Economy of Nigeria - Wikipedia, The Free Encyclopedia

12/5/2014 EconomyofNigeriaWikipedia,thefreeencyclopedia

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EconomyofNigeria

LagosisthecommercialcapitalofNigeria

Currency Nigeriannaira()(NGN)

Tradeorganisations

OPEC

Statistics

GDP $522billion(2013est.)(Nominal23rd)

GDPgrowth 6.2%(Q12014)[1](drivenbynonoilproductionactivities)

GDPpercapita

$2,800(2012est.)

GDPbysector agriculture:40%services:30%manufacturing:15%oil:14%(2012est.)[1]

Inflation(CPI) 11.9%(2011est.)

Populationbelowpovertyline

33.1%(2013est.)

Ginicoefficient 39.7(2003)

Labourforce 48.53million(2011est.)

Labourforcebyoccupation

services:32%agriculture:30%manufacturing:11%

Unemployment 24%(2011est.)

Mainindustries

crudeoil,coal,tin,columbite,uraniumpalmoil,peanuts,cotton,rubber,woodhidesandskins,textiles,cementandotherconstructionmaterials,foodproducts,footwear,chemicals,fertilizer,printing,ceramics,steel,smallcommercialshipconstructionandrepair,entertainment,machinery,carassembly

Easeofdoingbusinessrank

131[2]

External

Exports $97.46billion(2012est.)

EconomyofNigeriaFromWikipedia,thefreeencyclopedia(RedirectedfromNigeriaeconomy)

Nigeriaisamiddleincome,mixedeconomyandemergingmarket,withexpandingfinancial,service,



Exportgoods petroleumandpetroleumproducts95%,cocoa,rubber,machinery,processedfoods,entertainment

Mainexportpartners

UnitedStates16.8%India12.1%Netherlands8.6%Spain7.8%Brazil7.6%UnitedKingdom5.1%Germany4.9%Japan4.1%

France4.1%(2012est.)[3]

Imports $70.58billion(2012est.)

Importgoods machinery,chemicals,transportequipment,manufacturedgoods,foodandliveanimals

Mainimportpartners

China18.2%UnitedStates10.0%

India5.5%(2012est.)[4]

FDIstock $71.59billion(2009est.)

Grossexternaldebt

$10.1billion(2012est.)

Publicfinances

Publicdebt 18.8%ofGDP(2012est.)

Revenues $23.48billion

Expenses $31.61billion(2012est.)

Creditrating Standard&Poor's:[5]

B+(Domestic)B+(Foreign)B+(T&CAssessment)Outlook:Stable[6]

Fitch:[6]

BBB+Outlook:Stable

Foreignreserves

$42.8billion(2012est.)

Maindatasource:CIAWorldFactBook(https://www.cia.gov/library/publications/theworldfactbook/geos/ni.html)

Allvalues,unlessotherwisestated,areinUSdollars.

communications,technologyandentertainmentsectors.Itisranked26thintheworldintermsofGDP(nominal:30thin2013beforerebasing,40thin2005,52ndin2000),andisthelargesteconomyinAfrica(basedonrebasedfiguresannouncedinApril2014).Itisalsoontracktobecomeoneofthe20largesteconomiesintheworldby2020.Itsreemergent,thoughcurrentlyunderperforming,manufacturingsector



isthethirdlargestonthecontinent,andproducesalargeproportionofgoodsandservicesfortheWestAfricanregion.NigeriarecentlychangeditseconomicanalysistoaccountforrapidlygrowingcontributorstoitsGDP,suchastelecommunications,banking,anditsfilmindustry.Asaresultofthisstatisticalrevision,Nigeriahasadded89%toitsGDP,makingitthelargestAfricaneconomy.[7]

Previouslyhinderedbyyearsofmismanagement,economicreformsofthepastdecadehaveputNigeriabackontracktowardsachievingitsfulleconomicpotential.NigerianGDPatpurchasingpowerparity(PPP)hasalmosttripledfrom$170billionin2000to$451billionin2012,althoughestimatesofthesizeoftheinformalsector(whichisnotincludedinofficialfigures)puttheactualnumberscloserto$630billion.Correspondingly,theGDPpercapitadoubledfrom$1400perpersonin2000toanestimated$2,800perpersonin2012(again,withtheinclusionoftheinformalsector,itisestimatedthatGDPpercapitahoversaround$3,900perperson).(Populationincreasedfrom120millionin2000to160millionin2010).Thesefiguresaretoberevisedupwardsbyasmuchas80%whenmetricsarerecalculatedsubsequenttotherebasingofitseconomyinApril2014.[8]

Althoughmuchhasbeenmadeofitsstatusasamajorexporterofoil,Nigeriaproducesonlyabout2.7%oftheworld'ssupply(SaudiArabia:12.9%,Russia:12.7%,USA:8.6%).[9]Toputoilrevenuesinperspective:atanestimatedexportrateof1.9Mbbl/d(300,000m3/d),withaprojectedsalespriceof$65perbarrelin2011,Nigeria'santicipatedrevenuefrompetroleumisabout$52.2billion(2012GDP:$451billion).Thisaccountsabout11%ofofficialGDPfigures(anddropsto8%whentheinformaleconomyisincludedinthesecalculations).Therefore,thoughthepetroleumsectorisimportant,itremainsinfactasmallpartofthecountry'soverallvibrantanddiversifiedeconomy.

