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Wikipedia

Economy of Nigeria

May 18, 2023

The economy of Nigeria is a middle-income, mixed economy and emerging market[25][26] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.[27][28] It is ranked as the 31st-largest economy in the world in terms of nominal GDP, the largest in Africa and the 27th-largest in terms of purchasing power parity.

Economy of Nigeria
Lagos, the financial centre of Nigeria
CurrencyNigerian naira (NGN, ₦)
1 April – 31 March[1]
Trade organisations
AU, AfCFTA, ECOWAS, WTO
Country group
Statistics
Population 200,963,599 (2019)[4]
GDP
  • $504.203 billion (nominal, 2022)[5]
  • $1.275 trillion (PPP, 2022)[6]
GDP rank
GDP growth
  • 2.2% (2019)[7]
  • -3.0% (2020 est.)[7]
  • 1.5% (2021 est.)[7]
GDP per capita
  • $2,326 (nominal, 2022)[5]
  • $5,884 (PPP, 2022)[5]
GDP per capita rank
GDP by sector
22.4% (2021 est.)[6]
Population below poverty line
40% (2020)[9]
35.1 medium (2020)[10]
Labour force
  • 90,471,000 (Q3 2018)[12]
Labour force by occupation
Unemployment32.1% (Q1 2021)[14]
Main industries
cement, oil refining, construction and construction materials, food processing and food products, beverages and tobacco, textiles, apparel and footwear, pharmaceutical products, wood products, pulp paper products, chemicals, ceramic products, plastic and rubber products, electrical and electronic products, base metals: iron and steel, information technology, automobile manufacturing, and other manufacturing (2015)[15]
131st (medium, 2020)[16]
External
Exports $42.4 billion (2022)[17]
Export goods
petroleum and petroleum products, chemicals, vehicles, aircraft parts, vessels, vegetable products, processed food, beverages, spirits and vinegar, cashew nuts, processed leather, cocoa, tobacco, aluminum alloys
(2015)[18]
Main export partners
Imports $52 billion (2022)[17]
Import goods
industry supplies, machinery, appliances, vehicles, aircraft parts, chemicals, base metals
(2015)[18]
Main import partners
FDI stock
  • $116.9 billion (31 December 2017 est.)[19]
  • Abroad: $16.93 billion (31 December 2017 est.)[19]
$10.38 billion (2017 est.)[19]
$85.9 billion (31 December 2020 est.)[20]
Public finances
36.6% of GDP (2021 est.)[21]
$5.2 billion; 1% of GDP (2014)[22]
Revenues$54.48 billion
Expenses$31.61 billion (2012 est.)
$38.77 billion (31 December 2017 est.)[19]
Main data source: CIA World Fact Book
All values, unless otherwise stated, are in US dollars.
Change in per capita GDP of Nigeria, 1950–2018. Figures are inflation-adjusted to 2011 International Geary-Khamis dollars.

Nigeria has the largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa.[29] Nigerias debt-to-GDP ratio was 36.63% in 2021 according to the IMF.[21]

Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012,[30][31][32] though estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $630 billion. Subsequently, the GDP per capita doubled from $1400 per person in 2000 to an estimated $2,800 per person in 2012. Again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,900 per person.[33] The country's population increased from 120 million in 2000 to 160 million in 2010. The GDP figures were to be revised upwards by as much as 80% when metrics were to be recalculated after the rebasing of its economy in April 2014.[34]

Although oil revenues contributed 2/3 of state revenues,[35] oil only contributes about 9% to the GDP. Nigeria produces only about 2.7% of the world's oil supply. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy.

The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency.[36] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.[37]

According to a Citigroup report published in February 2011, Nigeria would have the highest average GDP growth in the world between 2010 and 2050.[38] Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries.[39]

Overview

In 2014, Nigeria changed its economic analysis to account for fast-growing contributors to its GDP, such as telecommunications, banking, and its film industry.[40]

Human capital is underdeveloped—Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019[41]—and non-energy-related infrastructure is inadequate.

Nigeria had advanced efforts to provide universal primary education, protect the environment.[42][43]

A requirement for achieving many of objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment. However, while broad-based progress has been slow, these efforts have begun to become visible in international surveys of corruption.[44] Nigeria's ranking has mostly improved since 2001 ranking 154 out of 180 countries in Transparency International's 2021 Corruption Perceptions Index.[45]

The Nigerian economy suffers from an ongoing supply crisis in the power sector. Despite a rapidly growing economy, some of the world's largest deposits of coal, oil, and gas and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents.[46]

Two-thirds of Nigerians expect living conditions to improve in the coming decades.[47]

Economic history

Further information: Economic history of Nigeria

The following table shows the main economic indicators in 1980–2021 (with IMF staff estimates in 2022–2027). Inflation under 10% is in green.[48] The annual unemployment rate from 1991 to 2009 (in italic) is extracted from the World Bank, although the International Monetary Fund find them unreliable.[49]

Year GDP

(in Bil. US$PPP)

GDP per capita

(in US$ PPP)

GDP

(in Bil. US$nominal)

GDP per capita

(in US$ nominal)

GDP growth

(real)

Inflation rate

(in Percent)

Unemployment

(in Percent)

Government debt

(in % of GDP)

1990 174.0 1,827.1 62.2 652.9  n/a n/a n/a 71.7%
1991  178.9  1,831.2  60.1  615.7  -0.6% n/a  4.1%  75.0%
1992  186.9  1,866.4  52.3  521.9  2.2% n/a  4.1%  70.2%
1993  194.4  1,892.6  56.8  553.1  1.6% n/a  4.1%  71.0%
1994  199.0  1,890.3  80.1  761.0  0.3% n/a  4.1%  55.9%
1995  207.0  1,917.7  132.2  1,224.9  1.9% n/a  4.1%  34.0%
1996  219.3  1,982.0  172.7  1,560.4  4.1%  29.3%  4.0%  25.2%
1997  229.6  2,023.4  187.9  1,655.8  2.9%  10.7%  4.0%  24.1%
1998  237.9  2,045.6  209.7  1,802.6  2.5%  7.9%  4.0%  22.3%
1999  242.6  2,033.9  57.5  482.0  0.5%  6.6%  4.0%  64.9%
2000  261.7  2,140.4  67.8  554.6  5.5%  6.9%  4.0%  57.6%
2001  285.5  2,276.7  73.1  583.2  6.7%  18.9%  3.9%  53.1%
2002  332.3  2,583.9  94.0  730.8  14.6%  12.9%  3.9%  43.3%
2003  371.0  2,812.9  102.9  780.4  9.5%  14.0%  3.9%  42.1%
2004  420.8  3,109.5  130.3  963.2  10.4%  15.0%  3.9%  35.5%
2005  464.4  3,344.1  169.6  1,221.7  7.0%  17.9%  3.9%  18.9%
2006  510.9  3,584.4  222.8  1,563.0  6.7%  8.2%  3.9%  9.4%
2007  563.1  3,848.0  262.2  1,791.8  7.3%  5.4%  3.8%  8.1%
2008  615.2  4,094.2  330.3  2,197.8  7.2%  11.6%  3.8%  7.3%
2009  670.9  4,347.3  297.5  1,927.5  8.4%  12.5%  3.8%  8.6%
2010  755.4  4,765.9  369.1  2,328.4  11.3%  13.7%  5.1%  9.4%
2011  808.8  4,967.8  414.1  2,543.5  4.9%  10.8%  6.0%  17.4%
2012  836.2  5,000.0  461.0  2,756.4  4.3%  12.2%  10.6%  17.6%
2013  897.5  5,225.2  515.0  2,998.1  5.4%  8.5%  10.0%  18.3%
2014  971.5  5,507.2  568.5  3,222.7  6.3%  8.0%  7.8%  17.5%
2015  982.9  5,426.3  492.4  2,718.6  2.7%  9.0%  9.0%  20.3%
2016  973.4  5,234.7  404.6  2,176.0  -1.6%  15.7%  13.4%  23.4%
2017  990.7  5,190.4  375.7  1,968.6  0.8%  16.5%  17.5%  25.3%
2018  1,033.9  5,278.2  421.7  2,153.1  1.9%  12.1%  22.6%  27.7%
2019  1,075.6  5,352.2  448.1  2,229.9  2.2%  11.4% n/a  29.2%
2020  1,069.0  5,186.0  429.4  2,083.2  -1.8%  13.2% n/a  34.5%
2021  1,154.1  5,459.1  441.5  2,088.6  3.6%  17.0% n/a  36.6%
2022  1,275.3  5,883.8  504.2  2,326.2  3.2%  18.9% n/a  37.4%
2023  1,360.3  6,122.4  574.3  2,584.7  3.0%  17.3% n/a  38.6%
2024  1,429.7  6,278.4  651.3  2,860.4  2.9%  12.6% n/a  39.8%
2025  1,498.3  6,421.1  738.0  3,162.6  2.9%  11.5% n/a  41.2%
2026  1,571.4  6,572.9  835.8  3,496.1  2.9%  11.5% n/a  42.6%
2027  1,648.3  6,730.5  945.3  3,860.1  2.9%  11.5% n/a  43.9%
Year Gross domestic product,
(PPP, in billions)		 US dollar exchange Inflation index
(2000=100)		 Per capita income
(as % of USA)
1980 *58 1 Naira 1.30 7%
1985 *82 3 Naira 3.20 5%
1990 *118 9 Naira 8.10 2.5%
1995 *155 50 Naira 56 3%
2000 170 100 Naira 100 3.5%
2005 291 130 Naira 207 4%
2010 392 150 Naira 108 5%
2012 451 158 Naira 121 7%
2014 972 180 Naira 10 11%
2015 1,089 220 Naira 10 10%
2016 1,093 280 Naira 17 10%
2017 1,125 360 Naira 5 (est) 10%

NOTES:

The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange. This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and speculative activity as alleged by the Central Bank. All the while the official rate was pegged at 360.

