculture,20%in
services,and10%inindustry.Laborunions,whichhaveundergoneperiodsofmilitancyandquiescence,
reemergedasaforcein1998whentheyregainedindependencefromthegovernment.
Since1999,theNigerianLaborCongress(NLC)aunionumbrellaorganization,hascalledsixgeneral
strikestoprotestdomesticfuelpriceincreases.However,inMarch2005thegovernmentintroduced
legislationendingtheNLC'smonopolyoverunionorganizing.InDecember2005,theNLCwaslobbying
foranincreaseintheminimumwageforfederalworkers.Theexistingminimumwage,whichwas
introducedsixyearsearlierbuthasnotbeenadjustedsince,hasbeenwhittledawaybyinflationtoonly
US$42.80permonth.
AccordingtotheInternationalOrganizationforMigration,thenumberofimmigrantsresidinginNigeria
hasmorethandoubledinrecentdecadesfrom477,135in1991to971,450in2005.Themajorityof
immigrantsinNigeria(74%)arefromneighbouringEconomicCommunityofWestAfricanStates
(ECOWAS),andthatthisnumberhasincreasedconsiderablyoverthelastdecade,from63%in2001to
97%in2005.InspiteofNigeria'simportanceasadestinationformigrantsintheregion,morepeopleare
emigratingfrom,thanimmigratingto,Nigeriawiththenegativenetmigrationrate(per1,000people)
steadilyincreasinginrecentyears,from0.2in2000to0.3in2005,andthistrendisexpectedtocontinue.
Accordingtorecentestimates,thenetmigrationratecouldreach0.4in2010.

Humancapital
Humancapitalisanimportantfactorforthewealthofanationduetoitsinfluenceontheoverallproduction
ofthecountry.Technologicalprogresscanprovidemoreefficientproductionmethodslikemachinesand
computers,butskilledlaborisnecessarytomanageanddevelopthemaswellastoimprovethequalityand
https://en.wikipedia.org/wiki/Economy_of_Nigeria

11/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

productivityoftheexistinglabor.TheformationofNigeria'shumancapitalisthereforeofgreatimportance
inthecomingyearsifNigeriawantstobecompetitiveinthefuture.However,Nigeriaishavingaproblem
withitshumancapital.
TheHumanDevelopmentIndex(HDI)providesameasureofhumancapitaldevelopmentinthree
dimensions:income,health,andeducation.ThelatestvaluesofHDIshowsthatNigeriaisranked156with
thevalueof0.459among187countries.ThevalueplacesNigeriainthebottom,meaningthatNigeriais
consideredtohavelowlevelofhumandevelopment.ThecomparativevalueforSubSaharanAfricais
0.475,0.910fortheUS,[15]and0.694fortheworldaverage.TheHDIofSubSaharanAfricaasaregion
increasedfrom0.365in1980to0.475today,whichplacesNigeriaalittlebelowtheregionalaveragewith
anHDIof0.471.[16]
Thevaluefortheeducationindexis0.457,comparedtotheaverageintheUSof0.939.Theexpectedyears
ofschoolinginNigeriais9.0(16.00intheUS),whilethemeanyearsofschoolingforadultsover25years
is5.2years(12.4yearsintheUS).Additionally,Nigeriaisalsofacingarelativelyhighinequality,
worseningtheproblemregardingtheformationofhumancapital.Theincomedistributionforthepoorest
(bottom10%)is1.6%whileitis40.8%fortherichest(top10%).Among114countriestheincome
distributionplacesNigeriarespectivelyin94thpositionforthepoorestand17thfortherichest.
Eventhoughhumancapitalisonlyonefactorofmanythatdrivesdevelopmentandassociatedeconomic
growth,itisveryimportantfactorforthedevelopmentprocessforadevelopingcountrylikeNigeria.The
productivecapacityofacountryisrelatedtothelevelofhumancapital,explainingwhyhumancapital
formationmustbeconsideredofgreatimportanceinthefuture.[1]
(http://www.cscanada.net/index.php/ibm/article/view/1578/1596)