Thelargelysubsistenceagriculturalsectorhasnotkeptupwithrapidpopulationgrowth,andNigeria,oncealargenetexporteroffood,nowimportsalargequantityofitsfoodproducts,thoughthereisaresurgenceinmanufacturingandexportingoffoodproducts.In2006,NigeriasuccessfullyconvincedtheParisClubtoletitbuybackthebulkofitsdebtsowedtotheParisClubforacashpaymentofroughly$12billion(USD).[10]

AccordingtoaCitigroupreportpublishedinFebruary2011,NigeriawillgetthehighestaverageGDPgrowthintheworldbetween2010and2050.NigeriaisoneoftwocountriesfromAfricaamong11GlobalGrowthGeneratorscountries.[11]

Contents

1Overview2Economichistory3Economicsectors

3.1Agriculture3.2Oil3.3Services

3.3.1Transport3.3.2Tourism



3.4Mining3.5Energy3.6Overseasremittances3.7Foreignaid

4Labourforce4.1Humancapital

5Governmentpolicy5.1Inflation5.2Gradualreform

6Foreigneconomicrelations6.1Externaltrade6.2Externaldebt6.3Foreigninvestment6.4SwissBankstoreturnAbachaFunds

7Data8References9Furtherreading10Externallinks

Overview

Nigeria'seconomyisstrugglingtoleveragethecountry'svastwealthinfossilfuelsinordertodisplacethepovertythataffectsabout45%ofitspopulation.EconomistsrefertothecoexistenceofvastwealthinnaturalresourcesandextremepersonalpovertyindevelopingcountrieslikeNigeriaasthe"resourcecurse".Although"resourcecurse"ismorewidelyunderstoodtomeananabundanceofnaturalresourceswhichfuelsofficialcorruptionresultinginaviolentcompetitionfortheresourcebythecitizensofthenation.

Nigeria'sexportsofoilandnaturalgasatatimeofpeakpriceshaveenabledthecountrytopostmerchandisetradeandcurrentaccountsurplusesinrecentyears.Reportedly,80%ofNigeria'senergyrevenuesflowtothegovernment,16%coveroperationalcosts,andtheremaining4%gotoinvestors.However,theWorldBankhasestimatedthatasaresultofcorruption80%ofenergyrevenuesbenefitonly1%ofthepopulation.

In2005,NigeriaachievedamilestoneagreementwiththeParisCluboflendingnationstoeliminateallofitsbilateralexternaldebt.Undertheagreement,thelenderswillforgivemostofthedebt,andNigeriawillpayofftheremainderwithaportionofitsenergyrevenues.Outsideoftheenergysector,Nigeria'seconomyishighlyinefficient.Moreover,humancapitalisunderdevelopedNigeriaranked151outofcountriesintheUnitedNationsDevelopmentIndexin2004andnonenergyrelatedinfrastructureisinadequate.



From2003to2007,NigeriaattemptedtoimplementaneconomicreformprogramcalledtheNationalEconomicEmpowermentDevelopmentStrategy(NEEDS).ThepurposeoftheNEEDSwastoraisethecountry'sstandardoflivingthroughavarietyofreforms,includingmacroeconomicstability,deregulation,liberalization,privatization,transparency,andaccountability.

TheNEEDSaddressedbasicdeficiencies,suchasthelackoffreshwaterforhouseholduseandirrigation,unreliablepowersupplies,decayinginfrastructure,impedimentstoprivateenterprise,andcorruption.ThegovernmenthopedthattheNEEDSwouldcreate7millionnewjobs,diversifytheeconomy,boostnonenergyexports,increaseindustrialcapacityutilization,andimproveagriculturalproductivity.ArelatedinitiativeonthestatelevelistheStateEconomicEmpowermentDevelopmentStrategy(SEEDS).

AlongertermeconomicdevelopmentprogramistheUnitedNations(UN)sponsoredNationalMillenniumGoalsforNigeria.Undertheprogram,whichcoverstheyearsfrom2000to2015,Nigeriaiscommittedtoachieveawiderangeofambitiousobjectivesinvolvingpovertyreduction,education,genderequality,health,theenvironment,andinternationaldevelopmentcooperation.Inanupdatereleasedin2004,theUNfoundthatNigeriawasmakingprogresstowardachievingseveralgoalsbutwasfallingshortonothers.