Per capita income (as % of USA) is calculated using data from estimates in the PPP link above, and census estimates, based on growth rates between census periods. For instance, 2017 GDPs were 1,125 billion (Nigeria) vs. 19,417 billion (USA) and populations were estimated at 320 million vs 190 million. The ratio is, therefore (1125/19417) / (190/320), which roughly comes to 0.0975. These are estimates and are intended to get a feel for the relative wealth and standard of living, as well as the market potential of its middle class.[50]

This is a chart of trends of the global ranking of the Nigerian economy, in comparison with other countries of the world, derived from the historical List of countries by GDP (PPP).

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 (est.)
Ranking 52 47 38 37 34 31 31 30 23 20 21 22 23

This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos, with "Best" being cheaper for a Nigerian (i.e. stronger Naira).[51][52][53]

Year 2015 2016 2017 2018 2019
Best 195 345 350 370 380
Worst 237 490 520 430 490

For purchasing power parity comparisons, the US dollar is exchanged at US$1 to 314.27 Nigerian naira (as of 2017).[54]

The current GDP per capita of Nigeria expanded 132% in the sixties reaching a peak growth of 283% in the seventies. But this proved unsustainable and it consequently shrank by 66% in the 1980s.[55] In the 1990s, diversification initiatives finally took effect and decadal growth was restored to 10%. Although GDP on a PPP basis did not increase until the 2000s.[56]

In 2012, the GDP was composed of the following sectors: agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14%.[57] By 2015, the GDP was composed of the following sectors: agriculture: 18%; services: 55%; manufacturing: 16%; oil: 8%[15]

In 2005 Nigeria's inflation rate was an estimated 15.6%. Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits.[58] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%. By 2012, expenditures stood at $31.61 billion, while revenues was $54.48 billion.[59]

Agriculture

Further information: Agriculture in Nigeria
 
Nigerian farmers in the Middle Belt (2006). 30% of Nigerians are employed in agriculture.[60]

The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Agriculture has failed to keep pace with Nigeria's rapid population growth, so the country, which once exported food, now imports a significant amount of food to sustain itself.[61] However, efforts are being made towards making the country food sufficient again. Africa's most populous country has failed to grow more food for its fast-rising population who must be fed with staples ranging from rice, beans, maize etc.[62]

Plant based agriculture

 
Plant based food production in Nigeria, 2020, in million tonnes[63]

Nigeria ranks sixth worldwide and first in Africa in farm output.[64] The sector accounts for about 18% of GDP and almost one-third of employment. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products.[65] Further agricultural products include palm oil and rubber.

Roots and tubers

 
Roots economy in the South and cereal economy in the North of Nigeria

Counting by weight, this "underground food" is the largest group of food produced in Nigeria, with 118 million tonnes in 2020.[66] This group includes yam, cassava, potatoes and sweet potatoes. These food products are cultivated mostly in the south of Nigeria ("Roots economy").

Cereals

The group of sorghum, pear millet etc. is the second-largest group of food produced in Nigeria, with 28.6 million tonnes in 2020.[66] 50% or 14 million tonnes of this is sorghum.[67] The sugar cane production adds another 1.5 million tonnes to this. Cereals are mostly cultivated in the savannah zone of the country,[67] and on the 23rd of June Nigeria's grain market report, the International Grains Council (IGC) placed Nigeria's total 2022-23 grains production at 21.6 million tonnes, this specific figure was reviewed from the previous month's forecast which was 21.1 million, It set the production in the year 2021–22 at 21.5 million which demonstrates and proves that there is an increase in the production of grains on the 23rd of June 2022 – 2023.[68]

Rice and paddy

 
Peanut, oil palm, cocoa and cotton production in Nigeria

The third-largest group of food produced in Nigeria is rice and paddy. In 2020, 8.2 million tonnes were produced.[66]

Oil crops

Nigeria produced a good 4 million tonnes of oil crops in 2020. These are e.g. soy beans, sunflower seed, canola and peanuts.[66]

Citrus fruit

Nigeria produced close to 4 million tonnes of citrus fruit in 2020. Main Nigerian citrus fruits are tangerine, grape, lemon and lime.[66]

Cocoa

Cocoa production, mostly from obsolete varieties and overage trees has increased from around 180,000 tons annually to 350,000 tons.[65]

More products

Beans, melons, pepper and vegetables are grown on chopping fields. Oil palms, rubber and bananas are grown for export. Palm oil plays a major role in Nigeria's burgeoning personal care products industry.

Livestock

Cattle

In total, about 15 million head are kept. In addition, about five million pigs are kept. Small livestock such as sheep, goats and chickens are kept mainly for subsistence.

Poultry and Eggs

An estimated 42% of Nigerians own chicken. As a result, poultry and eggs represent a popular commodity within the food industry. 46% of the poultry is kept in an extensive / free-range system. 300 thousand tonnes of poultry meat and 650 thousand tonnes of eggs are produced annually in Nigeria (estimation).[69]

Fishing

In the same year, the total fishing catch was 505.8 metric tons.[70]

Timber

Roundwood removals totaled slightly less than 70 million cubic meters, and sawn wood production was estimated at 2 million cubic meters.

 
Rice mill in Imota

Food processing

Peeling / Milling

Main article: Imota rice mill

Until now, Nigeria paradoxically exported unhusked rice but had to import husked rice, the country's staple food. - The rice mill in Imota, near Lagos, is expected to do the relevant processing domestically, improve the balance of trade and the labour market, and save unnecessary costs for transport and middlemen. When fully operational at the end of 2022, the plant, the largest south of the Sahara, is expected to employ 250,000 people and produce 2.5 million 50-kg bags of rice annually.[71] The Imota mill will be opened in the first week of August, 2022.

Coconut oil milling and refining

A multi-billion Naira coconut oil refinery, first of its kind in Africa started business in Akwa Ibom State. The St.Gabriel Coconut Refinery in Mkpat Enin was inaugurated in May 2022. The governor of Akwa Ibom promised to commence immediate training of indigenous hands to man the refinery, said the facility has a daily capacity to crack 1,000,000 coconuts and will employ no fewer than 3,000 direct and indirect staff.[72] Coconut oil goes for $1,326  per barrel, according to governor Emmanuel.[72]

Dairy and meat

Nigeria has 19 million head of cattle, the largest number in Africa.[73] Yet the dairy sector in Nigeria is only able to supply less than 10% of the country's demand for dairy products (as of June 2021), a gap expected to grow in line with population growth.[74]

Fan Milk, a Danone Group company, manufacturer of popular frozen dairy and ice cream brands, unveiled its newly completed model dairy in Odeda, Ogun state, in June 2022. This dairy farm is Danone's first investment in dairy farming in sub-Saharan Africa to boost local milk production in Nigeria. Fan Milk will launch a world-class dairy farm and training institute, leveraging the expertise of parent company Danone.[75][76]

In Lekki's Free Trade Zone, the Dano Milk Factory (Arla) opened in 2022.[77] - In 2021 farmer owned dairy co-operative Arla Foods started to build a dairy farm in Kaduna state with 200 hectares. It will keep 400 dairy cows and will have modern milking parlors and technology, also grass lands and living facities for 25 employees.[74]

Bakery, household cereals etc.

Nigeria's bread sector is growing fastly, with 72 percent dominated by small- and medium-scale bakers, according to a 2016 KPMG report. The bakery market of Nigeria is a $621 million industry.[78]

"Fresh bread and miscellaneous bakery" is the bakery product group with the highest consumption (8.5M tonnes), which is 91% of total volume. "Fresh bread and miscellaneous bakery" exceeded the figures recorded for the second-largest product group "gingerbread, sweet biscuits and waffles" (689K tonnes), more than tenfold. The Nigerian bakery product market size is expected to show significant growth in the forecast period 2020–2026.[79]

Primera Food in cooperation with Michael Foods starts producing noodles on a big scale in Ogun state in 2022.[75]

Kellogg's opens a production plant for her products in the Lekki Free Trade Zone close to Lagos in 2022.[75] It is the second factory Kellogg's has built in Africa.[77]

In Jos NASCO Foods produces biscuits and corn flakes. In 2022 they expanded their Jos factory.[75][80]

Mining and fossil fuel

Mining

Further information: Mining industry of Nigeria

The mining of minerals in Nigeria accounts for only 0.3% of its gross domestic product, due to the influence of its vast oil resources. The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore. Rights to ownership of mineral resources is held by the Federal government of Nigeria, which grants titles to organizations to explore, mine, and sell mineral resources.[81]

Mining regulation is handled by the Ministry of Solid Minerals Development, which oversees the management of all mineral resources. Mining law is codified in the Federal Minerals and Mining Act of 1999.

Oil

Further information: Petroleum industry in Nigeria
 
Dangote oil refinery

The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil.[82] The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S. imported oil.[83]

The United Kingdom is Nigeria's largest trading partner followed by the United States. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. ExxonMobil and Chevron are the two largest U.S. corporations in offshore oil and gas production.

