Nigeria
NIGERIA
A. General Info:
| 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 | 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, equatorial in south, tropical in center, arid in north |
| Time Zone | WAT (UTC +1) |
| Main Airports | Nnamdi Azikiwe Intl Airport (Abuja), Mallam Aminu Kano Intl Airport (Kanos), Murtala Muhammed Intl Airport (Lagos/Ikeja), Gombe Lawanti Intl Airport (Gombe), Port Harcourt Intl Airport (Port Harcourt) |
| Main Harbors | Apapa, Calabar, Lagos, Port Harcourt, Tin Can, Warri |
Source: National sources, 2011
B. Economic Indicators
|
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 N:US$ (end-period) |
129.00 |
128.27 |
11.97 |
132.56 |
150.42 |
156 |
|
| Consumer Prices (av; % 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 |
|
| Stock of money M2 (% change) |
22.6 |
36.4 |
64.2 |
52.6 |
9.6 |
21.6 |
|
| Lending interest rate (av; %) |
17.9 |
16.9 |
16.9 |
15.5 |
18.8 |
17.8 |
|
| Current Account (US$m) | |||||||
| Trade Balance |
29,198 |
34,505 |
35,865 |
43,986 |
14,940 |
28,388 |
|
| Goods: exports fob |
55,202 |
56,934 |
66,051 |
78,336 |
47,752 |
76,224 |
|
| Goods: imports fob |
-26,003 |
-22,429 |
-30,186 |
-34,350 |
-32,812 |
-47,836 |
|
| Services Balance |
-4,831 |
-6,617 |
-11,051 |
-11,418 |
-8,978 |
-10,622 |
|
| Income Balance |
-2,256 |
-6,604 |
-11,753 |
-11,180 |
-10,310 |
-11,163 |
|
| Current-account balance |
37,264 |
38,228 |
30,928 |
39,357 |
10,292 |
21,016 |
|
| External Debt (US$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$m) | |||||||
| Total international reserves |
28,280 |
42,299 |
51,334 |
53,002 |
46,524 |
54,542 |
|
Source: IMF, International Financial Statistics 2011
C. Trade
C.1. Nigeria’s Trade with the World
|
US$ 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
C.2. Nigeria’s 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
C.3. Nigeria’s Trade 10 Main Commodities
C.3.1 Export by 10 Principal Commodities, (million US$)
|
No |
Commodity
|
2006 |
2007 |
2008 |
2009 |
2010 |
| Mineral fuels, oils, distillation products, etc |
58,172.3 |
51,194 |
75,266.1 |
45,125.3 |
75,945.3 |
|
|
2. |
Raw hides and skins (other than furskins) and leather |
78.3 |
383.2 |
680.9 |
512.5 |
3,060.8 |
|
3. |
Cocoa and cocoa preparations |
17.6 |
474.1 |
601.2 |
1,429.4 |
1,283.0 |
|
4. |
Oil seed, oleagic fruits, grain, seed, fruit, etc, nes |
3.1 |
1,227.6 |
154.9 |
195.1 |
648.2 |
|
5. |
Rubber and articles thereof |
17.4 |
198.9 |
441.0 |
175.4 |
558.9 |
|
6. |
Cotton |
8.6 |
62.5 |
100.1 |
121.5 |
554.6 |
|
7. |
Ships, boats and other floating structures |
442.8 |
179.1 |
1,853.1 |
215.3 |
541.2 |
|
8. |
Machinery, nuclear reactors, boilers, etc |
39.7 |
44.8 |
173.1 |
258.3 |
448.8 |
|
9. |
Plastics and articles thereof |
14.7 |
108.9 |
574.7 |
154.5 |
422.4 |
|
10. |
Footwear, gaiters and the like, parts thereof |
26.9 |
59.7 |
55.2 |
85.8 |
340.8 |
Source: WTO, International Trade Centre 2011
C.3.2 Import by 10 Principal commodities, (million US$, 2008)
|
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, crustaceans, molluscs, aquatic invertebrates nes |
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, medical, etc apparatus |
271.5 |
328.5 |
404.6 |
362.6 |
807.6 |
Source: WTO, International Trade Centre 2011
C.4 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 |
| Others |
33.2 |
34.8 |
33.3 |
37.4 |
39.6 |
Source: WTO, International Trade Centre 2011
Import by Main Origin Country (% of total)
|
2006 |
2007 |
2008 |
2009 |
2010 |
|
| China |
13.8 |
15.2 |
15.2 |
15.1 |
16.6 |
| United States of America |
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 |
| Others |
59.8 |
52.5 |
57 |
56.7 |
50.4 |
Source: WTO, International Trade Centre 2011
D. Foreign Direct Investment (Overview, selected years)
|
US$ Mn |
FDI Flows |
FDI Stocks |
||||||||
|
2005 |
2006 |
2007 |
2008 |
2009 |
1995 |
2000 |
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
E. 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
F. Energy
F.1 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 |
Source: BP statistics, 2011
F.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 |
Source: BP statistics, 2011
F.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 (mega-watts) |
- |
- |
- |
|
| Wind (mega-watts) |
- |
- |
- |
|
Source: BP statistics, 2011
