Nigeria
Nigeria
General Info
| Official Name | Federal Republic of Nigeria |
| Area | 923,773 sq km |
| Arable as % of Total Land | 33 |
| Population | 146.2 m |
| Main Cities | Lagos, Abuja (capital) |
| Climate | varies; equatorial in south, tropical in center, arid in north |
| Language | English (official), Hausa, Yoruba and Ibo |
| Measures | Metric system |
| Currency | Naira (N) |
| Time | One hour ahead of GMT |
| Weekends | Friday, Saturday |
| Main Harbours | Lagos, Harcourt |
| Main Airports | Murtala Muhammad, Mallam Aminu, Abuja, Kaduna |
Location and Geography:
Nigeria is located in West Africa. It is bordered by Benin in the West, Niger in the North, Chad in the North-east, Cameroon in the East, and the Gulf of Guinea in the South. The country’s major geographical features are the Niger and Benue Rivers. The highest elevations are in the Eastern highland along the border with Cameroon. The most extensive upland area is the Jos Plateau. The dusty haze carried by the winds even causes airports to close from time to time. Nigeria covers three climatic regions: equatorial in the South, tropical in the centre and arid in the North. Rainfall is heavy set in the South along the coast but decreases sharply inland. The dry and rainy seasons are fairly distinct
Economic Indicators
| 2003 | 2004 | 2005 | 2006 | 2007 | |
| GDP | |||||
| Nominal GDP (US$m) | 58.3 | 72.1 | 91.9 | 117.3 | 135.5 |
| Real GDP Growth (%) | 10.4 | 6.4 | 6.5 | 5.6 | 6.3 |
| Origin of GDP (%real change) | |||||
| Agriculture | 6.5 | 6.5 | 8.2 | 8.0 | 8.5 |
| Industry | 16.7 | 5.7 | 4.8 | 2.1 | 3.4 |
| Services | -3.0 | 6.7 | 9.0 | 13.5 | 11.0 |
| GDP per capita
(US$ at PPP) |
1,351 | 1.434 | 1,540 | 1,627 | 1,749 |
| Prices and financial indicators | |||||
| Exchange Rates N:US$ (end-period) | 136.50 | 132.35 | 129.00 | 128.27 | 117.98 |
| Consumer Prices
(av, %) |
14.0 | 15.0 | 17.9 | 8.2 | 5.4 |
| Lending interest rate (av; %) | 20.7 | 19.2 | 17.9 | 16.9 | 16.5 |
| Trade Balance | 9,180 | 26,740 | 36,607 | 36,011 | 21,889 |
| Goods:exports fob | 24,062 | 38,596 | 50,440 | 58,726 | 54,698 |
| Goods: imports cif | -14,882 | -11,856 | -13,833 | -22,715 | -32,809 |
| Current-account balance (US$bn) | -1,569 | 4,349 | 8,024 | 13,767 | 2,854 |
| External Debt (US$m) | |||||
| Debt stock | 34,700 | 37,883 | 22,178 | 7,693 | 8,031 |
| Debt service paid | 1,643 | 1,731 | 8,881 | 6,805 | 1,174 |
| Interest | 425 | 566 | 5,007 | 383 | 84 |
| Total International Reserves (US$m) | 7,128 | 16,956 | 28,280 | 42,299 | 51,334 |
III. Trade Figures*
a.
| US$m |
2003 |
2004 |
2005 |
2006 |
2007 |
| Exports (FOB) |
24,062 |
38,596 |
50,440 |
58,726 |
54,698 |
| Imports (CIF) |
14,882 |
11,856 |
13,833 |
22,715 |
32,809 |
| Trade Volume |
38,944 |
50,452 |
64,273 |
81,441 |
87,505 |
| Trade Balance |
9,180 |
26,740 |
36,607 |
36,011 |
21,889 |
b.
| Exports by Country-2007 US$m | Total | Share | Oil | Non-oil |
| United States | 25,497 | 46.6% | 24,802 | 695 |
| Belgium | 4,572 | 8.3% | 3,965 | 607 |
| India | 4,458 | 8.1% | 4,363 | 95 |
| Brazil | 3,507 | 6.4% | 3,481 | 26 |
| France | 1,998 | 3.6% | 1,859 | 139 |
| South Africa | 1,401 | 2.5% | 1,392 | 9 |
| Germany | 1,271 | 2.3% | 1,160 | 111 |
| Grand Total | 54,698 | 100% | 50,831 | 3,867 |
| Imports by Country- 2007 US$m | Total | Share |
| China | 4,981 | 15.1% |
| United States | 4,957 | 15.1% |
| Belgium | 4,015 | 12.2% |
| United Kingdom | 1,739 | 5.3% |
| Germany | 1,599 | 4.8% |
| India | 1,466 | 4.4% |
| France | 1,260 | 3.8% |
| Brazil | 1,130 | 3.4% |
| Grand Total | 32,809 | 100% |
c.
| Exports by section US$m | 2005 | 2006 | 2007 | Share |
| Mineral Products |
50,055 |
57,694 |
51,919 |
94.9% |
| Vehicles, aircraft and parts thereof; vessels etc. |
282 |
442 |
204 |
0.3% |
| Raw hides and skins, leather, furskins etc; saddlery |
0 |
78 |
391 |
0.7% |
| Vegetable products |
0 |
0 |
329 |
0.6% |
| Plastic, rubber and articles thereof |
6 |
32 |
312 |
0.6% |
| Grand Total |
50,440 |
58,726 |
54,698 |
100% |
| Imports by section US$m | 2005 | 2006 | 2007 | Share |
| Boilers, machinery and appliances; parts thereof |
2,400 |
6,447 |
7,242 |
22% |
| Vehicles, aircraft and parts thereof; vessels etc |
1,859 |
2,959 |
4,126 |
12.5% |
| Plastic, rubber and articles thereof |
1,023 |
1,763 |
2,798 |
8.5% |
| Products of the chemical and allied industries |
1,089 |
2,205 |
3,057 |
9.3% |
| Live animals; animal products |
1,052 |
1,402 |
2,235 |
6.8% |
| Vegetable products |
986 |
1,932 |
2,962 |
9.0% |
| Grand Total |
13,833 |
22,715 |
32,809 |
100% |
IV. Others
Industry
Main industries of country
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, small commercial ship construction and repair
Agrıculture
Cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
The Nigerian economy used to be based on agriculture until the discovery of oil in the late 1960s. Today, Nigeria is the world’s seventh largest producer of crude oil and its oil and natural gas deposits represent the major economic assets of the country. The other natural resources include tin, columbite, uranium, iron ore, coal, limestone, lead and zinc. Domestically produced consumer goods include textiles, beverages, lumber, furniture, plastics, pharmaceuticals and food products. Other developing industries include steel, aluminium, fertilisers and liquefied gas. Manufacturing sector is the second fastest growing sector after mining. The emphasis on agriculture in the Nigerian economy has diminished due to the development of the petroleum sector. Major agricultural crops raised are maize, wheat, millet, yam, cocoa yam, peanut, and palm oil. Moreover, fishing, which is the fastest-growing agricultural sub-sector, is carried out predominantly in creeks, inland rivers and lakes in the South.
