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 169.28 million
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, 2014
Economic Information
  2009 2010 2011 2012 2013
Key Economic Indicator  
GDP Nominal, Current Price(US$, billion) 170.6 231.6 248.2 270.2 510
GDP Growth (%) 6.9 7.9 7.35 6.58 6.26
Current Account Balance(% of GDP) 8.2 5.8 3.6 7.7 4.7
Inflation, Consumer Prices(%) 12.5 13.7 10.8 12.2 8.5
Foreign Direct Investment(FDI) Inflows(US$, million) 8,649.5 6,099 8,915 7,127.4 5,609
General Government Balance (% of GDP) -9.4 -6.7 0.9 -0.03 -4.8
Economic Growth (% real change)
Private Consumption 23.3 -2.2 2.3 -5.4 8.7
Government Consumption 19.0 -17.2 -0.2 6.4 7.5
Gross fixed Investment 55.3 36.4 -4.1 -2.2 7.0
Export of goods & Services -17.5 -14.2 33.4 8.4 -0.5
Import of goods & Services 32.3 -37.8 24.9 -34.9 -3.2
Structure of Economy (% of GDP)
Agriculture 35.42 33.09 33.31 32.9 31.9
Industry 32.91 37.85 36.88 37.01 37.6
Services 31.67 29.06 29.81 30.09 30.50
Economic Policy
Budget Balance(% of GDP) -2.0 -2.6 -1.2 -1.3 -1.6
Public Debt(% of GDP) 10 10 10 10 10
Money Market interest rate(%) 3.8 3.8 9.7 13.7 10.9
M2 Growth (% change) 18 7 15 16 1
Exchange Reate LCU to USD 148.9 150.3 153.9 157.5 157.3
Balance of Payments (US$, million)
Current Account Balance -7,384 11,338 41,923 88,751 10,721
Trade Balance 4,136 28,388 64,084 110,717 32,936
Exports (Goods) 50,936 76,224 129,101 148,873 96,591
Imports (Goods) 46,800 47,836 65,017 38,156 63,655
Service Balance -16,479 -18,320 -21,186 -21,634 -20,576
Income Balance -14,403 -19,512 -22,784 -22,238 -23,752
Transfer Balance 19,362 20,782 21,809 21,906 22,113
Net direct investment flows 7,030 5,134 8,025 5,564 3,357
Net portfolio investment flows -345 2,596 2,541 14,708 16,621
Net debt flows -3,764 413 2,834 910 1.507
Other Capital Flows (* negative is flight) -25,027 -32,446 -25,661 -30,342 -43,789
Change in International reserves -8,239 -9,844 293 11,193 -417
External Position(US$m)
Toral Foreign Debt 10,362 10,389 13,148 14,129 15,713
Short-term debt 3,514 3,118 4,139 4,052 3,578
Total debt service duw, incl. short-term debt 7,957 3,873 3,536 4,484 4,744
Total Foreign exchange reserves 44,763 34,919 35,212 46,405 45,989
International inverstment position -7,891 -11,907 12,055 2,037 -28,451.6
Total assets 80,764 84,380 99,071 138,978 122,854.2
Total liabilities 88,655 69,287 111,126 136,941 151,305.8
Population and Income
Population (Million) 151.8 156.05 160.34 164.75 169.28
GDP per capita at PPP(US$) 2,255.3 2,398.7 2,555.4 2,697.1 2,831.1
Unemployment Rate (% of total labor force) 19.7 21.1 23.9 23.5 23.5
Source: IMF, International Financial Statistics 2014
Nigeria Trade with World
US$ Mn. 2009 2010 2011 2012 2013
Export (fob) 50,936 76,224 129,101 148,873 96,591
Import (cif) 46,800 47,836 65,017 38,156 63,655
Trade Volume 97,736 124,060 194,118 187,029 160,246
Trade Balance 4,136 28,388 64,084 110,717 32,936
World Trade (US$ Bn) 24,949 28,143 35,397 36,377 36,774
Share 3.9% 0.44% 0.55% 0.51% 0.42%
Source: IMF, International Financial Statistics 2014
Nigeria Trade with D-8 Countries
US$ Mn. 2009 2010 2011 2012 2013
Export (fob) 667.67 1,462 2,741 3,125 3,292
Import (cif) 842.74 1,101 871 1,518 1,679
Trade Volume 1,510.41 2,563 3,612 4,643 4,971
Trade Balance -175.07 361 1,870 1,607 1,613
D-8 Intra Trade (US$ Mn) 66,947.62 101,139 129,493 148,191 133,064
Share 2.26% 2.53% 2.79% 3.13% 3.73%
Source: IMF, International Financial Statistics 2014
Nigeria Trade By 10 Main Commodities