Governmentpolicy
Inflation
Inthelightofhighlyexpansionarypublicsectorfiscalpoliciesin2001,thegovernmentsoughtwaysto
headoffhigherinflation,leadingtotheimplementationofstrongermonetarypoliciesbytheCentralBank
ofNigeria(CBN)andunderspendingofbudgetedamounts.AsaresultoftheCBN'sefforts,theofficial
exchangeratefortheNairahasstabilizedatabout112Nairatothedollar?ThecombinationofCBN's
effortstopropupthevalueoftheNairaandexcessliquidityresultingfromgovernmentspendingledthe
currencytobediscountedbyaround20%ontheparallel(nonofficial)market.
AkeyconditionoftheStandbyArrangementhasbeenclosureofthegapbetweentheofficialandparallel
marketexchangerates.TheInterBankForeignExchangeMarket(IFEM)iscloselytiedtotheofficialrate.
UnderIFEM,banks,oilcompanies,andtheCBNcanbuyorselltheirforeignexchangeatgovernment
influencedrates.Muchoftheinformaleconomy,however,canonlyaccessforeignexchangethroughthe
parallelmarket.Companiescanholddomiciliaryaccountsinprivatebanks,andaccountholdershave
unfettereduseofthefunds.
Expandedgovernmentspendingalsohasledtoupwardpressureonconsumerprices.Inflationwhichhad
almostdisappearedinApril2000reached14.5%bytheendoftheyearand18.7%inAugust2001.In2000,
highoilpricesresultedingovernmentrevenueofover$16billion,aboutdoublethe1999level.Stateand

https://en.wikipedia.org/wiki/Economy_of_Nigeria

12/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

localgovernmentsdemandedaccesstothis"windfall"revenue,creatingatugofwarbetweenthefederal
government,whichsoughttocontrolspending,andstategovernmentsdesiringaugmentedbudgets,
preventingthegovernmentfrommakingprovisionforperiodsofloweroilprices.

Gradualreform
TheObasanjogovernmentsupports"privatesector"led,"marketoriented"economicgrowthandhasbegun
extensiveeconomicreformefforts.Althoughthegovernment'santicorruptioncampaignhassofarbeen
disappointing,progressininjectingtransparencyandaccountabilityintoeconomicdecisionmakingis
notable.Thedualexchangeratemechanismformallyabolishedinthe1999budgetremainsinplacein
actuality.
During2000thegovernment'sprivatizationprogramshowedsignsoflifeandrealpromisewithsuccessful
turnovertotheprivatesectorofstateownedbanks,fueldistributioncompanies,andcementplants.
However,theprivatizationprocesshasslowedsomewhatasthegovernmentconfrontskeyparastatalssuch
asthestatetelephonecompanyNITELandNigerianAirways.ThesuccessfulauctionofGSM
telecommunicationslicensesinJanuary2001hasencouragedinvestmentinthisvitalsector.
Althoughthegovernmenthasbeenstymiedsofarinitsdesiretoderegulatedownstreampetroleumprices,
staterefineries,almostparalyzedin2000,areproducingatmuchhighercapacities.ByAugust2001,
gasolinelinesdisappearedthroughoutmuchofthecountry.Thegovernmentstillintendstopursue
deregulationdespitesignificantinternalopposition,particularlyfromtheNigeriaLabourCongress.Tomeet
marketdemandthegovernmentincurslargelossesimportinggasolinetosellatsubsidizedprices.

Foreigneconomicrelations
Nigeria'sforeigneconomicrelationsrevolvearounditsroleinsupplyingtheworldeconomywithoiland
naturalgas,evenasthecountryseekstodiversifyitsexports,harmonizetariffsinlinewithapotential
customsunionsoughtbytheEconomicCommunityofWestAfricanStates(ECOWAS),andencourage
inflowsofforeignportfolioanddirectinvestment.InOctober2005,NigeriaimplementedtheECOWAS
commonexternaltariff,whichreducedthenumberoftariffbands.
Priortothisrevision,tariffsconstitutedNigeria'ssecondlargestsourceofrevenueafteroilexports.In2005
NigeriaachievedamajorbreakthroughwhenitreachedanagreementwiththeParisClubtoeliminateits
bilateraldebtthroughacombinationofwritedownsandbuybacks.NigeriajoinedtheOrganizationofthe
PetroleumExportingCountriesinJuly1971andtheWorldTradeOrganizationinJanuary1995.

