Nigeria, officially the Federal Republic of Nigeria, is a country in West Africa and the most populous country in Africa. Nigeria shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, Niger in the north, and borders the Gulf of Guinea in the south. Since 1991, its capital has been the centrally-located city of Abuja; previously, the Nigerian government was headquartered in the coastal city Lagos.The people of Nigeria have an extensive history, and archaeological evidence shows that human habitation of the area dates back to at least 9000 BC.

 

The Benue-Cross River area is thought to be the original homeland of the Bantu migrants who spread across most of central and southern Africa in waves between the 1st millennium BC and the 2nd millennium AD.On October 1, 1960, Nigeria gained its independence from the United Kingdom after decades of colonial rule, and, at present consists of 36 states and the federal capital territory. Nigeria was also a founding member of the Organization for African Unity (now the African Union), and has tremendous influence in West Africa and Africa on the whole. Nigeria has additionally founded regional cooperative efforts in West Africa, functioning as standard-bearer for ECOWAS and ECOMOG, economic and military organizations respectively.

 

Nigeria is classified as a mixed economy emerging market, and has already reached middle income status according to the Worldbank, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa. Nigeria is ranked 31st in the world in terms of GDP (PPP) as of 2011. Nigeria is the United States' largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the U.S. of any country worldwide. Nigeria is currently the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the U.S. The United States is the country's largest foreign investor. The International Monetary Fund (IMF) projected economic growth of 9% in 2008 and 8.3% in 2009. The IMF further projects a 8% growth in the Nigerian economy in 2011. February 2011: According to Citigroup, Nigeria will get the highest average GDP growth in the world between 2010–2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries. The economic reforms have successfully put Nigeria back on track towards achieving its full economic potential. It is now the second largest economy in Africa (following South Africa), and the largest economy in the West Africa Region.

Source: Ministry of Foreign Affairs of Nigeria, Wikipedia.