Specifically,Nigeriahadadvancedeffortstoprovideuniversalprimaryeducation,protecttheenvironment,anddevelopaglobaldevelopmentpartnership.However,thecountrylaggedbehindonthegoalsofeliminatingextremepovertyandhunger,reducingchildandmaternalmortality,andcombatingdiseasessuchashumanimmunodeficiencyvirus/acquiredimmunedeficiencysyndrome(HIV/AIDS)andmalaria.

Aprerequisiteforachievingmanyoftheseworthwhileobjectivesiscurtailingendemiccorruption,whichstymiesdevelopmentandtaintsNigeria'sbusinessenvironment.PresidentOlusegunObasanjo'scampaignagainstcorruption,whichincludesthearrestofofficialsaccusedofmisdeedsandrecoveringstolenfunds,haswonpraisefromtheWorldBank.InSeptember2005,Nigeria,withtheassistanceoftheWorldBank,begantorecoverUS$458millionofillicitfundsthathadbeendepositedinSwissbanksbythelatemilitarydictatorSaniAbacha,whoruledNigeriafrom1993to1998.However,whilebroadbasedprogresshasbeenslow,theseeffortshavebeguntobecomeevidentininternationalsurveysofcorruption.Infact,Nigeria'srankinghasconsistentlyimprovedsince2001ranking147outof180countriesinTransparencyInternational's2007CorruptionPerceptionsIndex.

Economichistory

ThisisachartoftrendofgrossdomesticproductofNigeriaatmarketpricesestimated(http://www.imf.org/external/pubs/ft/weo/2006/01/data/dbcselm.cfm?G=2001)bytheInternationalMonetaryFundwithfiguresin$USDBillions.Figuresbefore2000arebackwardsprojectionsfromthe20002012numbers,basedonhistoricalgrowthrates,andshouldbereplacedwhendatabecomesavailable.



Year GrossDomesticProduct,(PPP,inBillions) USDollarExchangeInflationIndex(2000=100)

PerCapitaIncome(as%ofUSA)

1980 *58 1Naira 1.30 7%1985 *82 3Naira 3.20 5%1990 *118 9Naira 8.10 2.5%1995 *155 50Naira 56 3%2000 170 100Naira 100 3.5%2005 291 130Naira 207 4%2010 392 150Naira 108 5%2012 451 158Naira 121 7%

ThisisachartoftrendoftheglobalrankingoftheNigerianeconomy,incomparisonwithothercountriesoftheworld,derivedfromthehistoricalListofcountriesbyGDP(PPP).

Year 2005 2006 2007 2008 2009 2010 2011 2012 2013Ranking 52 47 38 37 34 31 31 30 23

Forpurchasingpowerparitycomparisons,theUSDollarisexchangedat75.75NigerianNairaonly.

CurrentGDPpercapita]ofNigeriaexpanded132%intheSixtiesreachingapeakgrowthof283%intheSeventies.Butthisprovedunsustainableanditconsequentlyshrankby66%intheEighties.IntheNineties,diversificationinitiativesfinallytookeffectanddecadalgrowthwasrestoredto10%.

Duetoinflation,percapitaGDPtodayremainslowerthanin1960whenNigeriadeclaredindependence.About45%ofthepopulationlivesonlessthanUS$2perday.In2012,theGDPwascomposedofthefollowingsectors:agriculture:40%services:30%manufacturing:15%oil:14%(2012est.)[1]

In2005Nigeria'sinflationratewasanestimated15.6%.Nigeria'sgoalundertheNationalEconomicEmpowermentDevelopmentStrategy(NEEDS)programistoreduceinflationtothesingledigits.In2005Nigeria'scentralgovernmenthadexpendituresofUS$13.54billionbutrevenuesofonlyUS$12.86billion,resultinginabudgetdeficitof5%.Nigeriantaxauthoritiesfacethechallengeofwidespreadtaxevasion,whichismotivatedbycomplaintsaboutcorruptionandthepoorqualityofservices.

Meanwageswere$1.11permanhourin2009.

Economicsectors

Agriculture

NigeriarankssixthworldwideandfirstinAfricainfarmoutput.

Agriculturehassufferedfromyearsofmismanagement,inconsistentandpoorlyconceivedgovernmentpolicies,neglectandthelackofbasicinfrastructure.Still,thesectoraccountsforover26.8%ofGDPandtwothirdsofemployment.Nigeriahas19millionheadofcattle,



NigerianfarmersintheMiddleBelt,2006.70%ofNigeriansareemployedinagriculture.[12]

ThegatesoftheoilrefineryinPortHarcourt.

