Nigeria/Economy

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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 not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. In 2000, Nigeria is likely to receive a debt-restructuring deal with the Paris club and a $1 billion loan from the IMF, both contingent on economic reforms. Increased foreign investment combined with high world oil prices should push growth to over 5% in 2000-01.

GDP: purchasing power parity - $110.5 billion (1999 est.)

GDP - real growth rate: 2.7% (1999 est.)

GDP - per capita: purchasing power parity - $970 (1999 est.)

GDP - composition by sector:
agriculture: 33%
industry: 42%
services: 25% (1997 est.)

Population below poverty line: 34.1% (1992-93 est.)

Household income or consumption by percentage share:
lowest 10%: 1.3%
highest 10%: 31.4% (1992-93)

Inflation rate (consumer prices): 12.5% (1999 est.)

Labor force: 42.844 million

Labor force - by occupation: agriculture 54%, industry 6%, services 40% (1999 est.)

Unemployment rate: 28% (1992 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

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: NA%

Electricity - production: 14.75 billion kWh (1998)

Electricity - production by source:
fossil fuel: 61.69%
hydro: 38.31%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 13.717 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

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

Exports: $13.1 billion (f.o.b., 1999)

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

Exports - partners: US 35%, Spain 11%, India 9%, France 6%, Italy (1998 est.)

Imports: $10 billion (f.o.b., 1999)

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

Imports - partners: UK 13%, US 12%, Germany 10%, France 9%, Netherlands (1998 est.)

Debt - external: $29 billion (1999 est.)

Economic aid - recipient: $39.2 million (1995)

Currency: 1 naira (N) = 100 kobo

Exchange rates: nairas (N) per US$1 - 96.261 (October 1999), 99 (1999), 21.886 (1998), 21.886 (1997), 21.895 (1995)

Fiscal year: calendar year