Home

Cameroon vs. Nigeria

Economy

CameroonNigeria
Economy - overview

Cameroon's market-based, diversified economy features oil and gas, timber, aluminum, agriculture, mining and the service sector. Oil remains Cameroon's main export commodity, and despite falling global oil prices, still accounts for nearly 40% of exports. Cameroon's economy suffers from factors that often impact underdeveloped countries, such as stagnant per capita income, a relatively inequitable distribution of income, a top-heavy civil service, endemic corruption, continuing inefficiencies of a large parastatal system in key sectors, and a generally unfavorable climate for business enterprise.

Since 1990, the government has embarked on various IMF and World Bank programs designed to spur business investment, increase efficiency in agriculture, improve trade, and recapitalize the nation's banks. The IMF continues to press for economic reforms, including increased budget transparency, privatization, and poverty reduction programs. The Government of Cameroon provides subsidies for electricity, food, and fuel that have strained the federal budget and diverted funds from education, healthcare, and infrastructure projects, as low oil prices have led to lower revenues.

Cameroon devotes significant resources to several large infrastructure projects currently under construction, including a deep seaport in Kribi and the Lom Pangar Hydropower Project. Cameroon's energy sector continues to diversify, recently opening a natural gas-powered electricity generating plant. Cameroon continues to seek foreign investment to improve its inadequate infrastructure, create jobs, and improve its economic footprint, but its unfavorable business environment remains a significant deterrent to foreign investment.

Nigeria is Sub Saharan Africa's largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 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; over 62% of Nigeria's over 180 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 had been contracting every year since 2012 until a slight rebound in 2017.

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 has taken a primarily protectionist approach that favors domestic producers at the expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as implementation of a Treasury Single Account that allows the government to better manage its resources and a more transparent government payroll and personnel system that eliminated duplicate and "ghost workers." The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.

Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recovered and output stabilized.

GDP (purchasing power parity)$94.248 billion (2019 est.)

$90.868 billion (2018 est.)

$87.32 billion (2017 est.)

note: data are in 2017 dollars
$1,032,048,000,000 (2019 est.)

$1,009,748,000,000 (2018 est.)

$990.7 billion (2017 est.)

note: data are in 2017 dollars
GDP - real growth rate3.5% (2017 est.)

4.6% (2016 est.)

5.7% (2015 est.)
0.8% (2017 est.)

-1.6% (2016 est.)

2.7% (2015 est.)
GDP - per capita (PPP)$3,642 (2019 est.)

$3,604 (2018 est.)

$3,555 (2017 est.)

note: data are in 2017 dollars
$5,136 (2019 est.)

$5,155 (2018 est.)

$5,190 (2017 est.)

note: data are in 2017 dollars
GDP - composition by sectoragriculture: 16.7% (2017 est.)

industry: 26.5% (2017 est.)

services: 56.8% (2017 est.)
agriculture: 21.1% (2016 est.)

industry: 22.5% (2016 est.)

services: 56.4% (2017 est.)
Population below poverty line37.5% (2014 est.)40.1% (2018 est.)
Household income or consumption by percentage sharelowest 10%: 37.5%

highest 10%: 35.4% (2001)
lowest 10%: 1.8%

highest 10%: 38.2% (2010 est.)
Inflation rate (consumer prices)2.4% (2019 est.)

1% (2018 est.)

0.6% (2017 est.)
11.3% (2019 est.)

12.1% (2018 est.)

16.5% (2017 est.)
Labor force9.912 million (2017 est.)60.08 million (2017 est.)
Labor force - by occupationagriculture: 70%

industry: 13%

services: 17% (2001 est.)
agriculture: 70%

industry: 10%

services: 20% (1999 est.)
Unemployment rate4.3% (2014 est.)

30% (2001 est.)
16.5% (2017 est.)

13.9% (2016 est.)
Distribution of family income - Gini index46.5 (2014 est.)

46.6 (2014 est.)
35.1 (2018 est.)

50.6 (1997)
Budgetrevenues: 5.363 billion (2017 est.)

expenditures: 6.556 billion (2017 est.)
revenues: 12.92 billion (2017 est.)

expenditures: 19.54 billion (2017 est.)
Industriespetroleum production and refining, aluminum production, food processing, light consumer goods, textiles, lumber, ship repaircrude 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 rate3.3% (2017 est.)2.2% (2017 est.)
Agriculture - productscassava, plantains, maize, oil palm fruit, taro, sugar cane, sorghum, tomatoes, bananas, vegetablescassava, yams, maize, oil palm fruit, rice, vegetables, sorghum, groundnuts, fruit, sweet potatoes
Exports$4.732 billion (2017 est.)