(http://allafrica.com/stories/201405160659.html)thelargestinAfrica.Nigeriaisnolongeramajorexporterofcocoa,groundnuts(peanuts),rubber,andpalmoil.Cocoaproduction,mostlyfromobsoletevarietiesandoveragetrees,hasneverthelessincreasedfromaround180,000tonsannuallyto350,000tons.

Adramaticdeclineingroundnutandpalmoilproductionalsohastakenplace.OncethebiggestpoultryproducerinAfrica,corporatepoultryoutputhasbeenslashedfrom40millionbirdsannuallytoabout18million.Importconstraintslimittheavailabilityofmanyagriculturalandfoodprocessinginputsforpoultryandothersectors.Fisheriesarepoorlymanaged.Mostcriticalforthecountry'sfuture,Nigeria'slandtenuresystemdoesnotencouragelongterminvestmentintechnologyormodernproductionmethodsanddoesnotinspiretheavailabilityofruralcredit.

Agriculturalproductsincludecassava(tapioca),corn,cocoa,millet,palmoil,peanuts,rice,rubber,sorghum,andyams.In2003livestockproduction,inorderofmetrictonnage,featuredeggs,milk,beefandveal,poultry,andpork,respectively.Inthesameyear,thetotalfishingcatchwas505.8metrictons.Roundwoodremovalstotaledslightlylessthan70millioncubicmeters,andsawnwoodproductionwasestimatedat2millioncubicmeters.Theagriculturalsectorsuffersfromextremelylowproductivity,reflectingrelianceonantiquatedmethods.Althoughoverallagriculturalproductionroseby28%duringthe1990s,percapitaoutputrosebyonly8.5%duringthesamedecade.AgriculturehasfailedtokeeppacewithNigeria'srapidpopulationgrowth,sothatthecountry,whichonceexportedfood,nowreliesonimportstosustainitself.

Oil

Theoilboomofthe1970sledNigeriatoneglectitsstrongagriculturalandlightmanufacturingbasesinfavorofanunhealthydependenceoncrudeoil.In2000,oilandgasexportsaccountedformorethan98%ofexportearningsandabout83%offederalgovernmentrevenue.Newoilwealth,theconcurrentdeclineofothereconomicsectors,andalurchtowardastatisteconomicmodelfueledmassivemigrationtothecitiesandledtoincreasinglywidespreadpoverty,especiallyinruralareas.

Acollapseofbasicinfrastructureandsocialservicessincetheearly1980saccompaniedthistrend.By2000,Nigeria'spercapitaincomehadplungedtoaboutonequarterofitsmid1970shigh,belowthelevelatindependence.AlongwiththeendemicmalaiseofNigeria'snonoilsectors,theeconomycontinuestowitnessmassivegrowthof"informalsector"economicactivities,estimatedbysometobeashighas75%ofthetotaleconomy.



Nigeria'sprovenoilreservesareestimatedtobe35billionbarrels(5.6 109m3)naturalgasreservesarewellover100trillioncubicfeet(2,800km3).NigeriaisamemberoftheOrganizationofPetroleumExportingCountries(OPEC),andinmid2001,itscrudeoilproductionwasaveragingaroundThetypesofcrudeoilexportedbyNigeriaareBonnylightoil,Forcadoscrudeoil,QuaIbocrudeoilandBrassRivercrudeoil.Poorcorporaterelationswithindigenouscommunities,vandalismofoilinfrastructure,severeecologicaldamage,andpersonalsecurityproblemsthroughouttheNigerDeltaoilproducingregioncontinuetoplagueNigeria'soilsector.

Effortsareunderwaytoreversethesetroubles.Intheabsenceofgovernmentprograms,themajormultinationaloilcompanieshavelaunchedtheirowncommunitydevelopmentprograms.Anewentity,theNigerDeltaDevelopmentCommission(NDDC),hasbeencreatedtohelpcatalyzeeconomicandsocialdevelopmentintheregion.Althoughithasyettolaunchitsprograms,hopesarehighthattheNDDCcanreversetheimpoverishmentoflocalcommunities.TheU.S.remainsNigeria'slargestcustomerforcrudeoil,accountingfor40%ofthecountry'stotaloilexportsNigeriaprovidesabout10%ofoverallU.S.oilimportsandranksasthefifthlargestsourceforU.S.importedoil.

TheUnitedKingdomisNigeria'slargesttradingpartnerfollowedbytheUnitedStates.AlthoughthetradebalanceoverwhelminglyfavorsNigeria,thankstooilexports,alargeportionofU.S.exportstoNigeriaisbelievedtoenterthecountryoutsideoftheNigeriangovernment'sofficialstatistics,duetoimportersseekingtoavoidNigeria'sexcessivetariffs.Tocountersmugglingandunderinvoicingbyimporters,inMay2001,theNigeriangovernmentinstitutedafullinspectionprogramforallimports,andenforcementhasbeensustained.