Export by 10 Principal Commodities, (million US$)
No. Commodity 2009 2010 2011 2012 2013
1. Mineral fuels, oils, distillation products, etc 45,125 75,945 111,980 120,304 93,386
2. Cocoa and cocoa preparations 1,429 1,283 1,130 3,795 716
3. Oil seed,oleagic fruits, grain, seed, fruit etc. nes 195 648 392 505 283
4. Raw hides and skins (other than furskins) and leather 512 3,061 780 1,131 268
5. Ships, boats and other floating structures 215 541 1,146 1,734 214
6. Copers and articles thereof 15 25 43 127 174
7. Rubber and articles 175 559 7,455 10,102 165
8. Aluminum and article thereof 63 330 179 239 152
9. Ores, slag and ash 6 9 85 23 137
10. Wood and articles of wood, wood charcoal 112 276 65 32 101
Import by 10 Principal commodities, (million US$)
No. Commodity 2009 2010 2011 2012 2013
1. Mineral fuels, oils, distillation products, etc 339 602 6,327 850 8,996
2. Machinery, nuclear reactors, boilers, etc 5,783 7,264 7,241 4,916 5,729
3. Vehicles other than railway, tramway 6,560 9,116 6,891 6,712 4,713
4. Electrical, Electronic equipment 3,939 5,584 5,203 3,268 3,754
5. Plastics and articles thereof 1,963 1,878 2,114 1,518 1,862
6. Cereals 1,581 1,337 5,131 3,436 1,600
7. Articles of Iron and Steel 1,593 2,361 1,778 1,258 1,502
8. Iron and Steel 868 662 875 1,053 1,277
9. Ships, boats and other floating Structures 75 151 780 252 1,126
10. Pharmaceutical products 285 407 401 308 1,087
Source: WTO, International Trade Centre 2014
Export and Import by Main Destination Country
Export by Main Destination Country (% of total)
2009 2010 2011 2012 2013
USA 42.5 27.3 34.4 22.5 20.1
India 9.6 9.5 10.5 10.2 10.6
Brazil 6.5 8 7 8.4 8.1
Netherlands 4 2.7 4.5 2.1 3.0
UK 1.6 2.1 1.5 6.2 5.2
Others 35.8 50.4 42.1 50.6 53
Source: WTO, International Trade Centre 2014
Import by Main Destination Country (% of total)
2009 2010 2011 2012 2013
China 17.7 16.6 14.8 21.5 20.1
USA 6 17.9 18 13.6 14.1
India 3.7 5.4 3.9 8 7.6
Brazil 3.3 3.3 5.5 8 7.5
UK 4.5 2.8 2.7 6.6 6
Others 64.8 54 55.1 42.3 44.7
Source: WTO, International Trade Centre 2014
Foreign Direct Investment (Overview, selected years)
US$(Mn.) FDI Flows FDI Stocks
2009 2010 2011 2012 2013 2009 2010 2011 2012 2013
Inward 8,649.5 6,099 8,915 7,127.4 5,609 54,228 60,327 69,242 76,370 81,977
Outward 1,542.0 922.7 823.6 1,542.5 1,237 4,118.3 5,041 5,865 7,407 8,645
Source: UNCTAD, 2014
Agriculture: Food Commodities
US$ Mn 2009 2010 2011 2012 2013
Export 226 743 485 1,724 291
Import 2,602 2,687 14,516 5,566 3,572
Trade Volume 2,828 3,430 15,001 7,290 3,863
Trade Balance -2,376 -1.944 -14,031 -3,842 -3,281
Nigeria's Total Trade 97,736 124,060 194,118 187,029 160,246
Share to Nigeria's Total Trade 0.3% 2.76% 7.72% 3.9% 2.41%
Source: WTO,FAO 2014
Energy
Oil/Petroleum(Thousand Barrels per Day)
2009 2010 2011 2012 2013
Total Oil Production 2,211 2,523 2,460 2,417 2,322
Consumption 242.5 242.2 287.4 300 302
Refinery 505 505 445 445 445
Proved Reserved(Billion barrels) 37.2 37.2 37.2 37.1 37.1
Natural Gas
Natural Gas(Billion Cubic Feet/Day) 2009 2010 2011 2012 2013
Total Production 2.5 3.6 3.9 4.2 3.5
Consumption 0.95 0.5 0.52 0.67 0.68
Proved Reserved(Trillion cubic meters,TCM) 5.3 5.1 5.2 5.1 5.1
Others Energy
Energy Year
2009 2010 2011 2012 2013
Biofuels production (Thousand barrels daily) - - - - -
Electricity Generation (Terawatt-hours) 5.9 6.76 6.80 6.8 6.90
Renewable Energy (Installed Capacity) Geothermal (mega-watts) - - - - -
Solar (maga-watts) - - - - -
Wind (mega-watts) - - - - -
Source: BP statistics, 2014