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Nigeria Economy Profile 2018

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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 2008-09 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; 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 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 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, GDP growth turned positive, with oil prices recovering and output stabilizing in 2017.
GDP (purchasing power parity)$1.118 trillion (2017 est.)
$1.109 trillion (2016 est.)
$1.127 trillion (2015 est.)
note: data are in 2017 dollars
GDP (official exchange rate)$394.8 billion (2016 est.)
GDP - real growth rate0.8% (2017 est.)
-1.6% (2016 est.)
2.7% (2015 est.)
GDP - per capita (PPP)$5,900 (2017 est.)
$6,000 (2016 est.)
$6,300 (2015 est.)
note: data are in 2017 dollars
Gross national saving14.9% of GDP (2017 est.)
13.2% of GDP (2016 est.)
12.3% of GDP (2015 est.)
GDP - composition, by end usehousehold consumption: 79%
government consumption: 6.8%
investment in fixed capital: 14.4%
investment in inventories: 0.7%
exports of goods and services: 12.5%
imports of goods and services: -13.5% (2017 est.)
GDP - composition by sectoragriculture: 21.6%
industry: 18.3%
services: 60.1% (2017 est.)
Population below poverty line70% (2010 est.)
Labor force60.08 million (2017 est.)
Labor force - by occupationagriculture: 70%
industry: 10%
services: 20% (1999 est.)
Unemployment rate13.4% (2017 est.)
13.4% (2017 est.)
Unemployment, youth ages 15-24total: 7.7%
male: NA
female: NA (2015 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: $13.97 billion
expenditures: $22.15 billion (2017 est.)
Taxes and other revenues3.5% of GDP (2017 est.)
Budget surplus (+) or deficit (-)-2.1% of GDP (2017 est.)
Public debt15.3% of GDP (2017 est.)
14.3% of GDP (2016 est.)
Inflation rate (consumer prices)16.3% (2017 est.)
15.7% (2016 est.)
Central bank discount rate4.25% (31 December 2010)
6% (31 December 2009)
Commercial bank prime lending rate17.5% (31 December 2017 est.)
16.87% (31 December 2016 est.)
Stock of narrow money$32.99 billion (31 December 2017 est.)
$37.45 billion (31 December 2016 est.)
Stock of broad money$67.97 billion (31 December 2017 est.)
$77.91 billion (31 December 2016 est.)
Stock of domestic credit$79.26 billion (31 December 2017 est.)
$89.18 billion (31 December 2016 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 rate0.7% (2017 est.)
Current Account Balance$7.667 billion (2017 est.)
$2.722 billion (2016 est.)
Exports$40.81 billion (2017 est.)
$34.7 billion (2016 est.)
Exports - commoditiespetroleum and petroleum products 95%, cocoa, rubber (2012 est.)
Exports - partnersIndia 34%, US 9%, Spain 5.9%, France 5.8%, South Africa 5.5%, Canada 5.1% (2016)
Imports$35.24 billion (2017 est.)
$35.24 billion (2016 est.)
Imports - commoditiesmachinery, chemicals, transport equipment, manufactured goods, food and live animals
Imports - partnersChina 20.3%, US 8.3%, Belgium 7.6%, UK 4.4%, Netherlands 4.1% (2016)
Reserves of foreign exchange and gold$31.08 billion (31 December 2017 est.)
$25.84 billion (31 December 2016 est.)
Debt - external$35.23 billion (31 December 2017 est.)
$31.41 billion (31 December 2016 est.)
Stock of direct foreign investment - at home$118 billion (31 December 2017 est.)
$113.4 billion (31 December 2016 est.)
Stock of direct foreign investment - abroad$17.04 billion (31 December 2017 est.)
$15.65 billion (31 December 2016 est.)
Exchange ratesnairas (NGN) per US dollar -
323.5 (2017 est.)
253 (2016 est.)
253 (2015 est.)
192.73 (2014 est.)
158.55 (2013 est.)
Fiscal yearcalendar year

Source: CIA World Factbook
This page was last updated on January 20, 2018

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