Onthewhole,Nigerianhightariffsandnontariffbarriersaregraduallybeingreduced,butmuchprogressremainstobemade.Thegovernmentalsohasbeenencouragingtheexpansionofforeigninvestment,althoughthecountry'sinvestmentclimateremainsdauntingtoallbutthemostdetermined.ThestockofU.S.investmentisnearly$7billion,mostlyintheenergysector.ExxonMobilandChevronarethetwolargestU.S.corporationsinoffshoreoilandgasproduction.Significantexportsofliquefiednaturalgasstartedinlate1999andareslatedtoexpandasNigeriaseekstoeliminategasflaringby2008.

Oildependency,andtheallureitgeneratedofgreatwealththroughgovernmentcontracts,spawnedothereconomicdistortions.Thecountry'shighpropensitytoimportmeansroughly80%ofgovernmentexpendituresisrecycledintoforeignexchange.Cheapconsumerimports,resultingfromachronicallyovervaluedNaira,coupledwithexcessivelyhighdomesticproductioncostsdueinparttoerraticelectricityandfuelsupply,pusheddownutilizationofindustrialcapacitytolessthan30%.ManymoreNigerianfactorieswouldhaveclosedexceptforrelativelylowlaborcosts(10%15%).Domesticmanufacturers,especiallypharmaceuticalsandtextiles,havelosttheirabilitytocompeteintraditionalregionalmarkets.However,therearesignsthatsomemanufacturershavebeguntoimprovecompetitiveness.

ThepumppriceofP.M.S.inNigeriacurrentlystandsat97naira,butsomefuelingstationsinNigeria,especiallyintownsfarfromthestatecapitals,tendtoselltheproductatamuchhigherprice,rangingfrom110nairato140naira.AninitialincreaseinthepriceofpetroleumonNewYeardayfrom65nairato138nairatriggeredoffatotalstrikeandmassiveprotestsacrossthecountry.PresidentGoodluckEbeleJonathanlaterreachedanagreementwiththeNigerianLabourCongressandreducedthepumppriceto97naira.

Services



MinibusesinLagos.

Nigeriaranks63rdworldwideandfifthinAfricainservices'output.Lowpowergenerationhascrippledthegrowthofthissector.

Sinceundergoingseveredistressinthemid1990s,Nigeria'sbankingsectorhaswitnessedsignificantgrowthoverthelastfewyearsasnewbanksenterthefinancialmarket.HarshmonetarypoliciesimplementedbytheCentralBankofNigeriatoabsorbexcessNairaliquidityintheeconomyhasmadelifemoredifficultforbanks,someofwhomengageincurrencyarbitrage(roundtripping)activitiesthatgenerallyfalloutsidelegalbankingmechanisms.

PrivatesectorledeconomicgrowthremainsstymiedbythehighcostofdoingbusinessinNigeria,includingtheneedtoduplicateessentialinfrastructure,thethreatofcrimeandassociatedneedforsecuritycountermeasures,thelackofeffectivedueprocess,andnontransparenteconomicdecisionmaking,especiallyingovernmentcontracting.Whilecorruptpracticesareendemic,theyaregenerallylessflagrantthanduringmilitaryrule,andtherearesignsofimprovement.Meanwhile,since1999theNigerianStockExchangehasenjoyedstrongperformance,althoughequityasameanstofostercorporategrowthisbeingmoreutilizedbyNigeria'sprivatesector.

Transport

Nigeria'spubliclyownedtransportationinfrastructureisamajorconstrainttoeconomicdevelopment.PrincipalportsareatLagos(ApapaandTinCanIsland),PortHarcourt,andCalabar.Ofthe80,500kilometers(50,000mi.)ofroads,morethan15,000kilometers(10,000mi.)areofficiallypaved,butmanyremaininpoorshape.

Extensiveroadrepairsandnewconstructionactivitiesaregraduallybeingimplementedasstategovernments,inparticular,spendtheirportionsofenhancedgovernmentrevenueallocations.Thegovernmentimplementationof100%destinationinspectionofallgoodsenteringNigeriahasresultedinlongdelaysinclearinggoodsforimportersandcreatednewsourcesofcorruption,sincetheportslackadequatefacilitiestocarryouttheinspection.

FiveofNigeria'sairportsLagos,Kano,PortHarcourt,EnuguandAbujacurrentlyreceiveinternationalflights.GovernmentownedNigeriaAirwaysceasedoperationsinDecember2002.VirginNigeriaAirwaysstartedoperationsin2005asareplacementandservesdomesticandinternationalroutes.Also,TheNigerianAirforcebegananewairlinecalledUnitedNigeria,withaBoeing737500in2013.ThereareseveraldomesticprivateNigeriancarriers,andairserviceamongNigeria'scitiesisgenerallydependable.ThemaintenancecultureofNigeria'sdomesticairlinesisnotuptointernationallyacceptedstandards.