Natural gas pipeline Nigeria–Morocco

The supply of natural gas to Europe, which is threatened by the Ukraine war, is pushing projects to transport Nigerian natural gas via pipelines to Morocco or Algeria.[84][85][86] In December 2022, Morocco's National Office of Hydrocarbons and Mines signed Momoranda of Understanding with Nigeria, Gambia, Guinea Bissau, Guinea, Sierra Leone, and Ghana to start building the pipeline through the countries.[87][88]

Process and Industrial Developments dispute

Process and Industrial Developments Ltd (P&ID) entered into a 20-year contract with the Nigerian government for natural gas supply and processing. Nigeria provided the gas, which PI&D refined so that it could be used to power the Nigerian electrical grid. PI&D could keep valuable byproducts for its own use. In 2012, PI&D demanded arbitration in London, alleging that Nigeria had not supplied the agreed quantity of gas or to construct the infrastructure it had agreed to build.[89] The arbitral tribunal awarded damages of more than £4.8 billion. The compensation was valued £8.15 billion with interest when the case was heard in London High Court in December 2022.[90]

Industry

Cement

Dangote and BUA are the dominating companies in the cement market of Nigeria. In May 2022 BUA opened a new, large scale cement plant in Sokoto including its own 50 MW power station.[75]

Oil based products

Paradoxically, Nigeria currently exports crude oil but has to import petroleum products such as petrol or polypropylene (plastic). In the fourth quarter of 2022, the much-talked-about Dangote oil refinery will come on stream, which will produce 50 million litres of petrol per day, among other things.[91] This would turn Nigeria from a net importer into a net exporter of petroleum products. Even before it is fully operational, the Dangote refinery claims to a number of world records, including the world's largest distillation column[92] and, with the RFCC regenerator, both the heaviest continuous piece of steel (made by a Korean forge) and the heaviest object ever transported on a public African road.[93]

Fertiliser and paint

On 3 May 2022, after years of construction, a fertiliser production plant was commissioned near Lagos that will produce 3 million tonnes of fertiliser a year.[94][95] With no more Russian fertiliser coming onto the world market in 2022 due to the Ukraine war, Nigeria is filling a gap in the market. "The fertiliser market is a seller's market," enthused company boss Dangote at the plant's opening. "People are begging for us to sell and we are choosy about who we sell to."[95]

A stone's throw away from the Dangote refinery BASF opened a factory in Lekki. BASF is mostly known for fertilizers, paints and lacquers.[75]

Bodycare products, cleaning detergents

The Colgate factory in the Lekki Free Trade Zone close to Lagos started to produce body care products in 2022.[75]

Pharmaceutical industry

Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa (status 2022) and is projected to grow between $60 billion to $70 billion after COVID-19, experts say.[96] The pharmaceutical industry in Nigeria has headroom for growth and can potentially reach $4 billion over the next 10 years.[97] Goldstein Market Intelligence analyst forecast the Nigeria pharmaceuticals market size is set to grow at a CAGR of 9.1% over the forecast years of 2017–2030.[98]

Most larger pharmaceutical companies in Nigeria are located in Lagos.[99]

The pharmaceutical producer with the most employees in Nigeria appears to be Emzor Pharmaceutical Industries Ltd. They produce more than 140 pharmaceutical products, including painkillers, vitamins, haematinics, antimalarials, tussives, antibiotics, anthelmintics, antihistamines, antacids and cardioprotectants.[100]

Fidson Healthcare Plc produces painkillers, anti-allergics, blood pressure medicines, digestive aids, sleeping pills and cough syrup.[101] May & Baker Nig. Plc produces remedis against malaria, hypertension, diabetes, depressions and pain.[102] Swiss Pharma Nigeria produces pharmaceutical products of BAYER.[103]

 
Innoson Vehicle Manufacturing in Nweri

Vehicle industry

Main article: Automotive industry in Nigeria

Nigerians buy 720,000 cars per year, but less than 20% of these are produced in Nigeria itself.[104]

Indigenous manufacturers

Innoson Vehicle Manufacturing[105] is located in Nnewi. It produces buses, SUVs and since May 2022 tricycles which are locally known as "kekes".[106][107]

Nord Automobiles Ltd has two assembly plants: one in Sangotedo, where all eight models are currently assembled; a plant in Epe is still under construction. The company currently manufactures its own plastic parts and plans to add steel stamping in the future.[108]

30 km north-east of Lagos Proforce Ltd. produces armoured vehicles.[109] Proforce sold an unknown number of armoured vehicles to Belarus in March 2022.[110] This is the first time that vehicles manufactured in Nigeria have been supplied to a European country.

Jet Motor Company in Epe, Lagos State, is producing Nigeria's first electric-powered delivery trucks in partnership with GIG Logistics.[111]

In Idah, Kogi State, Electric Motor Vehicle Company manufactures electrically powered vehicles. The company is owned by Prince Mustapha Mona Audu,[112] a Glasgow-educated computer specialist and son of a former governor. In May 2022, Audu unveiled the four-seater Adoja,[113] which he claims is the most environmentally friendly vehicle in Nigeria.[114]

Foreign manufacturers

The Stallion Group assembles 45,000 Volkswagen models in Lagos per annum.[104]

Peugeot Automobiles Nigeria (PAN) operates in Kaduna. In April 2022, Peugeot left the conglomerate and Aliko Dangote bought its shares.[115] The company name was changed to DPAN. DPAN will assemble mainly the Chinese brands Chery and Higer using pre-produced parts.[116] A new production line, Greenfield, will increase the output to 120 cars per day.[104][117]

Toolmaking industry

In Oshogbo, there is a modest toolmaking industry. Products are e.g. CNC turning machines and industrial drilling machines, but also stud bolts and flanges.[118] Target market is the oil industry in the Niger delta.

Electronics

The most successful manufacturer of laptops in Nigeria is, by their own admission, the indigenous Zinox Technologies in Lagos.[119]

Steel production

According to its website, Ajaokuta Steel Company Limited produces 1.3 million tonnes of steel per year.[120] This would be equivalent to one-sixth of the UK's steel production in 2021.[121] Steel plants in Katsina, Jos and Osogbo no longer appear to be active.[122]

Services

Nigeria ranks 27th worldwide and first in Africa in services output.[123]

 
Financial district in Lagos

Finance sector

Main article: Banking in Nigeria

Nigeria is the largest financial market in Africa. As of November 2018, 21 commercial banks were licensed by the Central Bank of Nigeria (CBN). Nigeria has a relatively well-developed banking sector by regional standards, with regionally high level of banking penetration (44.2% vs. regional average of 17.8% for West Africa) and robust use of advanced financial instruments in the local economy. The country is also well connected to international financial markets and following the 2016–17 oil crisis, the country has seen an increasing influx of foreign capital over the past 12–18 months – capital importation in Nigeria jumped to US$6.3 bln in Q1–18 (594% yoy growth) vs. $12.3 bln for full year 2017 and $5.1 bln in 2016). However, the country is weighed down by high lending rates, which limits access to credit for smaller firms, particularly in the non-oil economy.[124]

Telecommunication

Main article: Telecommunications in Nigeria

The Nigerian Communications Commissions (NCC) said on January 14, 2022, the telecommunications sector contributed 12.45per cent to Nigeria's Gross Domestic Product (GDP). The commission through its chief executive officer (CEO), Prof Umar Garba Danbatta, during his convocation lecture, titled, “Empowering the Nigeria Youth Through Information and Communications Technology (ICT)” held at Fountain University, Osogbo, made this known. Prof Garba disclosed that the ICT sector has been consistently contributing above 10% of Nigeria's GDP for over 10 years. He noted, “Nigeria is Africa’s largest ICT market with 82per cent of the continent’s telecoms subscribers and 29per cent of internet usage."[125]

Nigeria ranks 11th in the world in the absolute number of internet users and 7th in the absolute number of mobile phones.[126][127]

Transport sector, forwarding, shipment

Main article: Transport in Nigeria
 
Keke in Ikeja, Lagos

Due to Nigeria's location in the centre of Africa, transport plays a major role in the national service sector.

The Buhari administration made improvements to the infrastructure after 2015. Extensive road repairs and new construction have been carried out gradually as states in particular spend their share of increased government allocations. Representative of these improvements is the Second Niger Bridge at Onitsha, which is nearly completed in May 2022.[128]

Since 2009, Nigeria has been laying new railway tracks. These are operated by the state-owned Nigerian Railway Corporation. This has apparently generated a surplus since 2019, despite the covid epidemic.

Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt (Onne), and Calabar. A deep sea port in Lekki, 50 km east of Lagos, is about to open in 2022.[129][130]

Five of Nigeria's airports (Lagos, Kano, Port Harcourt, Enugu and Abuja) currently fly to international destinations. The new national airline, "Nigeria Air", is scheduled to start operations in mid-2022.[131]

Entertainment

Movie industry, Television, Streaming

Main article: Cinema of Nigeria

From Nollywood, films and soaps are broadcast to the whole of Africa. Nigeria is the second largest film nation in the world after India and ahead of the US.[132][133]

Music industry

Main article: Music of Nigeria

Perhaps Nigeria's most famous musician is the inventor of Afrobeat Fela Anikulapo Kuti, who gave legendary concerts with his band "Africa 70" at the "Shrine" in Lagos. Other characteristic musical styles include Jùjú, Apala, Fuji and Sakara. In the field of pop music, Nigerian musicians living in Europe such as Sade Adu or Dr. Alban were very successful in the 1980s and 1990s. In Europe, Nneka is one of the best-known Nigerian pop musicians. One of the very few Nigerian artists living in Nigeria who has had commercial success in Europe is D'Banj. He even reached the European singles charts in summer 2012 with Oliver Twist. Wizkid reached number 1 in 2016 alongside Drake.

Social media

Nigerians are passionate users of social media. In 2021 Nigerians spent 3 hours and 41 minutes on social media in average every day. This is much higher than the global average of 2 hours 22 minutes. The number of active social media users in Nigeria increased in 2021 by 22 percent, compared with a global average increase of 13 per cent. WhatsApp and Facebook are the most used social media platforms in Nigeria.[134]

Tourism

This section is an excerpt from Tourism in Nigeria.[edit]
 
The temple of Yoruba goddess Oshun at Osun-Osogbo, an attraction for pilgrims and tourists alike
 
Multidisciplinary technologist Ade Olufeko inside Sungbo's Eredo in 2017
 
Students of the African Church on an excursion to the Olumo Rock
 
Mini waterfall at the grotto in Becheve Nature Reserve
Tourism in Nigeria centers largely on events, due to the country's ample amount of ethnic groups, but also includes rain forests, savannah, waterfalls, and other natural attractions.[135] Tourists spent US$2.6 billion in Nigeria in 2015. This dropped to US$1.5 billion in 2017,[136] probably due to the rise of the Boko Haram insurgency of 2015.

