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Economy
Economy—overview: The oil-rich Nigerian economy continues to be hobbled by political instability, corruption, and poor macroeconomic management. Nigeria's unpopular military rulers have failed to make significant progress in diversifying the economy away from overdependence on the capital intensive oil sector which provides 30% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary revenues. The government's resistance to initiating greater transparency and accountability in managing the country's multibillion dollar oil earnings continues to limit economic growth and prevent an agreement with the IMF and bilateral creditors on a staff-monitored program and debt relief. 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. Growth in 1999 may become negative because of continued low oil prices and persistent inefficiencies in the system.
GDP: purchasing power parity—$106.2 billion (1998 est.)
GDP—real growth rate: 1.6% (1998 est.)
GDP—per capita: purchasing power parity—$960 (1998 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): 15% (1998 est.)
Labor force: 42.844 million
Labor force—by occupation: agriculture 54%, industry, commerce, and services 19%, government 15%
Unemployment rate: 28% (1992 est.)
Budget:
revenues: $13.9 billion (1998 est.)
expenditures: $13.9 billion, including capital expenditures of
$NA billion (1998 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: 4.1% (1996)
Electricity—production: 13.78 billion kWh (1996)
Electricity—production by
source:
fossil fuel: 60.94%
hydro: 39.06%
nuclear: 0%
other: 0% (1996)
Electricity—consumption: 13.74 billion kWh (1996)
Electricity—exports: 50 million kWh (1996)
Electricity—imports: 0 kWh (1996)
Agriculture—products: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
Exports: $9.7 billion (f.o.b., 1998)
Exports—commodities: petroleum and petroleum products 95%, cocoa, rubber
Exports—partners: US 35%, Spain 11%, Italy 6%, France 6% (1997 est.)
Imports: $9.8 billion (f.o.b., 1998)
Imports—commodities: machinery, chemicals, transportation equipment, manufactured goods, food and animals
Imports—partners: US 14%, UK 11%, Germany 10%, France 8%, Netherlands 5% (1997 est.)
Debt—external: $32 billion (1998 est.)
Economic aid—recipient: $39.2 million (1995)
Currency: 1 naira (N) = 100 kobo
Exchange rates: nairas (N) per US$1—21.886 (December 1998), 21.886 (1998), 21.886 (1997), 21.895 (1995), 21.996 (1994)
Fiscal year: calendar year