Externaltrade
In2005,NigeriaimportedaboutUS$26billionofgoods.In2004theleadingsourcesofimportswereChina
(9.4%),theUnitedStates(8.4%),theUnitedKingdom(7.8%),theNetherlands(5.9%),France(5.4%),
Germany(4.8%),andItaly(4%).Principalimportsweremanufacturedgoods,machineryandtransport
equipment,chemicals,andfoodandliveanimals.
In2005,NigeriaexportedaboutUS$52billionofgoods.In2004,theleadingdestinationsforexportswere
theUnitedStates(47.4%),Brazil(10.7%),andSpain(7.1%).In2004oilaccountedfor95%of
merchandiseexports,andcocoaandrubberaccountedforalmost60%oftheremainder.
https://en.wikipedia.org/wiki/Economy_of_Nigeria

13/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

In2005,NigeriapostedaUS$26billiontradesurplus,correspondingtoalmost20%ofgrossdomestic
product.In2005,NigeriaachievedapositivecurrentaccountbalanceofUS$9.6billion.TheNigerian
currencyisthenaira(NGN).AsofmidJune2006,theexchangeratewasaboutUS$1=NGN128.4.In
recentyears,NigeriahasexpandeditstraderelationswithotherdevelopingcountriessuchasIndia.Nigeria
isthelargestAfricancrudeoilsuppliertoIndiaitannuallyexports400,000barrelsperday
(64,000m3/d)toIndiavaluedatUS$10billionannually.
IndiaisthelargestpurchaserofNigeria'soilwhichfulfills20%to25%ofIndia'sdomesticoildemand.
Indianoilcompaniesarealso
involvedinoildrilling
operationsinNigeriaandhave
planstosetuprefineries
there.[17]
Thetradevolumebetween
NigeriaandtheUnitedKingdom
roseby35%fromUSD6.3
billionin2010toUSD8.5
billionin2011.[18]

Externaldebt

Nigeria'sexportsin2006.

In2012,Nigeria'sexternaldebt
wasanestimated$5.9billion
andN5.6trilliondomestic
puttingtotaldebtat$44
billion.[19]
InApril2006,Nigeriabecame
thefirstAfricancountrytofully
payoffitsdebtowedtothe
ParisClub.Thiswasstructured
asadebtwriteoffof
approximately$18billionanda
cashpaymentofapproximately
$12billion.

Foreigninvestment
In2012,Nigeriareceivedanet
inflowofUS$85.73billionof
AproportionalrepresentationofNigeria'sexports.
foreigndirectinvestment(FDI),
muchofwhichcamefrom
Nigeriansinthediaspora.MostFDIisdirectedtowardtheenergyandbankingsectors.Anypublicdesigned
toencourageinflowofforeigncapitaliscapableofgeneratingemploymentopportunitieswithinthe