Tourism

Mining

Energy



Overseasremittances

Nexttopetrodollars,thesecondbiggestsourceofforeignexchangeearningsforNigeriaareremittancessenthomebyNigerianslivingabroad.[13]In2014,17.5millionNigerianslivedinforeigncountries,withtheUKandtheUSAhavingmorethan2millionNigerianseach.[14]

AccordingtotheInternationalOrganizationforMigration,NigeriawitnessedadramaticincreaseinremittancessenthomefromoverseasNigerians,goingfromUSD2.3billionin2004to17.9billionin2007,representing6.7%ofGDP.TheUnitedStatesaccountsforthelargestportionofofficialremittances,followedbytheUnitedKingdom,Italy,Canada,SpainandFrance.OntheAfricancontinent,Egypt,EquatorialGuinea,Chad,LibyaandSouthAfricaareimportantsourcecountriesofremittanceflowstoNigeria,whileChinaisthebiggestremittancesendingcountryinAsia.

Foreignaid

AsofOctober2005,WorldBankassistancetoNigeriainvolved19activeprojectswithatotalcommitmentvalueofaboutUS$1.87billion.SinceNigeriajoinedtheWorldBankin1961,theWorldBankhasassistediton120projects.InOctober2005,theInternationalMonetaryFundapprovedatwoyearpolicysupportinstrumentdesignedtopromotethegrowthofthenonoilsectorandtoreducepoverty.

TheUnitedStatesassistedwithNigeria'seconomicdevelopmentfrom1954throughJune1974,whenconcessionalassistancewasphasedoutbecauseofasubstantialincreaseinNigeria'spercapitaincomeresultingfromrisingoilrevenue.By1974,theUnitedStateshadprovidedNigeriawithapproximately$360millioninassistance,whichincludedgrantsfortechnicalassistance,developmentassistance,reliefandrehabilitation,andfoodaid.Disbursementscontinuedintothelate1970s,bringingtotalbilateraleconomicassistancetoroughly$445million.

Thesharpdeclineinoilprices,economicmismanagement,andcontinuedmilitaryrulecharacterizedNigeriainthe1980s.In1983,USAIDbeganprovidingassistancetotheNigerianFederalandStateMinistriesofHealthtodevelopandimplementprogramsinfamilyplanningandchildsurvival.In1992,anHIV/AIDSpreventionandcontrolprogramwasaddedtoexistinghealthactivities.USAIDcommitted$135milliontobilateralassistanceprogramsfortheperiodof1986to1996asNigeriaundertookaninitiallysuccessfulStructuralAdjustmentProgram,butlaterabandonedit.

Planstocommit$150millioninassistancefrom1993to2000wereinterruptedbystrainsinU.S.Nigerianrelationsoverhumanrightsabuses,thefailedtransitiontodemocracy,andalackofcooperationfromtheNigerianGovernmentonantinarcoticstraffickingissues.Bythemid1990s,theseproblemsresultedinthecurtailmentofUSAIDactivitiesthatmightbenefitthemilitaryGovernment.ExistinghealthprogramswereredesignedtofocusonworkingthroughgrassrootsNigeriannongovernmentalorganizationsandcommunitygroups.AsaresponsetotheNigerianmilitarygovernment'splansfordelayedtransitiontocivilianrule,thePeaceCorpscloseditsprograminNigeriain1994.

Inresponsetotheincreasinglyrepressivepoliticalsituation,USAIDestablishedaDemocracyandGovernance(DG)programin1996.Thisprogramintegratesthemesfocusingonbasicparticipatorydemocracy,humanrightsandcivilrights,women'sempowerment,accountability,andtransparencywithotherhealthactivitiestoreachNigeriansatthegrassrootslevelin14ofNigeria's36states.



ThesuddendeathofGeneralSaniAbachaandtheassumptionofpowerbyGeneralAbdulsalamiAbubakarinJune1998,markedaturningpointinU.S.Nigerianrelations.USAIDprovidedsignificantsupporttotheelectoralprocessbyprovidingsome$4millioninfundingforinternationalelectionobservation,thetrainingofNigerianelectionobserversandpoliticalpartypollingagents,aswellasvotereducationactivities.AVitalNationalInterestCertificationwassubmittedtoCongressinFebruary1999byPresidentClintontoliftrestrictionsonU.S.GovernmentinteractionwithandsupporttotheGovernmentofNigeria.