Data

Electricity – production: 18.89 billion kWh (2009)

Electricity – production by source:
fossil fuel: 61.69%
hydro: 38.31%
nuclear: 0%
other: <.1% (1998)

Electricity - consumption: 17.66 billion kWh (2009)

Electricity - exports: 40 million kWh (2003)

Electricity - imports: 0 kWh (1998)

Oil - production: 2.35 million barrels per day (374×10^3 m3/d) (July 2006 est.)

Oil - consumption: 310,000 bbl/d (49,000 m3/d) (2003 est.)

Overseas remittances

A major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.[137] In 2014, 17.5 million Nigerians lived in foreign countries, with the UK and the USA having more than 2 million Nigerians each.[137]

According to the International Organization for Migration, Nigeria witnessed a dramatic increase in remittances sent home from overseas Nigerians, going from US$2.3 billion in 2004 to $17.9 billion in 2007, representing 6.7% of GDP. The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, Libya, and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.[138]

Labour force

In 2015, Nigeria had a labour force of 74 million. In 2003, the unemployment rate was 10.8% overall; by 2015, unemployment stood at 6.4%.[139]

Since 1999, the Nigerian Labor Congress (NLC) a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC's monopoly over union organizing. In December 2005, the Nigerian Labour Congress (NLC) was lobbying for an increase in the minimum wage for federal workers. The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month.[140]

According to the International Organization for Migration, the number of immigrants residing in Nigeria has more than doubled in recent decades – from 477,135 in 1991 to 971,450 in 2005. The majority of immigrants in Nigeria (74%) are from neighbouring Economic Community of West African States (ECOWAS), and that this number has increased considerably over the last decade, from 63% in 2001 to 97% in 2005.[141]

The government has to pay a high interest rate on bonds in part because of the high fertility rate; there are many children and less savings.[142]

Human capital

Further information: Education in Nigeria

As of 2019, Nigeria's HDI (Human Development Index) is ranked 161st at 0.539. The comparative value for Sub-Saharan Africa is 0.547, 0.926 for the US, and 0.737 for the world average.[41]

The value for the education index is 0.499, compared to the average in the US of 0.900. The expected years of schooling in Nigeria is 10.0 (16.3 in the US), while the mean years of schooling for adults over 25 years is 6.7 years (13.4 years in the US).[41] Additionally, Nigeria is also facing a relatively high inequality, worsening the problem regarding the formation of human capital.[143][144][145]

Government policy

Inflation

 
Inflation and gdp growth in Nigeria, 2015 - 2021, Source: National Bureau of Statistics

In 2016, the black market exchange rate of the Naira was about 60% above the official rate. The central bank releases about $200 million each week at the official exchange rate. However, some companies cite that budgets now include a 30% "premium" to be paid to central bank officials to get dollars.[146]

Nigeria's inflation rate rose to 15.63 per cent in December 2021 compared to 15.40 per cent in November, the National Bureau of Statistics announced on January 17, 2022. The statistics office said the prices of goods and services, measured by the Consumer Price Index, increased by 15.63 per cent in December 2021 when compared to December 2020. According to the NBS, this rise in the food index was caused by increases in prices of bread and cereals, food products, meat, fish, potatoes, yam and other tubers, soft drinks and fruits.[147]

Foreign economic relations

Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS common external tariff, which reduced the number of tariff bands.[148]

Prior to this revision, tariffs constituted Nigeria's second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks.[149] Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.

If the global transition to renewable energy is completed and international demand for Nigeria's petroleum resources ceases, Nigeria will be significantly weakened. It is ranked 149 out of 156 countries in the index of Geopolitical Gains and Losses after energy transition (GeGaLo).[150]

External trade

 
Nigeria's exports in 2006
 
A proportional representation of Nigeria's exports

In 2017, Nigeria imported about US$34.2 billion of goods.[151] In 2017 the leading sources of imports were China (28%), the Belgium-Luxembourg (8.9%), the Netherlands (8.3%), South Korea (6.4%), the United States (6.0%) and the India (4.6%).[152] Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals.

In 2017, Nigeria exported about US$46.68 billion of goods.[153] In 2017, the leading destinations for exports were India (18%), the United States (14%), Spain (9.7%), France (6.0%) and the Netherlands (4.9%).[152] In 2017 oil accounted for 83% of merchandise exports.[153] Natural rubber and cocoa are the country's major agricultural exports.[19]

In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of June 2006, the exchange rate was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357. In recent years, Nigeria has expanded its trade relations with other developing countries such as India. Nigeria is the largest African crude oil supplier to India – it annually exports 400,000 barrels per day (64,000 m3/d) to India valued at US$10 billion annually.[154]

India is the largest purchaser of Nigeria's oil which fulfills 20% to 25% of India's domestic oil demand. Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.[155]

The trade volume between Nigeria and the United Kingdom rose by 35% from USD6.3 billion in 2010 to USD8.5 billion in 2011.[156]

External debt

In 2012, Nigeria's external debt was an estimated $5.9 billion and N5.6 trillion domestic, putting total debt at $44 billion.[157]

In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.[158] This was structured as a debt write off of approximately $18 billion and a cash payment of approximately $12 billion.

Foreign investment

In 2012, Nigeria received a net inflow of US$85.73 billion of foreign direct investment (FDI), much of which came from Nigerians in the diaspora. Most FDI is directed toward the energy and banking sectors. Any public designed to encourage inflow of foreign capital is capable of generating employment opportunities within the domestic economy. The Nigerian Enterprises Promotion (NEP) Decree of 1972 (revised in 1977) was intended to reduce foreign investment in the Nigerian economy.

The stock market capitalisation of listed companies in Nigeria was valued at $97.75 billion on 15 February 2008 by the Nigerian Stock Exchange.

Swiss Banks to return Abacha Stolen Funds

The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the Swiss Banks to Nigeria had been misappropriated.[159]

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Sources

Further reading

  • The World Bank Economic Report on Nigeria, May 2013

External links

  • World Bank Summary Trade Statistics Nigeria
  • Nigeria latest trade data on ITC Trade Map
  • Invest In Knowledge Based Economy In Nigeria 2 June 2021 at the Wayback Machine
  • Tariffs applied by Nigeria as provided by ITC's ITC Market Access Map[permanent dead link], an online database of customs tariffs and market requirements

