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Nigeria Economy Profile 2017

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Economy - overviewNigeria is one of Sub Saharan Africa’s largest economies and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels, however - over 62% of Nigeria's 170 million people still live in extreme poverty.

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. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production has contracted every year since 2012.

President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but his reliance on the Central Bank governor has led to overwhelmingly protectionist policies aimed at defending the naira from further devaluation. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.
GDP (purchasing power parity)$1.089 trillion (2016 est.)
$1.108 trillion (2015 est.)
$1.08 trillion (2014 est.)
note: data are in 2016 dollars
GDP (official exchange rate)$415.1 billion (2016 est.)
GDP - real growth rate-1.7% (2016 est.)
2.7% (2015 est.)
6.3% (2014 est.)
GDP - per capita (PPP)$5,900 (2016 est.)
$6,200 (2015 est.)
$6,200 (2014 est.)
note: data are in 2016 dollars
Gross national saving13.1% of GDP (2016 est.)
12.4% of GDP (2015 est.)
16% of GDP (2014 est.)
GDP - composition, by end usehousehold consumption: 79%
government consumption: 7.2%
investment in fixed capital: 14.2%
investment in inventories: 0.7%
exports of goods and services: 9%
imports of goods and services: -10.1% (2016 est.)
GDP - composition by sectoragriculture: 21.1%
industry: 19.4%
services: 59.5% (2016 est.)
Population below poverty line70% (2010 est.)
Labor force58.8 million (2016 est.)
Labor force - by occupationagriculture: 70%
industry: 10%
services: 20% (1999 est.)
Unemployment rate13.9% (2016 est.)
23.9% (2016 est.)
Unemployment, youth ages 15-24total: 8.1%
male: NA
female: NA (2014 est.)
Household income or consumption by percentage sharelowest 10%: 1.8%
highest 10%: 38.2% (2010 est.)
Distribution of family income - Gini index48.8 (2013)
50.6 (1997)
Budgetrevenues: $11.4 billion
expenditures: $21.21 billion (2016 est.)
Taxes and other revenues2.7% of GDP (2016 est.)
Budget surplus (+) or deficit (-)-2.4% of GDP (2016 est.)
Public debt13.2% of GDP (2016 est.)
11.5% of GDP (2015 est.)
Inflation rate (consumer prices)15.3% (2016 est.)
9% (2015 est.)
Central bank discount rate4.25% (31 December 2010)
6% (31 December 2009)
Commercial bank prime lending rate18% (31 December 2016 est.)
16.85% (31 December 2015 est.)
Stock of narrow money$33.51 billion (31 December 2016 est.)
$43.62 billion (31 December 2015 est.)
Stock of broad money$71.38 billion (31 December 2016 est.)
$101.9 billion (31 December 2015 est.)
Stock of domestic credit$80.77 billion (31 December 2016 est.)
$111.7 billion (31 December 2015 est.)
Market value of publicly traded shares$53.07 billion (31 December 2016 est.)
$63.47 billion (31 December 2014 est.)
$80.61 billion (31 December 2013 est.)
Agriculture - productscocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
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
Industrial production growth rate-4.7% (2016 est.)
Current Account Balance$2.619 billion (2016 est.)
-$15.76 billion (2015 est.)
Exports$33.27 billion (2016 est.)
$45.89 billion (2015 est.)
Exports - commoditiespetroleum and petroleum products 95%, cocoa, rubber (2012 est.)
Exports - partnersIndia 17%, Netherlands 8.9%, Spain 8.5%, Brazil 8.5%, South Africa 5.6%, France 5.4%, Japan 4.7%, Cote dIvoire 4.3%, Ghana 4.2% (2015)
Imports$36.4 billion (2016 est.)
$52.33 billion (2015 est.)
Imports - commoditiesmachinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partnersChina 25.9%, US 6.5%, Netherlands 6.1%, India 4.3% (2015)
Reserves of foreign exchange and gold$23.47 billion (31 December 2016 est.)
$29.07 billion (31 December 2015 est.)
Debt - external$39.1 billion (31 December 2016 est.)
$32.27 billion (31 December 2015 est.)
Stock of direct foreign investment - at home$98.73 billion (31 December 2016 est.)
$95.82 billion (31 December 2015 est.)
Stock of direct foreign investment - abroad$13.71 billion (31 December 2016 est.)
$12.41 billion (31 December 2015 est.)
Exchange ratesnairas (NGN) per US dollar -
305 (2016 est.)
192.73 (2015 est.)
192.73 (2014 est.)
158.55 (2013 est.)
156.81 (2012 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on July 9, 2017

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