Economy - overview The oil-rich Nigerian economy continues to be hobbled by political instability,corruption, and poor macroeconomic management. Nigeria's unpopular militaryrulers have failed to make significant progress in diversifying the economyaway from overdependence on the capital intensive oil sector which provideshalf of GDP, 95% of foreign exchange earnings, and about 80% of budgetaryrevenues. Regime officials also appear divided on how to redress fundamentaleconomic imbalances that result in troublesome inflation and the discouragementof investors. The government's resistance to initiating greater transparencyand accountability in managing the country's multibillion dollar oil earningscontinues to limit economic growth and prevent an agreement with the IMF andbilateral creditors on debt relief. The largely subsistence agricultural sectorhas failed to keep up with rapid population growth, and Nigeria, once a largenet exporter of food, now must import food. Agricultural production in 1996suffered from severe shortages of fertilizer.

GDP purchasing power parity - $143.5 billion (1996 est.)

GDP - real growth rate 3% (1996 est.)

GDP - per capita purchasing power parity - $1,380 (1996 est.)

GDP - composition by sector
agriculture : 28%
industry: 53%
services: 19% (1995 est.)

Inflation rate - consumer price index 57% (1996 est.)

Labor force
total: 42.844 million
by occupation: agriculture 54%, industry, commerce, and services 19%, government 15%

Unemployment rate 28% (1992 est.)

Budget
revenues: $16.1 billion
expenditures: $16 billion, including capital expenditures of $NA billion (1995 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 -1% (1995)

Electricity - capacity 5.88 million kW (1994)

Electricity - production 14.88 billion kWh (1994)

Electricity - consumption per capita 141 kWh (1995 est.)

Agriculture - products cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca),yams, rubber ; cattle, sheep, goats, pigs; fishing and forest resources extensivelyexploited

Exports
total value : $11.6 billion (f.o.b., 1995)
commodities: petroleum and petroleum products 95%, cocoa, rubber
partners : US 52%, EU 34%

Imports
total value: $10 billion (c.i.f., 1995)
commodities: machinery, transportation equipment, manufactured goods, chemicals,food and animals
partners : EU 50%, US 13%, Japan 7%

Debt - external $34 billion (1994 est.)

Economic aid
recipient: ODA, $NA

Currency 1 naira (N) = 100 kobo

Exchange rates naira (N) per US$1 - 21.886 (October 1996), 21.895 (1995), 21.996 (1994),22.065 (1993), 17.298 (1992)

Fiscal year calendar year

NOTE: The information regarding Nigeria on this page is re-published from the 1997 World Fact Book of the United States Central Intelligence Agency. No claims are made regarding the accuracy of Nigeria Economy 1997 information contained here. All suggestions for corrections of any errors about Nigeria Economy 1997 should be addressed to the CIA.