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
|
155,215,273 (2010 census.)
|
|
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, 2011
|
Economic Information
|
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
GDP
|
|
|
Nominal GDP (US$bn)
|
112.2
|
145.4
|
165.5
|
195.6
|
159.4
|
181.6
|
|
Real GDP Growth (%)
|
6.5
|
6.0
|
6.4
|
6.0
|
5.4
|
6.2
|
|
Expenditure on GDP (% real change)
|
|
Private Consumption
|
9.2
|
-17.0
|
34.1
|
-14.2
|
4.7
|
5.7
|
|
Government Consumption
|
10.5
|
35.8
|
21.4
|
27.0
|
7.0
|
7.5
|
|
Gross fixed Investment
|
-10.4
|
88.6
|
18.8
|
97.9
|
5.0
|
8.0
|
|
Export of goods & Services
|
12.4
|
70.4
|
-15.4
|
-9.0
|
0.9
|
10.5
|
|
Import of goods & Services
|
33.6
|
36.0
|
39.9
|
0.4
|
4.9
|
10.2
|
|
Origin of GDP (%real change)
|
|
Agriculture
|
7.1
|
7.4
|
7.2
|
6.3
|
7.0
|
6.0
|
|
Industry
|
1.7
|
-2.5
|
-2.2
|
-3.4
|
-0.4
|
3.3
|
|
Services
|
10.6
|
12.1
|
12.5
|
12.2
|
7.0
|
8.0
|
|
GDP per capita(US$ at PPP)
|
1,779
|
1,908
|
2,046
|
2,171
|
2,268
|
2,394
|
|
Fiscal Indicator (% of GDP)
|
|
Public-Sector revenue
|
11.9
|
13.0
|
11.0
|
13.0
|
8.6
|
10.5
|
|
Public-sector expenditure
|
13.0
|
8.9
|
11.3
|
11.3
|
13.7
|
15.4
|
|
Public-sector balance
|
-1.1
|
4.0
|
-0.2
|
1.6
|
-5.1
|
-4.9
|
|
Net public debt
|
28.2
|
12.1
|
12.6
|
9.6
|
14.3
|
17.2
|
|
Prices and financial indicators
|
|
Exchange Rates M$:US$ (end-period)
|
129.00
|
128.27
|
11.97
|
132.56
|
150.42
|
156
|
|
Consumer Prices (end-period; % change)
|
17.9
|
8.2
|
5.4
|
11.6
|
12.4
|
11.0
|
|
Stock of money M1(%change)
|
27.1
|
19.7
|
73.6
|
47.9
|
-8.4
|
16.4
|
|
Lending interest rate(av.;%)
|
17.9
|
16.9
|
16.9
|
15.5
|
18.8
|
17.8
|
|
Current Account(US$m)
|
|
Trade Balance
|
29,198
|
34,505
|
35,865
|
43,986
|
14,940
|
28,388
|
|
Goods: exports fob
|
55,202
|
56,934
|
66,051
|
78,336
|
47,752
|
76,224
|
|
Goods: imports cif
|
-26,003
|
-22,429
|
-30,186
|
-34,350
|
-32,812
|
-47,836
|
|
Services Balance
|
-4,831
|
-6,617
|
-11,051
|
-11,418
|
-8,978
|
-10,622
|
|
Income Balance
|
-2,256
|
-6,604
|
-11,753
|
-11,180
|
-10,310
|
-11,163
|
|
Current-account Balance
|
37,264
|
38,228
|
30,928
|
39,357
|
10,292
|
21,016
|
|
External Debt (US$m)
|
|
Debt Stock
|
22,178
|
7,799
|
8,934
|
10,456
|
9,760
|
11,274
|
|
Debt service paid
|
8,881
|
6,853
|
1,243
|
878
|
517
|
605
|
|
Principal repayments
|
3,874
|
6,470
|
892
|
39
|
432
|
404
|
|
Interest
|
5,007
|
383
|
351
|
140
|
139
|
202
|
|
International reserves(US$m)
|
|
|
|
|
|
|
|
Total international reserves
|
28,280
|
42,299
|
51,334
|
53,002
|
46,524
|
54,542
|
|
Source: IMF, International Financial Statistics 2011
|
Nigeria Trade with World
|
US$ Mn.