General Information
Official Name Federal Republic of Nigeria
Capital Abuja
Main Cities Lagos, Kano, Ibadan, Kaduna, Port Harcourt, Benin City
Languages English (official), Hausa, Yoruba, Igbo(Ibo), Fulani
Government Presidential Federal Republic
Independence Day 1 October 1960 (from UK)
Area Total: 923,768 sq km; land: 910,768 sq km, water:13.000 sq km
Population 175 million (June 2013 est.)
Currency Nigerian Naira(NGN)
Climate Varies; eqoatorial in south, tropical in center, arid in north
Time Zone WAT (UTC+1)
Main Airports Nnamdi Azikiwe Int'I Airport(Abuja), Mallam Aminu Kano Int'I Airport(Kanos), Murtala Muhammed Int'I Airport(Lagos/Ikeja), Gombe Lawanti Int'L Airport(Gombe), Port Harcourt Int'I Airport(Port Harcourt)
Main Harbors Apapa, Calabar, Lagos, Port Harcourt, Tin Can, Warri
Source: National sources, 2013
Economic Information
  2005 2006 2007 2008 2009 2010 2011 2012
GDP  
Nominal GDP (US$bn) 112.2 145.4 165.5 195.6 159.4 181.6 235.1 272.3
Real GDP Growth (%) 6.5 6.0 6.4 6.0 5.4 6.2 7.4 5.9
Expenditure on GDP (% real change)
Private Consumption 9.2 -17.0 34.1 -14.2 4.7 5.7 6.2 6.9
Government Consumption 10.5 35.8 21.4 27.0 7.0 7.5 10.6 15.4
Gross fixed Investment -10.4 88.6 18.8 97.9 5.0 8.0 15.4 16.1
Export of goods & Services 12.4 70.4 -15.4 -9.0 0.9 10.5 11.2 11.8
Import of goods & Services 33.6 36.0 39.9 0.4 4.9 10.2 12.1 10.5
Origin of GDP (%real change)
Agriculture 7.1 7.4 7.2 6.3 7.0 6.0 6.5 6.8
Industry 1.7 -2.5 -2.2 -3.4 -0.4 3.3 3.4 3.6
Services 10.6 12.1 12.5 12.2 7.0 8.0 8.2 8.6
GDP per capita(US$ at PPP) 1,779 1,908 2,046 2,171 2,268 2,394 2,401 2,415
Fiscal Indicator (% of GDP)
Public-Sector revenue 11.9 13.0 11.0 13.0 8.6 10.5 11.1 11.4
Public-sector expenditure 13.0 8.9 11.3 11.3 13.7 15.4 15.3 15.4
Public-sector balance -1.1 4.0 -0.2 1.6 -5.1 -4.9 -4.5 -4.1
Net public debt 28.2 12.1 12.6 9.6 14.3 17.2 15.4 16.1
Prices and financial indicators
Exchange Rates M$:US$ (end-period) 129.00 128.27 11.97 132.56 150.42 156 155 157
Consumer Prices (end-period; % change) 17.9 8.2 5.4 11.6 12.4 11.0 11.0 11.3
Stock of money M1(%change) 27.1 19.7 73.6 47.9 -8.4 16.4 24.5 35.1
Lending interest rate(av.;%) 17.9 16.9 16.9 15.5 18.8 17.8 17.5 17.8
Current Account(US$m)
Trade Balance 29,198 34,505 35,865 43,986 14,940 28,388 74,084 110,717
Goods: exports fob 55,202 56,934 66,051 78,336 47,752 76,224 129,101 148,873
Goods: imports cif -26,003 -22,429 -30,186 -34,350 -32,812 -47,836 -65,017 -38,156
Services Balance -4,831 -6,617 -11,051 -11,418 -8,978 -10,622 -11,234 -10,631
Income Balance -2,256 -6,604 -11,753 -11,180 -10,310 -11,163 -11,243 -11,698
Current-account Balance 37,264 38,228 30,928 39,357 10,292 21,016 13,545 9,564
External Debt (US$m)
Debt Stock 22,178 7,799 8,934 10,456 9,760 11,274 10,354 11,654
Debt service paid 8,881 6,853 1,243 878 517 605 659 705
Principal repayments 3,874 6,470 892 39 432 404 480 406
Interest 5,007 383 351 140 139 202 254 259
International reserves(US$m)
Total international reserves 28,280 42,299 51,334 53,002 46,524 54,542 55,659 56,786
Source: IMF, International Financial Statistics 2013
Nigeria Trade with World
US$ Mn. 2005 2006 2007 2008 2009 2010 2011 2012
Export (fob) 43,531 57,705 66,648 86,421 50,936 76,224 129,101 148,873
Import (cif) 24,493 29,186 38,863 53,391 46,800 47,836 65,017 38,156
Trade Volume 68,024 86,891 105,511 139,812 97,736 124,060 194,118 187,029
Trade Balance 19,038 28,519 27,785 33,030 4,136 28,388 64,084 110,717
World Trade (US$ Bn) 21,058 24,294 27,845 32,215 24,948 28,143 35,397 36,355
Share 0.32% 0.35% 0.37% 0.43% 0.39% 0.44% 0.54% 0.51%
Source: IMF, International Financial Statistics 2013
Nigeria Trade with D-8 Countries
US$ Mn. 2005 2006 2007 2008 2009 2010 2011 2012
Export (fob) 1,113.26 388,93 1,050.59 649.01 667.67 1,462 2,741 3,125
Import (cif) 572.27 424.57 584.71 926.55 842.74 1,101 871 1,518
Trade Volume 1,685.53 813.5 1,635.3 1,575.56 1,510.41 2,563 3,612 4,247
Trade Balance 540.99 -35.64 465.88 -277.54 -175.07 361 1,870 4,643
D-8 Intra Trade (US$ Mn) 41,537.19 49,806.52 66,828.03 78,382.2 66,947.63 101,139 129,493 148,191
Share 4.06% 1.63% 2.45% 2.01% 2.25% 2.53% 2.79% 2.86%
Source: IMF, International Financial Statistics 2013
Nigeria Trade By 10 Main Commodities
Export by 10 Principal Commodities, (million US$)
