Economy - overview The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. The agreement was allowed to expire by the IMF in November 2001, however, and Nigeria appears unlikely to receive substantial multilateral assistance in 2002. Nonetheless, increases in foreign oil investment and oil production should push growth over 4% in 2002.

GDP purchasing power parity - $105.9 billion (2001 est.)

GDP - real growth rate 3.5% (2001 est.)

GDP - per capita purchasing power parity - $840 (2001 est.)

GDP - composition by sector
agriculture: 39%
industry: 33%
services: 28% (2000 est.)

Population below poverty line 45% (2000 est.)

Household income or consumption by percentage share
lowest 10%: 1.6%
highest 10%: 40.8% (1996-97)

Distribution of family income - Gini index 50.6 (1996-97)

Inflation rate (consumer prices) 14.9% (2001 est.)

Labor force 66 million (1999 est.)

Labor force - by occupation agriculture 70%, industry 10%, services 20% (1999 est.)

Unemployment rate 28% (1992 est.)

Budget
revenues: $3.4 billion
expenditures: $3.6 billion, including capital expenditures of $NA (2000 est.)

Industries crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel

Industrial production growth rate -0.3% (2001 est.)

Electricity - production 15.9 billion kWh (2000)

Electricity - production by source
fossil fuel: 64.15%
hydro: 35.85%
other: 0% (2000)
nuclear: 0%

Electricity - consumption 14.768 billion kWh (2000)

Electricity - exports 19 million kWh (2000)

Electricity - imports 0 kWh (2000)

Agriculture - products cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

Exports $20.3 billion (f.o.b., 2001 est.)

Exports - commodities petroleum and petroleum products 95%, cocoa, rubber

Exports - partners US 46%, Spain 11%, India 6%, France 5%, Brazil (2000)

Imports $13.7 billion (f.o.b., 2001 est.)

Imports - commodities machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports - partners UK 11%, US 9%, France 9%, Germany 7%, China (2000)

Debt - external $32 billion (2000 est.)

Economic aid - recipient ODA $250 million (1998)

Currency naira (NGN)

Currency code NGN

Exchange rates nairas per US dollar - 115 (January 2002), 101.697 (2000), 92.338 (1999), 21.886 (1998), 21.886 (1997)

Fiscal year calendar year

NOTE: The information regarding Nigeria on this page is re-published from the 2002 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 2002 information contained here. All suggestions for corrections of any errors about Nigeria Economy 2002 should be addressed to the CIA.