May 18, 2023
economy, nigeria, economy, nigeria, middle, income, mixed, economy, emerging, market, with, expanding, manufacturing, financial, service, communications, technology, entertainment, sectors, ranked, 31st, largest, economy, world, terms, nominal, largest, africa. The economy of Nigeria is a middle income mixed economy and emerging market 25 26 with expanding manufacturing financial service communications technology and entertainment sectors 27 28 It is ranked as the 31st largest economy in the world in terms of nominal GDP the largest in Africa and the 27th largest in terms of purchasing power parity Economy of NigeriaLagos the financial centre of NigeriaCurrencyNigerian naira NGN Fiscal year1 April 31 March 1 Trade organisationsAU AfCFTA ECOWAS WTOCountry groupDeveloping Emerging 2 Lower middle income economy 3 StatisticsPopulation200 963 599 2019 4 GDP 504 203 billion nominal 2022 5 1 275 trillion PPP 2022 6 GDP rank31st nominal 2022 27th PPP 2022 GDP growth2 2 2019 7 3 0 2020 est 7 1 5 2021 est 7 GDP per capita 2 326 nominal 2022 5 5 884 PPP 2022 5 GDP per capita rank145th nominal 2022 141st PPP 2022 GDP by sectoragriculture 21 96 industry 23 65 services 54 39 2020 est 8 Inflation CPI 22 4 2021 est 6 Population below poverty line40 2020 9 Gini coefficient35 1 medium 2020 10 Human Development Index0 535 low 2021 11 164th Labour force90 471 000 Q3 2018 12 Labour force by occupationAccommodation food transportation and real estate 12 2 Education health science and technology 6 3 Farming forestry and fishing 30 5 Manufacturing mining and quarrying 11 3 Retail maintenance repair and operations 24 9 Managerial finance and insurance 4 2 Telecommunication arts and entertainment 1 8 Other services 8 8 2010 13 Unemployment32 1 Q1 2021 14 Main industriescement oil refining construction and construction materials food processing and food products beverages and tobacco textiles apparel and footwear pharmaceutical products wood products pulp paper products chemicals ceramic products plastic and rubber products electrical and electronic products base metals iron and steel information technology automobile manufacturing and other manufacturing 2015 15 Ease of doing business rank131st medium 2020 16 ExternalExports 42 4 billion 2022 17 Export goodspetroleum and petroleum products chemicals vehicles aircraft parts vessels vegetable products processed food beverages spirits and vinegar cashew nuts processed leather cocoa tobacco aluminum alloys 2015 18 Main export partners India 14 8 Spain 11 3 China 5 99 Netherlands 5 27 South Africa 5 12 France 4 65 2020 17 Imports 52 billion 2022 17 Import goodsindustry supplies machinery appliances vehicles aircraft parts chemicals base metals 2015 18 Main import partners China 33 6 Netherlands 8 82 United States 8 63 India 6 65 Belgium 3 82 2020 17 FDI stock 116 9 billion 31 December 2017 est 19 Abroad 16 93 billion 31 December 2017 est 19 Current account 10 38 billion 2017 est 19 Gross external debt 85 9 billion 31 December 2020 est 20 Public financesGovernment debt36 6 of GDP 2021 est 21 Budget balance 5 2 billion 1 of GDP 2014 22 Revenues 54 48 billionExpenses 31 61 billion 2012 est Credit ratingStandard amp Poor s 23 B Domestic B Foreign B T amp C Assessment Outlook Stable 24 Fitch 24 BB Outlook StableForeign reserves 38 77 billion 31 December 2017 est 19 Main data source CIA World Fact Book All values unless otherwise stated are in US dollars Change in per capita GDP of Nigeria 1950 2018 Figures are inflation adjusted to 2011 International Geary Khamis dollars Nigeria has the largest economy in Africa The country s re emergent manufacturing sector became the largest on the continent in 2013 and it produces a large proportion of goods and services for the region of West Africa 29 Nigerias debt to GDP ratio was 36 63 in 2021 according to the IMF 21 Nigerian GDP at purchasing power parity PPP has almost tripled from 170 billion in 2000 to 451 billion in 2012 30 31 32 though estimates of the size of the informal sector which is not included in official figures put the actual numbers closer to 630 billion Subsequently the GDP per capita doubled from 1400 per person in 2000 to an estimated 2 800 per person in 2012 Again with the inclusion of the informal sector it is estimated that GDP per capita hovers around 3 900 per person 33 The country s population increased from 120 million in 2000 to 160 million in 2010 The GDP figures were to be revised upwards by as much as 80 when metrics were to be recalculated after the rebasing of its economy in April 2014 34 Although oil revenues contributed 2 3 of state revenues 35 oil only contributes about 9 to the GDP Nigeria produces only about 2 7 of the world s oil supply Although the petroleum sector is important as government revenues still heavily rely on this sector it remains a small part of the country s overall economy The largely subsistence agricultural sector has not kept up with the country s rapid population growth Nigeria was once a large net exporter of food but currently imports some of its food products Mechanization has led to a resurgence in the manufacturing and exporting of food products and there was consequently a move towards food sufficiency 36 In 2006 Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them in exchange for a cash payment of roughly US 12 billion 37 According to a Citigroup report published in February 2011 Nigeria would have the highest average GDP growth in the world between 2010 and 2050 38 Nigeria is one of two countries from Africa among the 11 Global Growth Generators countries 39 Contents 1 Overview 2 Economic history 3 Agriculture 3 1 Plant based agriculture 3 1 1 Roots and tubers 3 1 2 Cereals 3 1 3 Rice and paddy 3 1 4 Oil crops 3 1 5 Citrus fruit 3 1 6 Cocoa 3 1 7 More products 3 2 Livestock 3 2 1 Cattle 3 2 2 Poultry and Eggs 3 3 Fishing 3 4 Timber 3 5 Food processing 3 5 1 Peeling Milling 3 5 2 Coconut oil milling and refining 3 5 3 Dairy and meat 3 5 4 Bakery household cereals etc 4 Mining and fossil fuel 4 1 Mining 4 2 Oil 4 3 Natural gas pipeline Nigeria Morocco 4 4 Process and Industrial Developments dispute 5 Industry 5 1 Cement 5 2 Oil based products 5 3 Fertiliser and paint 5 4 Bodycare products cleaning detergents 5 5 Pharmaceutical industry 5 6 Vehicle industry 5 7 Toolmaking industry 5 8 Electronics 5 9 Steel production 6 Services 6 1 Finance sector 6 2 Telecommunication 6 3 Transport sector forwarding shipment 6 4 Entertainment 6 4 1 Movie industry Television Streaming 6 4 2 Music industry 6 4 3 Social media 6 5 Tourism 7 Data 8 Overseas remittances 9 Labour force 9 1 Human capital 10 Government policy 10 1 Inflation 11 Foreign economic relations 11 1 External trade 11 2 External debt 11 3 Foreign investment 11 4 Swiss Banks to return Abacha Stolen Funds 12 See also 13 References 14 Sources 15 Further reading 16 External linksOverview EditIn 2014 Nigeria changed its economic analysis to account for fast growing contributors to its GDP such as telecommunications banking and its film industry 40 Human capital is underdeveloped Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019 41 and non energy related infrastructure is inadequate Nigeria had advanced efforts to provide universal primary education protect the environment 42 43 A requirement for achieving many of objectives is reducing endemic corruption which obstructs development and stains Nigeria s business environment However while broad based progress has been slow these efforts have begun to become visible in international surveys of corruption 44 Nigeria s ranking has mostly improved since 2001 ranking 154 out of 180 countries in Transparency International s 2021 Corruption Perceptions Index 45 The Nigerian economy suffers from an ongoing supply crisis in the power sector Despite a rapidly growing economy some of the world s largest deposits of coal oil and gas and the country s status as Africa s largest oil producer power supply difficulties are frequently experienced by residents 46 Two thirds of Nigerians expect living conditions to improve in the coming decades 47 Economic history EditFurther information Economic history of Nigeria The following table shows the main economic indicators in 1980 2021 with IMF staff estimates in 2022 2027 Inflation under 10 is in green 48 The annual unemployment rate from 1991 to 2009 in italic is extracted from the World Bank although the International Monetary Fund find them unreliable 49 Year GDP in Bil US PPP GDP per capita in US PPP GDP in Bil US nominal GDP per capita in US nominal GDP growth real Inflation rate in Percent Unemployment in Percent Government debt in of GDP 1990 174 0 1 827 1 62 2 652 9 n a n a n a 71 7 1991 178 9 1 831 2 60 1 615 7 0 6 n a 4 1 75 0 1992 186 9 1 866 4 52 3 521 9 2 2 n a 4 1 70 2 1993 194 4 1 892 6 56 8 553 1 1 6 n a 4 1 71 0 1994 199 0 1 890 3 80 1 761 0 0 3 n a 4 1 55 9 1995 207 0 1 917 7 132 2 1 224 9 1 9 n a 4 1 34 0 1996 219 3 1 982 0 172 7 1 560 4 4 1 29 3 4 0 25 2 1997 229 6 2 023 4 187 9 1 655 8 2 9 10 7 4 0 24 1 1998 237 9 2 045 6 209 7 1 802 6 2 5 7 9 4 0 22 3 1999 242 6 2 033 9 57 5 482 0 0 5 6 6 4 0 64 9 2000 261 7 2 140 4 67 8 554 6 5 5 6 9 4 0 57 6 2001 285 5 2 276 7 73 1 583 2 6 7 18 9 3 9 53 1 2002 332 3 2 583 9 94 0 730 8 14 6 12 9 3 9 43 3 2003 371 0 2 812 9 102 9 780 4 9 5 14 0 3 9 42 1 2004 420 8 3 109 5 130 3 963 2 10 4 15 0 3 9 35 5 2005 464 4 3 344 1 169 6 1 221 7 7 0 17 9 3 9 18 9 2006 510 9 3 584 4 222 8 1 563 0 6 7 8 2 3 9 9 4 2007 563 1 3 848 0 262 2 1 791 8 7 3 5 4 3 8 8 1 2008 615 2 4 094 2 330 3 2 197 8 7 2 11 6 3 8 7 3 2009 670 9 4 347 3 297 5 1 927 5 8 4 12 5 3 8 8 6 2010 755 4 4 765 9 369 1 2 328 4 11 3 13 7 5 1 9 4 2011 808 8 4 967 8 414 1 2 543 5 4 9 10 8 6 0 17 4 2012 836 2 5 000 0 461 0 2 756 4 4 3 12 2 10 6 17 6 2013 897 5 5 225 2 515 0 2 998 1 5 4 8 5 10 0 18 3 2014 971 5 5 507 2 568 5 3 222 7 6 3 8 0 7 8 17 5 2015 982 9 5 426 3 492 4 2 718 6 2 7 9 0 9 0 20 3 2016 973 4 5 234 7 404 6 2 176 0 1 6 15 7 13 4 23 4 2017 990 7 5 190 4 375 7 1 968 6 0 8 16 5 17 5 25 3 2018 1 033 9 5 278 2 421 7 2 153 1 1 9 12 1 22 6 27 7 2019 1 075 6 5 352 2 448 1 2 229 9 2 2 11 4 n a 29 2 2020 1 069 0 5 186 0 429 4 2 083 2 1 8 13 2 n a 34 5 2021 1 154 1 5 459 1 441 5 2 088 6 3 6 17 0 n a 36 6 2022 1 275 3 5 883 8 504 2 2 326 2 3 2 18 9 n a 37 4 2023 1 360 3 6 122 4 574 3 2 584 7 3 0 17 3 n a 38 6 2024 1 429 7 6 278 4 651 3 2 860 4 2 9 12 6 n a 39 8 2025 1 498 3 6 421 1 738 0 3 162 6 2 9 11 5 n a 41 2 2026 1 571 4 6 572 9 835 8 3 496 1 2 9 11 5 n a 42 6 2027 1 648 3 6 730 5 945 3 3 860 1 2 9 11 5 n a 43 9 Year Gross domestic product PPP in billions US dollar exchange Inflation index 2000 100 Per capita income as of USA 1980 58 1 Naira 1 30 7 1985 82 3 Naira 3 20 5 1990 118 9 Naira 8 10 2 5 1995 155 50 Naira 56 3 2000 170 100 Naira 100 3 5 2005 291 130 Naira 207 4 2010 392 150 Naira 108 5 2012 451 158 Naira 121 7 2014 972 180 Naira 10 11 2015 1 089 220 Naira 10 10 2016 1 093 280 Naira 17 10 2017 1 125 360 Naira 5 est 10 NOTES The US dollar exchange rate is an estimated average of the official rate throughout a year and does not reflect the parallel market rate at which the general population accesses foreign exchange This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017 due to a scarcity of forex oil earnings had dropped by half and speculative activity as alleged by the Central Bank All the while the official rate was pegged