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
Export (fob)
|
43,531
|
57,705
|
66,648
|
86,421
|
50,936
|
76,224
|
|
Import (cif)
|
24,493
|
29,186
|
38,863
|
53,391
|
46,800
|
47,836
|
|
Trade Volume
|
68,024
|
86,891
|
105,511
|
139,812
|
97,736
|
124,060
|
|
Trade Balance
|
19,038
|
28,519
|
27,785
|
33,030
|
4,136
|
28,388
|
|
World Trade (US$ Bn)
|
21,058
|
24,294
|
27,845
|
32,215
|
24,948
|
28,143
|
|
Share
|
0.32%
|
0.35%
|
0.37%
|
0.43%
|
0.39%
|
0.44%
|
|
Source: IMF, International Financial Statistics 2011
|
Nigeria Trade with D-8 Countries
|
US$ Mn.
|
2005
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
Export (fob)
|
1,113.26
|
388,93
|
1,050.59
|
649.01
|
667.67
|
1,462
|
|
Import (cif)
|
572.27
|
424.57
|
584.71
|
926.55
|
842.74
|
1,101
|
|
Trade Volume
|
1,685.53
|
813.5
|
1,635.3
|
1,575.56
|
1,510.41
|
2,563
|
|
Trade Balance
|
540.99
|
-35.64
|
465.88
|
-277.54
|
-175.07
|
361
|
|
D-8 Intra Trade (US$ Mn)
|
41,537.19
|
49,806.52
|
66,828.03
|
78,382.2
|
66,947.63
|
101,139
|
|
Share
|
4.06%
|
1.63%
|
2.45%
|
2.01%
|
2.25%
|
2.53%
|
|
Source: IMF, International Financial Statistics 2011
|
Nigeria Trade By 10 Main Commodities
|
Export by 10 Principal Commodities, (million US$)
|
|
No.
|
Commodity
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
1.
|
Mineral fuels, oils, distillation products, etc
|
58,172.3
|
51,194
|
75,266.1
|
45,125.3
|
75,945.3
|
|
2.
|
Raw hides and skins (other than fur skins) and leather
|
78.3
|
383.2
|
680.9
|
512.5
|
3,060.8
|
|
3.
|
Cocoa and cocoa preparations
|
17.6
|
474.1
|
601.2
|
1,429.4
|
1,283.0
|
|
4.
|
Oil seed, oleagric fruits, grain, seed, fruit, etc, nes
|
3.1
|
1,227.6
|
154.9
|
195.1
|
648.2
|
|
5.
|
Rubber and articles thereof
|
17.4
|
198.9
|
441.0
|
175.4
|
558.9
|
|
6.
|
Cotton
|
8.6
|
62.5
|
100.1
|
121.5
|
554.6
|
|
7.
|
Ships, boats and other floating structures
|
442.8
|
179.1
|
1,853.1
|
215.3
|
541.2
|
|
8.
|
Machinery, nuclear reactors, boilers, etc
|
39.7
|
44.8
|
173.1
|
258.3
|
448.8
|
|
9.
|
plastic and articles thereof
|
14.7
|
108.9
|
574.7
|
154.5
|
422.4
|
|
10.
|
Footwear, gaiters and the like, parts thereof
|
26.9
|
59.7
|
55.2
|
85.8
|
340.8
|
|
Source:WTO, Internatianal Trade Centre 2011
Import by 10 Principal commodities, (million US$)
|
|
No.
|
Commodity
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
1.
|
Vehicles other than railway, tramway
|
2,560.3
|
3,964.4
|
4,038.7
|
6,560.4
|
9,116.3
|
|
2.
|
Machinery, nuclear reactors, boilers, etc
|
4,022.3
|
4,615.4
|
4,969.2
|
5,783.6
|
7,264.4
|
|
3.
|
Electrical, electronic equipment
|
2,478.01
|
2,529.5
|
3,836.8
|
3,938.8
|
5,584.5
|
|
4.
|
Articles of iron or steel
|
987.1
|
1,780.5
|
1,466.1
|
1,592.7
|
2,361.1
|
|
5.
|
Plastics and articles thereof
|
1,536.2
|
2,335.7
|
1,335.9
|
1,963.5
|
1,878.5
|
|
6.
|
Rubber and articles thereof
|
277.4
|
424.5
|
481.2
|
669.1
|
1,382.3
|
|
7.
|
Cereals
|
1,791.5
|
2,660.04
|
772.8
|
1,581.3
|
1,336.8
|
|
8.
|
fish, crusteceans, molluscs, aquatic invert
|
746.1
|
1,185.9
|
622.1
|
751.0
|
911.2
|
|
9.