https://en.wikipedia.org/wiki/Economy_of_Nigeria

14/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

domesticeconomy.TheNigerianEnterprisesPromotion(NEP)Decreeof1972(revisedin1977)was
intendedtoreduceforeigninvestmentintheNigerianeconomy.Thistypeofpolicyisnotrelevantinan
economywitharapidlygrowingforcelikeNigeria.
Althoughonemayaccepttherationaleforthepromulgationofthatdecreeatthattimei.e.topromote
indigenousentrepreneurship.Butthedecreeoranyexchangecontrolpolicythathasthepotentialto
discourageforeigninvestmentwillnotberelevantunderthepresenteconomicdispensations.The
abrogationoftheNEPdecreewasthereforeastepintherightdirection.
Furthermore,anotherreasonforthelowlevelofforeigninvestmentinNigeriaispoliticalinstability.The
variouscoupsandcountercoupssince1966,thediscontentmentandpoliticallymotivatedriotsfollowing
thelongdrawnandinconclusivepoliticalengineeringoftheBabagindaMilitaryAdministration,all
combinedtocreateanenvironmentnotconducivetoforeigninvestment.
Foreigndirectinvestment(FDI)isarguablyanimportantsourceofemploymentopportunitiesfor
developingcountrieslikeNigeria.Asaconsequence,itisimperativethatthefederalgovernmentpromotes
ahealthyprivatesectorthatcanearnareasonablerateofreturn.
DevelopingcountriesthatwishtoattractFDIflowsshouldconsidermeasuressuchasestablishinga
transparentlegalframeworkthatdoesnotdiscriminatebetweenlocalandforeigninvestorsadoptingliberal
foreignexchangeregime(e.g.,aregimewithoutlargegapsbetweenofficialandmarketrates)creating
simple,investorfriendlyregulationsandinstitutionsandeffectivelyadministeringthem.
Therefore,theconvertibilityofnaira,therelaxationofthecontrolonremittanceofprofitsandtechnical
feesandtheabrogationoftheExchangeControlActof1962andtheNigerianEnterprisesPromotion
Decreeof1989asspeltoutin1995Budgetarethekindofreformsthatcanpromotetheinflowofforeign
directinvestmentapoliticallystableenvironmentisalsoofimmenseimportance.
AlthoughNigeriamustgrapplewithitsdecayinginfrastructureandapoorregulatoryenvironment,the
countrypossessesmanypositiveattributesforcarefullytargetedinvestmentandwillexpandasbotha
regionalandinternationalmarketplayer.Profitablenichemarketsoutsidetheenergysector,likespecialized
telecommunicationproviders,havedevelopedunderthegovernment'sreformprogram.Thereisagrowing
NigerianconsensusthatforeigninvestmentisessentialtorealizingNigeria'svastbutsquanderedpotential.
Europeaninvestmentsareincreasing,especiallysinceBelgianconsultancycompaniessuchasGencoare
exploringtheNigerianmarket.
Companiesinterestedinlongterminvestmentandjointventures,especiallythosethatuselocallyavailable
rawmaterials,willfindopportunitiesinthelargenationalmarket.However,toimproveprospectsfor
success,potentialinvestorsmusteducatethemselvesextensivelyonlocalconditionsandbusinesspractices,
establishalocalpresence,andchoosetheirpartnerscarefully.TheNigerianGovernmentiskeenlyaware
thatsustainingdemocraticprinciples,enhancingsecurityforlifeandproperty,andrebuildingand
maintaininginfrastructurearenecessaryforthecountrytoattractforeigninvestment.
ThestockmarketcapitalisationoflistedcompaniesinNigeriawasvaluedat$97.75billionon15February
2008bytheNigerianStockExchange.

SwissBankstoreturnAbachaFunds

https://en.wikipedia.org/wiki/Economy_of_Nigeria

15/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

TheSwissforeignministrysaysithasdoneallitcantoensurethatfundsstolenbythelateNigerian
dictatorSaniAbachawereusedproperlyinhishomeland.Theauthoritieswererespondingtoallegations
that$200million(SFr240million)of$700millionhandedbackbytheSwissBankstoNigeriahadbeen
misappropriated.

Data
GDP:nominal$509.9billion(2013est.)
GDPrealgrowthrate:7%(July2012est.)
GDPpercapita:purchasingpowerparity$5,600(2013est.)
GDPcompositionbysector:
agriculture:30.9%
industry:43%
services:26%(2012est.)
Populationbelowpovertyline:33.1%(2013est.)
Householdincomeorconsumptionbypercentageshare:r
lowest10%:2.6%
highest10%:35.8%(199697)
Inflationrate(consumerprices):12.3%(2011est.)
Laborforce:57.21million
Laborforcebyoccupation:agriculture70%,industry10%,services20%(1999est.)
Unemploymentrate:24%NA(2010est.)
Budget:
revenues:$17billion
expenditures:$13.54billionincludingcapitalexpendituresof$NA(2005est.)
Industries:crudeoil,coal,tin,columbite,palmoil,peanuts,cotton,rubber,wood,hidesandskins,textiles,
cementandotherconstructionmaterials,foodproducts,footwear,chemicals,fertilizer,printing,ceramics,
steel,smallcommercialshipconstructionandrepair
Industrialproductiongrowthrate:4.7%(2010est.)
Electricityproduction:18.89billionkWh(2009)
Electricityproductionbysource:
fossilfuel:61.69%
hydro:38.31%
nuclear:0%
other:<.1%(1998)
https://en.wikipedia.org/wiki/Economy_of_Nigeria