at 360 Per capita income as of USA is calculated using data from estimates in the PPP link above and census estimates based on growth rates between census periods For instance 2017 GDPs were 1 125 billion Nigeria vs 19 417 billion USA and populations were estimated at 320 million vs 190 million The ratio is therefore 1125 19417 190 320 which roughly comes to 0 0975 These are estimates and are intended to get a feel for the relative wealth and standard of living as well as the market potential of its middle class 50 This is a chart of trends of the global ranking of the Nigerian economy in comparison with other countries of the world derived from the historical List of countries by GDP PPP Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 est Ranking 52 47 38 37 34 31 31 30 23 20 21 22 23This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos with Best being cheaper for a Nigerian i e stronger Naira 51 52 53 Year 2015 2016 2017 2018 2019Best 195 345 350 370 380Worst 237 490 520 430 490For purchasing power parity comparisons the US dollar is exchanged at US 1 to 314 27 Nigerian naira as of 2017 54 The current GDP per capita of Nigeria expanded 132 in the sixties reaching a peak growth of 283 in the seventies But this proved unsustainable and it consequently shrank by 66 in the 1980s 55 In the 1990s diversification initiatives finally took effect and decadal growth was restored to 10 Although GDP on a PPP basis did not increase until the 2000s 56 In 2012 the GDP was composed of the following sectors agriculture 40 services 30 manufacturing 15 oil 14 57 By 2015 the GDP was composed of the following sectors agriculture 18 services 55 manufacturing 16 oil 8 15 In 2005 Nigeria s inflation rate was an estimated 15 6 Nigeria s goal under the National Economic Empowerment Development Strategy NEEDS program is to reduce inflation to the single digits 58 By 2015 Nigeria s inflation stood at 9 In 2005 the federal government had expenditures of US 13 54 billion but revenues of only US 12 86 billion resulting in a budget deficit of 5 By 2012 expenditures stood at 31 61 billion while revenues was 54 48 billion 59 Agriculture EditFurther information Agriculture in Nigeria Nigerian farmers in the Middle Belt 2006 30 of Nigerians are employed in agriculture 60 The agricultural sector suffers from extremely low productivity reflecting reliance on antiquated methods Agriculture has failed to keep pace with Nigeria s rapid population growth so the country which once exported food now imports a significant amount of food to sustain itself 61 However efforts are being made towards making the country food sufficient again Africa s most populous country has failed to grow more food for its fast rising population who must be fed with staples ranging from rice beans maize etc 62 Plant based agriculture Edit Plant based food production in Nigeria 2020 in million tonnes 63 Nigeria ranks sixth worldwide and first in Africa in farm output 64 The sector accounts for about 18 of GDP and almost one third of employment Though Nigeria is no longer a major exporter due to local consumer boom it is still a major producer of many agricultural products 65 Further agricultural products include palm oil and rubber Roots and tubers Edit Roots economy in the South and cereal economy in the North of Nigeria Counting by weight this underground food is the largest group of food produced in Nigeria with 118 million tonnes in 2020 66 This group includes yam cassava potatoes and sweet potatoes These food products are cultivated mostly in the south of Nigeria Roots economy Cereals Edit The group of sorghum pear millet etc is the second largest group of food produced in Nigeria with 28 6 million tonnes in 2020 66 50 or 14 million tonnes of this is sorghum 67 The sugar cane production adds another 1 5 million tonnes to this Cereals are mostly cultivated in the savannah zone of the country 67 and on the 23rd of June Nigeria s grain market report the International Grains Council IGC placed Nigeria s total 2022 23 grains production at 21 6 million tonnes this specific figure was reviewed from the previous month s forecast which was 21 1 million It set the production in the year 2021 22 at 21 5 million which demonstrates and proves that there is an increase in the production of grains on the 23rd of June 2022 2023 68 Rice and paddy Edit Peanut oil palm cocoa and cotton production in Nigeria The third largest group of food produced in Nigeria is rice and paddy In 2020 8 2 million tonnes were produced 66 Oil crops Edit Nigeria produced a good 4 million tonnes of oil crops in 2020 These are e g soy beans sunflower seed canola and peanuts 66 Citrus fruit Edit Nigeria produced close to 4 million tonnes of citrus fruit in 2020 Main Nigerian citrus fruits are tangerine grape lemon and lime 66 Cocoa Edit Cocoa production mostly from obsolete varieties and overage trees has increased from around 180 000 tons annually to 350 000 tons 65 More products Edit Beans melons pepper and vegetables are grown on chopping fields Oil palms rubber and bananas are grown for export Palm oil plays a major role in Nigeria s burgeoning personal care products industry Livestock Edit Cattle Edit In total about 15 million head are kept In addition about five million pigs are kept Small livestock such as sheep goats and chickens are kept mainly for subsistence Poultry and Eggs Edit An estimated 42 of Nigerians own chicken As a result poultry and eggs represent a popular commodity within the food industry 46 of the poultry is kept in an extensive free range system 300 thousand tonnes of poultry meat and 650 thousand tonnes of eggs are produced annually in Nigeria estimation 69 Fishing Edit In the same year the total fishing catch was 505 8 metric tons 70 Timber Edit Roundwood removals totaled slightly less than 70 million cubic meters and sawn wood production was estimated at 2 million cubic meters Rice mill in Imota Food processing Edit Peeling Milling Edit Main article Imota rice millUntil now Nigeria paradoxically exported unhusked rice but had to import husked rice the country s staple food The rice mill in Imota near Lagos is expected to do the relevant processing domestically improve the balance of trade and the labour market and save unnecessary costs for transport and middlemen When fully operational at the end of 2022 the plant the largest south of the Sahara is expected to employ 250 000 people and produce 2 5 million 50 kg bags of rice annually 71 The Imota mill will be opened in the first week of August 2022 Coconut oil milling and refining Edit A multi billion Naira coconut oil refinery first of its kind in Africa started business in Akwa Ibom State The St Gabriel Coconut Refinery in Mkpat Enin was inaugurated in May 2022 The governor of Akwa Ibom promised to commence immediate training of indigenous hands to man the refinery said the facility has a daily capacity to crack 1 000 000 coconuts and will employ no fewer than 3 000 direct and indirect staff 72 Coconut oil goes for 1 326 per barrel according to governor Emmanuel 72 Dairy and meat Edit Nigeria has 19 million head of cattle the largest number in Africa 73 Yet the dairy sector in Nigeria is only able to supply less than 10 of the country s demand for dairy products as of June 2021 a gap expected to grow in line with population growth 74 Fan Milk a Danone Group company manufacturer of popular frozen dairy and ice cream brands unveiled its newly completed model dairy in Odeda Ogun state in June 2022 This dairy farm is Danone s first investment in dairy farming in sub Saharan Africa to boost local milk production in Nigeria Fan Milk will launch a world class dairy farm and training institute leveraging the expertise of parent company Danone 75 76 In Lekki s Free Trade Zone the Dano Milk Factory Arla opened in 2022 77 In 2021 farmer owned dairy co operative Arla Foods started to build a dairy farm in Kaduna state with 200 hectares It will keep 400 dairy cows and will have modern milking parlors and technology also grass lands and living facities for 25 employees 74 Bakery household cereals etc Edit Nigeria s bread sector is growing fastly with 72 percent dominated by small and medium scale bakers according to a 2016 KPMG report The bakery market of Nigeria is a 621 million industry 78 Fresh bread and miscellaneous bakery is the bakery product group with the highest consumption 8 5M tonnes which is 91 of total volume Fresh bread and miscellaneous bakery exceeded the figures recorded for the second largest product group gingerbread sweet biscuits and waffles 689K tonnes more than tenfold The Nigerian bakery product market size is expected to show significant growth in the forecast period 2020 2026 79 Primera Food in cooperation with Michael Foods starts producing noodles on a big scale in Ogun state in 2022 75 Kellogg s opens a production plant for her products in the Lekki Free Trade Zone close to Lagos in 2022 75 It is the second factory Kellogg s has built in Africa 77 In Jos NASCO Foods produces biscuits and corn flakes In 2022 they expanded their Jos factory 75 80 Mining and fossil fuel EditMining Edit Further information Mining industry of Nigeria The mining of minerals in Nigeria accounts for only 0 3 of its gross domestic product due to the influence of its vast oil resources The domestic mining industry is underdeveloped leading to Nigeria having to import minerals that it could produce domestically such as salt or iron ore Rights to ownership of mineral resources is held by the Federal government of Nigeria which grants titles to organizations to explore mine and sell mineral resources 81 Mining regulation is handled by the Ministry of Solid Minerals Development which oversees the management of all mineral resources Mining law is codified in the Federal Minerals and Mining Act of 1999 Oil Edit Further information Petroleum industry in Nigeria Dangote oil refinery The types of crude oil exported by Nigeria are Bonny light oil Forcados crude oil Qua Ibo crude oil and Brass River crude oil 82 The U S remains Nigeria s largest buyer of crude oil accounting for 40 of the country s total oil exports Nigeria provides about 10 of overall U S oil imports and ranks as the fifth largest source of U S imported oil 83 The United Kingdom is Nigeria s largest trading partner followed by the United States The stock of U S investment is nearly 7 billion mostly in the energy sector ExxonMobil and Chevron are the two largest U S corporations in offshore oil and gas production Natural gas pipeline Nigeria Morocco Edit The supply of natural gas to Europe which is threatened by the Ukraine war is pushing projects to transport Nigerian natural gas via pipelines to Morocco or Algeria 84 85 86 In December 2022 Morocco s National Office of Hydrocarbons and Mines signed Momoranda of Understanding with Nigeria Gambia Guinea Bissau Guinea Sierra Leone and Ghana to start building the pipeline through the countries 87 88 Process and Industrial Developments dispute Edit Process and Industrial Developments Ltd P amp ID entered into a 20 year contract with the Nigerian government for natural gas supply and processing Nigeria provided the gas which PI amp D refined so that it could be used to power the Nigerian electrical grid PI amp D could keep valuable byproducts for its own use In 2012 PI amp D demanded arbitration in London alleging that Nigeria had not