|
ceramic products
|
1,847.33
|
245.9
|
313.6
|
455.9
|
838.7
|
|
10.
|
Optical, photo,technical, mdical, etc apparatus
|
271.5
|
328.5
|
404.6
|
362.6
|
807.6
|
|
Source: WTO, International Trade Centre.
|
|
Export and Import by Main Destination Country
|
|
Export by Main Destination Country (% of total)
|
|
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
United States of America
|
45
|
46.6
|
42.5
|
40.2
|
34.4
|
|
India
|
9.3
|
8.2
|
9.6
|
9.0
|
10.5
|
|
Brazil
|
4.2
|
6.4
|
6.5
|
6.2
|
7
|
|
France
|
5.7
|
3.7
|
4.1
|
3.6
|
4
|
|
Netherlands
|
2.6
|
0.3
|
4
|
3.6
|
4.5
|
|
Other
|
33.2
|
34.8
|
33.3
|
37.4
|
39.6
|
|
Source: WTO, International Trade Centre.
|
|
Import by Main Destination Country (% of total)
|
|
|
2006
|
2007
|
2008
|
2009
|
2010
|
|
China
|
13.8
|
15.2
|
15.2
|
15.1
|
16.6
|
|
USA
|
15.7
|
15.1
|
8.2
|
9.2
|
17.9
|
|
France
|
4.5
|
3.9
|
4.7
|
5.8
|
5.8
|
|
India
|
4.8
|
4.5
|
3.6
|
3.7
|
5.4
|
|
Belgium
|
5.1
|
12.2
|
5.7
|
5.5
|
3.9
|
|
Other
|
59.8
|
52.5
|
57
|
56.7
|
50.4
|
|
Source: WTO, International Trade Centre.
|
Foreign Direct Investment (Overview, selected years)
|
US$(Mn.) |
FDI Flows |
FDI Stocks |
| 2005 |
2006 |
2007 |
2008 |
2009 |
2005 |
2006 |
2007 |
2008 |
2009 |
| Inward |
4,978 |
13,856 |
12,454 |
20,279 |
5,850 |
16,256 |
23,786 |
62,791 |
83,069 |
69,089 |
| Outward |
200 |
228 |
468 |
299 |
141 |
2,931 |
4,132 |
5,722 |
6,020 |
6,437 |
|
Source: UNCTAD, 2011.
|
Agriculture: Food Commodities
| US$ Mn |
2008 |
2009 |
2010 |
| Export |
176.6 |
225.5 |
742.8 |
| Import |
1,628.76 |
2,621.5 |
2,712.94 |
| Trade Volume |
1,805.36 |
2,847 |
3,455.74 |
| Trade Balance |
-1,452.16 |
-2,396 |
-1,970.14 |
| Nigeria'S Total Trade |
103,853 |
97,736 |
124,060 |
| Share to Nigeria's Total Trade |
1.74% |
2.91% |
2.78% |
|
Source: WTO,FAO 2011.
|
Energy
|
Oil
|
|
Petroleum(Thousand Barrels per Day) |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Total Oil Production |
2,443.28 |
2,353.07 |
2,170.2 |
2,061 |
2,402 |
|
Consumption |
268 |
271 |
271 |
275 |
275 |
|
Refinery |
439 |
439 |
439 |
439 |
439 |
|
Proved Reserved(Billion barrels) |
36.2 |
36.2 |
36.2 |
37.2 |
37.2 |
|
Natural Gas
|
|
Natural Gas(Billion Cubic Feet/Day) |
2006 |
2007 |
2008 |
2009 |
2010 |
|
Total Production |
2.8 |
3.4 |
3.4 |
2.4 |
3.3 |
|
Consumption |
1.03 |
1.06 |
0.61 |
0.61 |
0.61 |
|
Proved Reserved(Trillion cubic meters,TCM) |
5.22 |
5.22 |
5.22 |
5.3 |
5.3 |
|
Others Energy
|
| Energy |
Year |
| 2008 |
2009 |
2010 |
| Biofuels production (Thousand barrels daily) |
- |
- |
- |
| Electricity Generation (Terawatt-hours) |
6.34 |
6.76 |
6.76 |
| Renewable Energy (Installed Capacity) |
Geothermal (mega-watts) |
- |
- |
- |
| Solar (maga-watts) |
- |
- |
- |
| Wind (mega-watts) |
- |
- |
- |
|
Source: BP statistics, 2011
|