16/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

Electricityconsumption:17.66billionkWh(2009)
Electricityexports:40millionkWh(2003)
Electricityimports:0kWh(1998)
Oilproduction:2.35millionbarrelsperday(374 103m3/d)(July2006est.)
Oilconsumption:310,000bbl/d(49,000m3/d)(2003est.)
Agricultureproducts:cocoa,peanuts,palmoil,maize,rice,sorghum,millet,cassava(tapioca),yams,
rubbercattle,sheep,goats,pigstimberfish
Exports:$72.16billionf.o.b.(2005est.)
Exportscommodities:petroleumandpetroleumproducts95%,cocoa,rubber
Exportspartners:UnitedStates47.4%,Brazil10.7%,Spain7.1%(2004)
Imports:$45.95billionf.o.b.(2005est.)
Importscommodities:machinery,chemicals,transportequipment,manufacturedgoods,foodandlive
animals
Importspartners:thePeople'sRepublicofChina9.4%,UnitedStates8.4%,UnitedKingdom7.8%,
Netherlands5.9%,France5.4%,Germany4.8%,Italy4%(2004)
Debtexternal:$3.3billionwithLondonClub(2006est.)
Economicaidrecipient:IMF$250million(1998)
Currency:1Naira(NGN)=100kobo
Exchangerates:Naira(NGN)perUS$1157.3(2012)149.5(2009),120(2006),128(2005),132.89
(2004),129.22(2003),120.58(2002),111.23(2001)
ExternalReserves:$50billion(2012)
Fiscalyear:calendaryear2009

References
1. ^abc"News2012"(http://www.nigerianstat.gov.ng).NigerianNationalBureauofStatistics.Retrieved
26March2012.
2. ^"DoingBusinessinNigeria2012"(http://www.doingbusiness.org/data/exploreeconomies/nigeria/).World
Bank.Retrieved7May2013.
3. ^"ExportPartnersofNigeria"(https://www.cia.gov/library/publications/theworldfactbook/fields/2050.html#ni).
CIAWorldFactbook.2012.Retrieved20130727.
https://en.wikipedia.org/wiki/Economy_of_Nigeria

17/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

4. ^"ImportPartnersofNigeria"(https://www.cia.gov/library/publications/theworldfactbook/fields/2061.html#ni).
CIAWorldFactbook.2012.Retrieved20130727.
5. ^"Sovereignsratinglist"(http://www.standardandpoors.com/ratings/sovereigns/ratingslist/en/eu/?
subSectorCode=39).Standard&Poor's.Retrieved26May2011.
6. ^abRogers,SimonSedghi,Ami(15April2011)."HowFitch,Moody'sandS&Prateeachcountry'scredit
rating"(http://www.guardian.co.uk/news/datablog/2010/apr/30/creditratingscountryfitchmoodysstandard).The
Guardian(London).Retrieved31May2011.
7. ^http://www.economist.com/news/leaders/21600685nigeriassuddenlysupersizedeconomyindeedwonderso
areitsstillhuge?frsc=dg%7Ca
8. ^NigeriaRebaseEconomy(http://www.google.com/search?tbm=nws&q=nigeria+rebasing+gdp)
9. ^WorldPetroleumProduction
10. ^CenterforGlobalDevelopment:Publications:ResolvingNigeria'sDebtThroughaDiscountedBuyback
(http://www.cgdev.org/content/publications/detail/3223/)
11. ^"FORGETTHEBRICs:Citi'sWillemBuiterPresentsThe11"3G"CountriesThatWillWinTheFuture"
(http://www.businessinsider.com/willembuiter3gcountries20112?slop=1).businessinsider.com.22February
2011.Retrieved31May2011.
12. ^OlomolaAdeS.(2007)StrategiesforManagingtheOpportunitiesandChallengesoftheCurrentAgricultural
CommodityBoomsinSSAinSeminarPapersonManagingCommodityBoomsinSubSaharanAfrica:A
PublicationoftheAERCSeniorPolicySeminarIX.AfricanEconomicResearchConsortium(AERC),Nairobi,
Kenya
13. ^"RemittancesfromdiasporaNigeriansaslubricantfortheeconomy",
(http://www.tribune.com.ng/business/tribunebusiness/item/15469remittancesfromdiasporanigeriansas
lubricantfortheeconomy/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy)Nigerian
Tribune,8September,2014.
14. ^"RemittancesfromdiasporaNigeriansaslubricantfortheeconomy",
(http://www.tribune.com.ng/business/tribunebusiness/item/15469remittancesfromdiasporanigeriansas
lubricantfortheeconomy/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy)Nigerian
Tribune,8September,2014.
15. ^http://hdrstats.undp.org/en/countries/profiles/USA.html
16. ^http://hdrstats.undp.org/en/countries/profiles/NGA.html
17. ^"IndianowNigeria'sbiggestcrudeoilbuyer"(http://www.thehindu.com/business/Industry/indianownigerias
biggestcrudeoilbuyer/article4917091.ece?homepage=true).TheHindu(Chennai,India).15July2013.
18. ^Nigeria,UKTradeHitsU.S.$9Billionin2011(http://allafrica.com/stories/201209261080.html),Africa:
AllAfrica.com,2012,retrieved27September2012
19. ^http://www.thisdaylive.com/articles/nigeriasdomesticexternaldebtsnow44bn/113910/