supplied the agreed quantity of gas or to construct the infrastructure it had agreed to build 89 The arbitral tribunal awarded damages of more than 4 8 billion The compensation was valued 8 15 billion with interest when the case was heard in London High Court in December 2022 90 Industry EditCement Edit Dangote and BUA are the dominating companies in the cement market of Nigeria In May 2022 BUA opened a new large scale cement plant in Sokoto including its own 50 MW power station 75 Oil based products Edit Paradoxically Nigeria currently exports crude oil but has to import petroleum products such as petrol or polypropylene plastic In the fourth quarter of 2022 the much talked about Dangote oil refinery will come on stream which will produce 50 million litres of petrol per day among other things 91 This would turn Nigeria from a net importer into a net exporter of petroleum products Even before it is fully operational the Dangote refinery claims to a number of world records including the world s largest distillation column 92 and with the RFCC regenerator both the heaviest continuous piece of steel made by a Korean forge and the heaviest object ever transported on a public African road 93 Fertiliser and paint Edit On 3 May 2022 after years of construction a fertiliser production plant was commissioned near Lagos that will produce 3 million tonnes of fertiliser a year 94 95 With no more Russian fertiliser coming onto the world market in 2022 due to the Ukraine war Nigeria is filling a gap in the market The fertiliser market is a seller s market enthused company boss Dangote at the plant s opening People are begging for us to sell and we are choosy about who we sell to 95 A stone s throw away from the Dangote refinery BASF opened a factory in Lekki BASF is mostly known for fertilizers paints and lacquers 75 Bodycare products cleaning detergents Edit The Colgate factory in the Lekki Free Trade Zone close to Lagos started to produce body care products in 2022 75 Pharmaceutical industry Edit Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa status 2022 and is projected to grow between 60 billion to 70 billion after COVID 19 experts say 96 The pharmaceutical industry in Nigeria has headroom for growth and can potentially reach 4 billion over the next 10 years 97 Goldstein Market Intelligence analyst forecast the Nigeria pharmaceuticals market size is set to grow at a CAGR of 9 1 over the forecast years of 2017 2030 98 Most larger pharmaceutical companies in Nigeria are located in Lagos 99 The pharmaceutical producer with the most employees in Nigeria appears to be Emzor Pharmaceutical Industries Ltd They produce more than 140 pharmaceutical products including painkillers vitamins haematinics antimalarials tussives antibiotics anthelmintics antihistamines antacids and cardioprotectants 100 Fidson Healthcare Plc produces painkillers anti allergics blood pressure medicines digestive aids sleeping pills and cough syrup 101 May amp Baker Nig Plc produces remedis against malaria hypertension diabetes depressions and pain 102 Swiss Pharma Nigeria produces pharmaceutical products of BAYER 103 Innoson Vehicle Manufacturing in Nweri Vehicle industry Edit Main article Automotive industry in Nigeria Nigerians buy 720 000 cars per year but less than 20 of these are produced in Nigeria itself 104 Indigenous manufacturersInnoson Vehicle Manufacturing 105 is located in Nnewi It produces buses SUVs and since May 2022 tricycles which are locally known as kekes 106 107 Nord Automobiles Ltd has two assembly plants one in Sangotedo where all eight models are currently assembled a plant in Epe is still under construction The company currently manufactures its own plastic parts and plans to add steel stamping in the future 108 30 km north east of Lagos Proforce Ltd produces armoured vehicles 109 Proforce sold an unknown number of armoured vehicles to Belarus in March 2022 110 This is the first time that vehicles manufactured in Nigeria have been supplied to a European country Jet Motor Company in Epe Lagos State is producing Nigeria s first electric powered delivery trucks in partnership with GIG Logistics 111 In Idah Kogi State Electric Motor Vehicle Company manufactures electrically powered vehicles The company is owned by Prince Mustapha Mona Audu 112 a Glasgow educated computer specialist and son of a former governor In May 2022 Audu unveiled the four seater Adoja 113 which he claims is the most environmentally friendly vehicle in Nigeria 114 Foreign manufacturersThe Stallion Group assembles 45 000 Volkswagen models in Lagos per annum 104 Peugeot Automobiles Nigeria PAN operates in Kaduna In April 2022 Peugeot left the conglomerate and Aliko Dangote bought its shares 115 The company name was changed to DPAN DPAN will assemble mainly the Chinese brands Chery and Higer using pre produced parts 116 A new production line Greenfield will increase the output to 120 cars per day 104 117 Toolmaking industry Edit In Oshogbo there is a modest toolmaking industry Products are e g CNC turning machines and industrial drilling machines but also stud bolts and flanges 118 Target market is the oil industry in the Niger delta Electronics Edit The most successful manufacturer of laptops in Nigeria is by their own admission the indigenous Zinox Technologies in Lagos 119 Steel production Edit According to its website Ajaokuta Steel Company Limited produces 1 3 million tonnes of steel per year 120 This would be equivalent to one sixth of the UK s steel production in 2021 121 Steel plants in Katsina Jos and Osogbo no longer appear to be active 122 Services EditNigeria ranks 27th worldwide and first in Africa in services output 123 Financial district in Lagos Finance sector Edit Main article Banking in Nigeria Nigeria is the largest financial market in Africa As of November 2018 21 commercial banks were licensed by the Central Bank of Nigeria CBN Nigeria has a relatively well developed banking sector by regional standards with regionally high level of banking penetration 44 2 vs regional average of 17 8 for West Africa and robust use of advanced financial instruments in the local economy The country is also well connected to international financial markets and following the 2016 17 oil crisis the country has seen an increasing influx of foreign capital over the past 12 18 months capital importation in Nigeria jumped to US 6 3 bln in Q1 18 594 yoy growth vs 12 3 bln for full year 2017 and 5 1 bln in 2016 However the country is weighed down by high lending rates which limits access to credit for smaller firms particularly in the non oil economy 124 Telecommunication Edit Main article Telecommunications in Nigeria The Nigerian Communications Commissions NCC said on January 14 2022 the telecommunications sector contributed 12 45per cent to Nigeria s Gross Domestic Product GDP The commission through its chief executive officer CEO Prof Umar Garba Danbatta during his convocation lecture titled Empowering the Nigeria Youth Through Information and Communications Technology ICT held at Fountain University Osogbo made this known Prof Garba disclosed that the ICT sector has been consistently contributing above 10 of Nigeria s GDP for over 10 years He noted Nigeria is Africa s largest ICT market with 82per cent of the continent s telecoms subscribers and 29per cent of internet usage 125 Nigeria ranks 11th in the world in the absolute number of internet users and 7th in the absolute number of mobile phones 126 127 Transport sector forwarding shipment Edit Main article Transport in Nigeria Keke in Ikeja Lagos Due to Nigeria s location in the centre of Africa transport plays a major role in the national service sector The Buhari administration made improvements to the infrastructure after 2015 Extensive road repairs and new construction have been carried out gradually as states in particular spend their share of increased government allocations Representative of these improvements is the Second Niger Bridge at Onitsha which is nearly completed in May 2022 128 Since 2009 Nigeria has been laying new railway tracks These are operated by the state owned Nigerian Railway Corporation This has apparently generated a surplus since 2019 despite the covid epidemic Principal ports are at Lagos Apapa and Tin Can Island Port Harcourt Onne and Calabar A deep sea port in Lekki 50 km east of Lagos is about to open in 2022 129 130 Five of Nigeria s airports Lagos Kano Port Harcourt Enugu and Abuja currently fly to international destinations The new national airline Nigeria Air is scheduled to start operations in mid 2022 131 Entertainment Edit Movie industry Television Streaming Edit Main article Cinema of Nigeria From Nollywood films and soaps are broadcast to the whole of Africa Nigeria is the second largest film nation in the world after India and ahead of the US 132 133 Music industry Edit Main article Music of Nigeria Perhaps Nigeria s most famous musician is the inventor of Afrobeat Fela Anikulapo Kuti who gave legendary concerts with his band Africa 70 at the Shrine in Lagos Other characteristic musical styles include Juju Apala Fuji and Sakara In the field of pop music Nigerian musicians living in Europe such as Sade Adu or Dr Alban were very successful in the 1980s and 1990s In Europe Nneka is one of the best known Nigerian pop musicians One of the very few Nigerian artists living in Nigeria who has had commercial success in Europe is D Banj He even reached the European singles charts in summer 2012 with Oliver Twist Wizkid reached number 1 in 2016 alongside Drake Social media Edit Nigerians are passionate users of social media In 2021 Nigerians spent 3 hours and 41 minutes on social media in average every day This is much higher than the global average of 2 hours 22 minutes The number of active social media users in Nigeria increased in 2021 by 22 percent compared with a global average increase of 13 per cent WhatsApp and Facebook are the most used social media platforms in Nigeria 134 Tourism Edit This section is an excerpt from Tourism in Nigeria edit The temple of Yoruba goddess Oshun at Osun Osogbo an attraction for pilgrims and tourists alike African Bush Elephants in Yankari National Park Bauchi State Multidisciplinary technologist Ade Olufeko inside Sungbo s Eredo in 2017 Students of the African Church on an excursion to the Olumo Rock Mini waterfall at the grotto in Becheve Nature Reserve Tourism in Nigeria centers largely on events due to the country s ample amount of ethnic groups but also includes rain forests savannah waterfalls and other natural attractions 135 Tourists spent US 2 6 billion in Nigeria in 2015 This dropped to US 1 5 billion in 2017 136 probably due to the rise of the Boko Haram insurgency of 2015 Data EditElectricity production 18 89 billion kWh 2009 Electricity production by source fossil fuel 61 69 hydro 38 31 nuclear 0 other lt 1 1998 Electricity consumption 17 66 billion kWh 2009 Electricity exports 40 million kWh 2003 Electricity imports 0 kWh 1998 Oil production 2 35 million barrels per day 374 10 3 m3 d July 2006 est Oil consumption 310 000 bbl d 49 000 m3 d 2003 est Overseas remittances EditA major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad 137 In 2014 17 5 million Nigerians lived in foreign countries with the UK and the USA having more than 2 million Nigerians each 137 According to the International Organization for Migration Nigeria