No. Commodity 2006 2007 2008 2009 2010 2011 2012
1. Mineral fuels, oils, distillation products, etc 58,172.3 51,194 75,266.1 45,125.3 75,945.3 111,980 101,425
2. Raw hides and skins (other than fur skins) and leather 78.3 383.2 680.9 512.5 3,060.8 779.5 278.2
3. Cocoa and cocoa preparations 17.6 474.1 601.2 1,429.4 1,283.0 1130.2 6,413
4. Oil seed, oleagric fruits, grain, seed, fruit, etc, nes 3.1 1,227.6 154.9 195.1 648.2 392.5 220.7
5. Rubber and articles thereof 17.4 198.9 441.0 175.4 558.9 7,455.5 209.8
6. Cotton 8.6 62.5 100.1 121.5 554.6 151.5 74.1
7. Ships, boats and other floating structures 442.8 179.1 1,853.1 215.3 541.2 1,146.5 143
8. Machinery, nuclear reactors, boilers, etc 39.7 44.8 173.1 258.3 448.8 127 72.3
9. plastic and articles thereof 14.7 108.9 574.7 154.5 422.4 159 13.5
10. Footwear, gaiters and the like, parts thereof 26.9 59.7 55.2 85.8 340.8 65.4 71.5
Import by 10 Principal commodities, (million US$)
No. Commodity 2006 2007 2008 2009 2010 2011 2012
1. Vehicles other than railway, tramway 2,560.3 3,964.4 4,038.7 6,560.4 9,116.3 6,891.6 4,112.6
2. Machinery, nuclear reactors, boilers, etc 4,022.3 4,615.4 4,969.2 5,783.6 7,264.4 7,241.4 4,898.8
3. Electrical, electronic equipment 2,478.01 2,529.5 3,836.8 3,938.8 5,584.5 5,202.7 3,914.1
4. Articles of iron or steel 987.1 1,780.5 1,466.1 1,592.7 2,361.1 1,778.0 1,210.6
5. Plastics and articles thereof 1,536.2 2,335.7 1,335.9 1,963.5 1,878.5 2,113.8 1,416.2
6. Rubber and articles thereof 277.4 424.5 481.2 669.1 1,382.3 2,152.5 686.3
7. Cereals 1,791.5 2,660.04 772.8 1,581.3 1,336.8 5,130.8 2,663.7
8. fish, crusteceans, molluscs, aquatic invert 746.1 1,185.9 622.1 751.0 911.2 1,944.5 888.1
9. ceramic products 1,847.33 245.9 313.6 455.9 838.7 295.7 274.7
10. Optical, photo,technical, mdical, etc apparatus 271.5 328.5 404.6 362.6 807.6 498.2 465.1
Source: WTO, International Trade Centre 2013
Export and Import by Main Destination Country
Export by Main Destination Country (% of total)
2006 2007 2008 2009 2010 2011 2012
United States of America 45 46.6 42.5 40.2 34.4 22.5 18.8
India 9.3 8.2 9.6 9.0 10.5 10.2 13.4
Brazil 4.2 6.4 6.5 6.2 7 8.4 7.7
France 5.7 3.7 4.1 3.6 4 5.9 4.6
Netherlands 2.6 0.3 4 3.6 4.5 2 5.5
Other 33.2 34.8 33.3 37.4 39.6 51 50
Source: WTO, International Trade Centre 2013
Import by Main Destination Country (% of total)
2006 2007 2008 2009 2010 2011 2012
China 13.8 15.2 15.2 15.1 16.6 14.8 22
USA 15.7 15.1 8.2 9.2 17.9 18 12.1
France 4.5 3.9 4.7 5.8 5.8 4.5 4.1
India 4.8 4.5 3.6 3.7 5.4 3.9 6.7
Belgium 5.1 12.2 5.7 5.5 3.9 3.1 4.5
Other 59.8 52.5 57 56.7 50.4 55.7 50.6
Source: WTO, International Trade Centre 2013
Foreign Direct Investment (Overview, selected years)
US$(Mn.) FDI Flows FDI Stocks
2005 2006 2007 2008 2009 2010 2011 2012 2005 2006 2007 2008 2009 2010 2011 2012
Inward 4,978 13,856 12,454 20,279 5,850 6,099 8,915 7,028 16,256 23,786 62,791 83,069 69,089 60,327 69,242 76,369
Outward 200 228 468 299 141 922 824 1,539 2,931 4,132 5,722 6,020 6,437 5,041 5,865 7,407
Source: UNCTAD, 2013
Agriculture: Food Commodities
US$ Mn 2008 2009 2010 2011 2012
Export 176.6 225.5 742.8 853.4 887.2
Import 1,628.76 2,621.5 2,712.94 6,648 3,984
Trade Volume 1,805.36 2,847 3,455.74 7,501.4 4,981.2
Trade Balance -1,452.16 -2,396 -1,970.14 -5,794.6 -3,096.8
Nigeria'S Total Trade 103,853 97,736 124,060 184,118 187,029
Share to Nigeria's Total Trade 1.74% 2.91% 2.78% 3.86% 2.66%
Source: WTO,FAO 2013
Energy
Oil
Petroleum(Thousand Barrels per Day) 2006 2007 2008 2009 2010 2011 2012
Total Oil Production 2,443.28 2,353.07 2,170.2 2,061 2,402 2,483 2,501
Consumption 268 271 271 275 275 280 280
Refinery 439 439 439 439 439 440 440
Proved Reserved(Billion barrels) 36.2 36.2 36.2 37.2 37.2 37.5 37.5
Natural Gas
Natural Gas(Billion Cubic Feet/Day) 2006 2007 2008 2009 2010 2011 2012
Total Production 2.8 3.4 3.4 2.4 3.3 3.4 3.4
Consumption 1.03 1.06 0.61 0.61 0.61 0.61 0.61
Proved Reserved(Trillion cubic meters,TCM) 5.22 5.22 5.22 5.3 5.3 5.3 5.3
Others Energy
Energy Year
2008 2009 2010 2011 2012
Biofuels production (Thousand barrels daily) - - - - -
Electricity Generation (Terawatt-hours) 6.34 6.76 6.76 6.80 6.80
Renewable Energy (Installed Capacity) Geothermal (mega-watts) - - - - -
Solar (maga-watts) - - - - -
Wind (mega-watts) - - - - -
Source: BP statistics, 2013