ThisarticleincorporatespublicdomainmaterialfromwebsitesordocumentsoftheLibraryof
CongressCountryStudies.16.http://www.thisdaylive.com/articles/fitchaffirmsnigeriasbbrating
stableoutlook/175980/

Furtherreading
https://en.wikipedia.org/wiki/Economy_of_Nigeria

18/19

12/5/2014

EconomyofNigeriaWikipedia,thefreeencyclopedia

TheWorldBankEconomicReportonNigeria,May2013(http://www
wds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/14/000333037_2013051
4101211/Rendered/PDF/776840WP0Niger0Box0342041B00PUBLIC0.pdf)

Externallinks
EconomyofNigeria
(https://www.dmoz.org/Regional/Africa/Nigeria/Business_and_Economy/Economic_Development)
atDMOZ
WorldBankSummaryTradeStatisticsNigeria
(http://wits.worldbank.org/CountryProfile/Country/NGA/Year/2012/Summary)
NigerialatesttradedataonITCTradeMap(http://www.trademap.org/open_access/Index.aspx?
proceed=true&reporter=566)
WestAfricanAgriculturalMarketObserver/ObservatoireduMarchAgricole(RESIMAO)
(http://www.resimao.org/html/en),aprojectoftheWestAfricanMarketInformationNetwork
(WAMISNET),provideslivemarketandcommoditypricesfromfiftysevenregionalandlocal
publicagriculturalmarketsacrossBenin,BurkinaFaso,Cted'Ivoire,Guinea,Niger,Mali,Senegal,
Togo,andNigeria.Sixtycommoditiesaretrackedweekly.TheprojectisrunbytheBeninMinistry
ofAgriculture,andanumberofEuropean,African,andUnitedNationsagencies.
NigerianEconomy:EssaysonEconomicDevelopmentbyMeteFeridunandS.T.Akindele(ISBN:
9781411665071)fromAmazon'sBookStore.
TariffsappliedbyNigeriaasprovidedbyITC'sMarketAccessMap
(http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?
subsite=open_access&country=SCC566%7cNigeria&source=1%7CITC),anonlinedatabaseof
customstariffsandmarketrequirements.
Retrievedfrom"http://en.wikipedia.org/w/index.php?title=Economy_of_Nigeria&oldid=635535169"
Categories: OPEC EconomyofNigeria WorldTradeOrganizationmembereconomies
AfricanUnionmembereconomies
Thispagewaslastmodifiedon26November2014at17:40.
TextisavailableundertheCreativeCommonsAttributionShareAlikeLicenseadditionaltermsmay
apply.Byusingthissite,youagreetotheTermsofUseandPrivacyPolicy.Wikipediaisa
registeredtrademarkoftheWikimediaFoundation,Inc.,anonprofitorganization.

https://en.wikipedia.org/wiki/Economy_of_Nigeria

19/19