$4.561 billion (2016 est.)
$34.545 billion (2020 est.)

$62.531 billion (2019 est.)

$60.547 billion (2018 est.)
Exports - commoditiescrude petroleum, cocoa beans, lumber, gold, natural gas, bananas (2019)crude petroleum, natural gas, scrap vessels, flexible metal tubing, cocoa beans (2019)
Exports - partnersChina 17%, Netherlands 14%, Italy 9%, United Arab Emirates 8%, India 7%, United States 6%, Belgium 6%, Spain 5%, France 5% (2019)India 16%, Spain 10%, United States 7%, France 7%, Netherlands 6% (2019)
Imports$4.812 billion (2017 est.)

$4.827 billion (2016 est.)
$32.67 billion (2017 est.)

$35.24 billion (2016 est.)
Imports - commoditiescrude petroleum, scrap vessels, rice, special purpose ships, packaged medicines (2019)refined petroleum, cars, wheat, laboratory glassware, packaged medicines (2019)
Imports - partnersChina 28%, Nigeria 15%, France 9%, Belgium 6% (2019)China 30%, Netherlands 11%, United States 6%, Belgium 5% (2019)
Debt - external$9.375 billion (31 December 2017 est.)

$7.364 billion (31 December 2016 est.)
$26.847 billion (2019 est.)

$22.755 billion (2018 est.)
Exchange ratesCooperation Financiere en Afrique Centrale francs (XAF) per US dollar -

605.3 (2017 est.)

593.01 (2016 est.)

593.01 (2015 est.)

591.45 (2014 est.)

494.42 (2013 est.)
nairas (NGN) per US dollar -

383.5 (2020 est.)

362.75 (2019 est.)

363 (2018 est.)

192.73 (2014 est.)

158.55 (2013 est.)
Fiscal year1 July - 30 Junecalendar year
Public debt36.9% of GDP (2017 est.)

32.5% of GDP (2016 est.)
21.8% of GDP (2017 est.)

19.6% of GDP (2016 est.)
Reserves of foreign exchange and gold$3.235 billion (31 December 2017 est.)

$2.26 billion (31 December 2016 est.)
$38.77 billion (31 December 2017 est.)

$25.84 billion (31 December 2016 est.)
Current Account Balance-$932 million (2017 est.)

-$1.034 billion (2016 est.)
$10.38 billion (2017 est.)

$2.714 billion (2016 est.)
GDP (official exchange rate)$34.99 billion (2017 est.)$475.062 billion (2019 est.)
Credit ratingsFitch rating: B (2006)

Moody's rating: B2 (2016)

Standard & Poors rating: B- (2020)
Fitch rating: B (2020)

Moody's rating: B2 (2017)

Standard & Poors rating: B- (2020)
Ease of Doing Business Index scoresOverall score: 46.1 (2020)

Starting a Business score: 86.3 (2020)

Trading score: 16 (2020)

Enforcement score: 39.9 (2020)
Overall score: 56.9 (2020)

Starting a Business score: 86.2 (2020)

Trading score: 29.2 (2020)

Enforcement score: 61.5 (2020)
Taxes and other revenues15.3% (of GDP) (2017 est.)3.4% (of GDP) (2017 est.)
Budget surplus (+) or deficit (-)-3.4% (of GDP) (2017 est.)-1.8% (of GDP) (2017 est.)
Unemployment, youth ages 15-24total: 6.3%

male: 5.8%

female: 6.8% (2014 est.)
total: 18.3%

male: 18.4% NA

female: 18.2% NA (2019 est.)
GDP - composition, by end usehousehold consumption: 66.3% (2017 est.)

government consumption: 11.8% (2017 est.)

investment in fixed capital: 21.6% (2017 est.)

investment in inventories: -0.3% (2017 est.)

exports of goods and services: 21.6% (2017 est.)

imports of goods and services: -20.9% (2017 est.)
household consumption: 80% (2017 est.)

government consumption: 5.8% (2017 est.)

investment in fixed capital: 14.8% (2017 est.)

investment in inventories: 0.7% (2017 est.)

exports of goods and services: 11.9% (2017 est.)

imports of goods and services: -13.2% (2017 est.)
Gross national saving17.7% of GDP (2018 est.)

18.2% of GDP (2017 est.)

23.9% of GDP (2015 est.)
23.2% of GDP (2019 est.)

19.3% of GDP (2018 est.)

18.3% of GDP (2017 est.)

Source: CIA Factbook