Sincethattime,USAIDhassupportedNigeriatosustaindemocracyandtoimprovegovernancebyprovidingtrainingontherolesandresponsibilitiesofelectedofficialsinarepresentativedemocracyfornewlyelectedofficialsatthefederal,state,andlocallevelspriortotheirinstallationinMay1999andassistingwithconflictpreventionandresolutionintheNigerDelta,civilmilitaryrelations,civilsociety,andpoliticalpartydevelopment.IntheeconomicareaUSAIDsupportsprogramsinstrengtheningeconomicmanagementandcoordination,encouragingprivatesectordevelopmentandeconomicreform,helpingNigeriareapthebenefitsofAGOA,improvedagriculturaltechnologyandmarketingandsmallscaleandmicroenterprisedevelopment.Inaddition,healthassistance,focusingonHIV/AIDS,nutrition,andimmunization,education,transportationandenergyinfrastructure,areprioritiesforbilateralassistance.

Labourforce

In2005,Nigeriahadalabourforceof57.2million.In2003,theunemploymentratewas10.8%overallurbanunemploymentof12.3%exceededruralunemploymentof7.4%.Accordingtothelatestavailableinformationfrom1999,laborforceemploymentbysectorwasasfollows:70%inagriculture,20%inservices,and10%inindustry.Laborunions,whichhaveundergoneperiodsofmilitancyandquiescence,reemergedasaforcein1998whentheyregainedindependencefromthegovernment.

Since1999,theNigerianLaborCongress(NLC)aunionumbrellaorganization,hascalledsixgeneralstrikestoprotestdomesticfuelpriceincreases.However,inMarch2005thegovernmentintroducedlegislationendingtheNLC'smonopolyoverunionorganizing.InDecember2005,theNLCwaslobbyingforanincreaseintheminimumwageforfederalworkers.Theexistingminimumwage,whichwasintroducedsixyearsearlierbuthasnotbeenadjustedsince,hasbeenwhittledawaybyinflationtoonlyUS$42.80permonth.

AccordingtotheInternationalOrganizationforMigration,thenumberofimmigrantsresidinginNigeriahasmorethandoubledinrecentdecadesfrom477,135in1991to971,450in2005.ThemajorityofimmigrantsinNigeria(74%)arefromneighbouringEconomicCommunityofWestAfricanStates(ECOWAS),andthatthisnumberhasincreasedconsiderablyoverthelastdecade,from63%in2001to97%in2005.InspiteofNigeria'simportanceasadestinationformigrantsintheregion,morepeopleareemigratingfrom,thanimmigratingto,Nigeriawiththenegativenetmigrationrate(per1,000people)steadilyincreasinginrecentyears,from0.2in2000to0.3in2005,andthistrendisexpectedtocontinue.Accordingtorecentestimates,thenetmigrationratecouldreach0.4in2010.

Humancapital

Humancapitalisanimportantfactorforthewealthofanationduetoitsinfluenceontheoverallproductionofthecountry.Technologicalprogresscanprovidemoreefficientproductionmethodslikemachinesandcomputers,butskilledlaborisnecessarytomanageanddevelopthemaswellastoimprovethequalityand



productivityoftheexistinglabor.TheformationofNigeria'shumancapitalisthereforeofgreatimportanceinthecomingyearsifNigeriawantstobecompetitiveinthefuture.However,Nigeriaishavingaproblemwithitshumancapital.

TheHumanDevelopmentIndex(HDI)providesameasureofhumancapitaldevelopmentinthreedimensions:income,health,andeducation.ThelatestvaluesofHDIshowsthatNigeriaisranked156withthevalueof0.459among187countries.ThevalueplacesNigeriainthebottom,meaningthatNigeriaisconsideredtohavelowlevelofhumandevelopment.ThecomparativevalueforSubSaharanAfricais0.475,0.910fortheUS,[15]and0.694fortheworldaverage.TheHDIofSubSaharanAfricaasaregionincreasedfrom0.365in1980to0.475today,whichplacesNigeriaalittlebelowtheregionalaveragewithanHDIof0.471.[16]

Thevaluefortheeducationindexis0.457,comparedtotheaverageintheUSof0.939.TheexpectedyearsofschoolinginNigeriais9.0(16.00intheUS),whilethemeanyearsofschoolingforadultsover25yearsis5.2years(12.4yearsintheUS).Additionally,Nigeriaisalsofacingarelativelyhighinequality,worseningtheproblemregardingtheformationofhumancapital.Theincomedistributionforthepoorest(bottom10%)is1.6%whileitis40.8%fortherichest(top10%).Among114countriestheincomedistributionplacesNigeriarespectivelyin94thpositionforthepoorestand17thfortherichest.

Eventhoughhumancapitalisonlyonefactorofmanythatdrivesdevelopmentandassociatedeconomicgrowth,itisveryimportantfactorforthedevelopmentprocessforadevelopingcountrylikeNigeria.Theproductivecapacityofacountryisrelatedtothelevelofhumancapital,explainingwhyhumancapitalformationmustbeconsideredofgreatimportanceinthefuture.[1](http://www.cscanada.net/index.php/ibm/article/view/1578/1596)

Governmentpolicy

Inflation

Inthelightofhighlyexpansionarypublicsectorfiscalpoliciesin2001,thegovernmentsoughtwaystoheadoffhigherinflation,leadingtotheimplementationofstrongermonetarypoliciesbytheCentralBankofNigeria(CBN)andunderspendingofbudgetedamounts.AsaresultoftheCBN'sefforts,theofficialexchangeratefortheNairahasstabilizedatabout112Nairatothedollar?ThecombinationofCBN'seffortstopropupthevalueoftheNairaandexcessliquidityresultingfromgovernmentspendingledthecurrencytobediscountedbyaround20%ontheparallel(nonofficial)market.