witnessed a dramatic increase in remittances sent home from overseas Nigerians going from US 2 3 billion in 2004 to 17 9 billion in 2007 representing 6 7 of GDP The United States accounts for the largest portion of official remittances followed by the United Kingdom Italy Canada Spain and France On the African continent Egypt Equatorial Guinea Chad Libya and South Africa are important source countries of remittance flows to Nigeria while China is the biggest remittance sending country in Asia 138 Labour force EditIn 2015 Nigeria had a labour force of 74 million In 2003 the unemployment rate was 10 8 overall by 2015 unemployment stood at 6 4 139 Since 1999 the Nigerian Labor Congress NLC a union umbrella organization has called six general strikes to protest domestic fuel price increases However in March 2005 the government introduced legislation ending the NLC s monopoly over union organizing In December 2005 the Nigerian Labour Congress NLC was lobbying for an increase in the minimum wage for federal workers The existing minimum wage which was introduced six years earlier but has not been adjusted since has been whittled away by inflation to only US 42 80 per month 140 According to the International Organization for Migration the number of immigrants residing in Nigeria has more than doubled in recent decades from 477 135 in 1991 to 971 450 in 2005 The majority of immigrants in Nigeria 74 are from neighbouring Economic Community of West African States ECOWAS and that this number has increased considerably over the last decade from 63 in 2001 to 97 in 2005 141 The government has to pay a high interest rate on bonds in part because of the high fertility rate there are many children and less savings 142 Human capital Edit Further information Education in Nigeria As of 2019 Nigeria s HDI Human Development Index is ranked 161st at 0 539 The comparative value for Sub Saharan Africa is 0 547 0 926 for the US and 0 737 for the world average 41 The value for the education index is 0 499 compared to the average in the US of 0 900 The expected years of schooling in Nigeria is 10 0 16 3 in the US while the mean years of schooling for adults over 25 years is 6 7 years 13 4 years in the US 41 Additionally Nigeria is also facing a relatively high inequality worsening the problem regarding the formation of human capital 143 144 145 Government policy EditInflation Edit This section possibly contains original research Please improve it by verifying the claims made and adding inline citations Statements consisting only of original research should be removed April 2017 Learn how and when to remove this template message Inflation and gdp growth in Nigeria 2015 2021 Source National Bureau of Statistics In 2016 the black market exchange rate of the Naira was about 60 above the official rate The central bank releases about 200 million each week at the official exchange rate However some companies cite that budgets now include a 30 premium to be paid to central bank officials to get dollars 146 Nigeria s inflation rate rose to 15 63 per cent in December 2021 compared to 15 40 per cent in November the National Bureau of Statistics announced on January 17 2022 The statistics office said the prices of goods and services measured by the Consumer Price Index increased by 15 63 per cent in December 2021 when compared to December 2020 According to the NBS this rise in the food index was caused by increases in prices of bread and cereals food products meat fish potatoes yam and other tubers soft drinks and fruits 147 Foreign economic relations EditNigeria s foreign economic relations revolve around its role in supplying the world economy with oil and natural gas even as the country seeks to diversify its exports harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States ECOWAS and encourage inflows of foreign portfolio and direct investment In October 2005 Nigeria implemented the ECOWAS common external tariff which reduced the number of tariff bands 148 Prior to this revision tariffs constituted Nigeria s second largest source of revenue after oil exports In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write downs and buybacks 149 Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995 If the global transition to renewable energy is completed and international demand for Nigeria s petroleum resources ceases Nigeria will be significantly weakened It is ranked 149 out of 156 countries in the index of Geopolitical Gains and Losses after energy transition GeGaLo 150 External trade Edit Nigeria s exports in 2006 A proportional representation of Nigeria s exports In 2017 Nigeria imported about US 34 2 billion of goods 151 In 2017 the leading sources of imports were China 28 the Belgium Luxembourg 8 9 the Netherlands 8 3 South Korea 6 4 the United States 6 0 and the India 4 6 152 Principal imports were manufactured goods machinery and transport equipment chemicals and food and live animals In 2017 Nigeria exported about US 46 68 billion of goods 153 In 2017 the leading destinations for exports were India 18 the United States 14 Spain 9 7 France 6 0 and the Netherlands 4 9 152 In 2017 oil accounted for 83 of merchandise exports 153 Natural rubber and cocoa are the country s major agricultural exports 19 In 2005 Nigeria posted a US 26 billion trade surplus corresponding to almost 20 of gross domestic product In 2005 Nigeria achieved a positive current account balance of US 9 6 billion The Nigerian currency is the naira NGN As of June 2006 the exchange rate was about US 1 NGN128 4 As of June 2019 it stands at US 1 NGN357 In recent years Nigeria has expanded its trade relations with other developing countries such as India Nigeria is the largest African crude oil supplier to India it annually exports 400 000 barrels per day 64 000 m3 d to India valued at US 10 billion annually 154 India is the largest purchaser of Nigeria s oil which fulfills 20 to 25 of India s domestic oil demand Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there 155 The trade volume between Nigeria and the United Kingdom rose by 35 from USD6 3 billion in 2010 to USD8 5 billion in 2011 156 External debt Edit In 2012 Nigeria s external debt was an estimated 5 9 billion and N5 6 trillion domestic putting total debt at 44 billion 157 In April 2006 Nigeria became the first African country to fully pay off its debt owed to the Paris Club 158 This was structured as a debt write off of approximately 18 billion and a cash payment of approximately 12 billion Foreign investment Edit In 2012 Nigeria received a net inflow of US 85 73 billion of foreign direct investment FDI much of which came from Nigerians in the diaspora Most FDI is directed toward the energy and banking sectors Any public designed to encourage inflow of foreign capital is capable of generating employment opportunities within the domestic economy The Nigerian Enterprises Promotion NEP Decree of 1972 revised in 1977 was intended to reduce foreign investment in the Nigerian economy The stock market capitalisation of listed companies in Nigeria was valued at 97 75 billion on 15 February 2008 by the Nigerian Stock Exchange Swiss Banks to return Abacha Stolen Funds Edit The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland The authorities were responding to allegations that 200 million SFr240 million of 700 million handed back by the Swiss Banks to Nigeria had been misappropriated 159 See also EditPoverty in Nigeria Steel industry in Nigeria United Nations Economic Commission for AfricaReferences Edit 2020 Appropriation Act Budget Office of the Federation Federal Republic of Nigeria Archived from the original on 25 September 2020 Retrieved 27 April 2020 World Economic Outlook Database April 2019 IMF org International Monetary Fund Retrieved 29 September 2019 World Bank Country and Lending Groups World Bank Retrieved 29 September 2019 Population total World Bank Retrieved 24 June 2021 a b c World Economic Outlook Database October 2019 IMF org International Monetary Fund Retrieved 12 January 2023 a b World Economic Outlook Database April 2020 IMF org International Monetary Fund Retrieved 12 January 2023 a b c International Monetary Fund World Economic Outlook Database April 2021 Nigeria Gross domestic product constant prices Percent change imf org Nigeria s GDP Grew By 1 87 YoY in Real Terms in Q1 2020 Proshareng Retrieved 24 August 2020 NBS puts Nigeria s poverty rate at 40 Businessamlive 4 May 2020 Retrieved 8 June 2020 Poverty and Inequality Index National Bureau of Statistics Retrieved 8 June 2020 Human Development Index HDI hdr undp org HDRO Human Development Report Office United Nations Development Programme Retrieved 21 October 2022 Labour Force and Unemployment Report National Bureau of Statistics Third Quarter 2018 Labour Force Statistics 2010 Nigerian Bureau of Statistics 2010 Archived from the original on 24 April 2015 Retrieved 22 June 2015 Nigeria s unemployment rate rises to 23 1 NBS Premium Times 19 December 2018 Retrieved 14 February 2019 a b Nigerian Gross Domestic Product Report Q2 2015 National Bureau of Statistics Archived from the original on 15 September 2015 Retrieved 22 September 2015 Doing Business in Nigeria 2012 Doing Business org Archived from the original on 6 February 2017 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com Retrieved 2 June 2017 Nigeria GDP 1960 2020 macrotrends net Retrieved 25 May 2020 factfish Gross domestic product per capita constant 2005 US for Nigeria factfish com Retrieved 10 April 2018 News 2012 Nigerian National Bureau of Statistics Retrieved 26 March 2012 Bodedandyin africa 2 Years Ago 12 January 2018 Africa Economy and Crypto Currency How Crypto Currency Can Help To Boost Africa Economy Steemit Retrieved 30 May 2020 Nigeria s 2012 t0 2014 Revenue and expenditure framwork Nigeria Business News Nigeria Financial News Nigeria Economy News Business News in Nigeria Nigeria Stock Market News 2 October 2012 Retrieved 25 May 2020 Olomola Ade S 2007 Strategies for Managing the Opportunities and Challenges of the Current Agricultural Commodity Booms in SSA in Seminar Papers on Managing Commodity Booms in Sub Saharan Africa A Publication of the AERC Senior Policy Seminar IX African Economic Research Consortium AERC Nairobi Kenya Iloani Francis Arinze 15 August 2019 Nigeria spent 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Nigeria A Country Study Federal Research Division Nigerian Federal government Recruitment Archived 23 February 2020 at the Wayback Machine careerwatch ng 23 February 2020Further reading EditThe World Bank Economic Report on Nigeria May 2013External links EditEconomy of Nigeria at CurlieThis article s use of external links may not follow Wikipedia s policies or guidelines Please improve this article by removing excessive or inappropriate external links and converting useful links where appropriate into footnote references April 2017 Learn how and when to remove this template message World Bank Summary Trade Statistics Nigeria Nigeria latest trade data on ITC Trade Map Invest In Knowledge Based Economy In Nigeria Archived 2 June 2021 at the Wayback Machine Tariffs applied by Nigeria as provided by ITC s ITC Market Access Map permanent dead link an online database of customs tariffs and market requirements Retrieved from https en wikipedia org w index php title Economy of Nigeria amp 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