AkeyconditionoftheStandbyArrangementhasbeenclosureofthegapbetweentheofficialandparallelmarketexchangerates.TheInterBankForeignExchangeMarket(IFEM)iscloselytiedtotheofficialrate.UnderIFEM,banks,oilcompanies,andtheCBNcanbuyorselltheirforeignexchangeatgovernmentinfluencedrates.Muchoftheinformaleconomy,however,canonlyaccessforeignexchangethroughtheparallelmarket.Companiescanholddomiciliaryaccountsinprivatebanks,andaccountholdershaveunfettereduseofthefunds.

Expandedgovernmentspendingalsohasledtoupwardpressureonconsumerprices.InflationwhichhadalmostdisappearedinApril2000reached14.5%bytheendoftheyearand18.7%inAugust2001.In2000,highoilpricesresultedingovernmentrevenueofover$16billion,aboutdoublethe1999level.Stateand



localgovernmentsdemandedaccesstothis"windfall"revenue,creatingatugofwarbetweenthefederalgovernment,whichsoughttocontrolspending,andstategovernmentsdesiringaugmentedbudgets,preventingthegovernmentfrommakingprovisionforperiodsofloweroilprices.

Gradualreform

TheObasanjogovernmentsupports"privatesector"led,"marketoriented"economicgrowthandhasbegunextensiveeconomicreformefforts.Althoughthegovernment'santicorruptioncampaignhassofarbeendisappointing,progressininjectingtransparencyandaccountabilityintoeconomicdecisionmakingisnotable.Thedualexchangeratemechanismformallyabolishedinthe1999budgetremainsinplaceinactuality.

During2000thegovernment'sprivatizationprogramshowedsignsoflifeandrealpromisewithsuccessfulturnovertotheprivatesectorofstateownedbanks,fueldistributioncompanies,andcementplants.However,theprivatizationprocesshasslowedsomewhatasthegovernmentconfrontskeyparastatalssuchasthestatetelephonecompanyNITELandNigerianAirways.ThesuccessfulauctionofGSMtelecommunicationslicensesinJanuary2001hasencouragedinvestmentinthisvitalsector.

Althoughthegovernmenthasbeenstymiedsofarinitsdesiretoderegulatedownstreampetroleumprices,staterefineries,almostparalyzedin2000,areproducingatmuchhighercapacities.ByAugust2001,gasolinelinesdisappearedthroughoutmuchofthecountry.Thegovernmentstillintendstopursuederegulationdespitesignificantinternalopposition,particularlyfromtheNigeriaLabourCongress.Tomeetmarketdemandthegovernmentincurslargelossesimportinggasolinetosellatsubsidizedprices.

Foreigneconomicrelations

Nigeria'sforeigneconomicrelationsrevolvearounditsroleinsupplyingtheworldeconomywithoilandnaturalgas,evenasthecountryseekstodiversifyitsexports,harmonizetariffsinlinewithapotentialcustomsunionsoughtbytheEconomicCommunityofWestAfricanStates(ECOWAS),andencourageinflowsofforeignportfolioanddirectinvestment.InOctober2005,NigeriaimplementedtheECOWAScommonexternaltariff,whichreducedthenumberoftariffbands.

Priortothisrevision,tariffsconstitutedNigeria'ssecondlargestsourceofrevenueafteroilexports.In2005NigeriaachievedamajorbreakthroughwhenitreachedanagreementwiththeParisClubtoeliminateitsbilateraldebtthroughacombinationofwritedownsandbuybacks.NigeriajoinedtheOrganizationofthePetroleumExportingCountriesinJuly1971andtheWorldTradeOrganizationinJanuary1995.

Externaltrade

In2005,NigeriaimportedaboutUS$26billionofgoods.In2004theleadingsourcesofimportswereChina(9.4%),theUnitedStates(8.4%),theUnitedKingdom(7.8%),theNetherlands(5.9%),France(5.4%),Germany(4.8%),andItaly(4%).Principalimportsweremanufacturedgoods,machineryandtransportequipment,chemicals,andfoodandliveanimals.

In2005,NigeriaexportedaboutUS$52billionofgoods.In2004,theleadingdestinationsforexportsweretheUnitedStates(47.4%),Brazil(10.7%),andSpain(7.1%).In2004oilaccountedfor95%ofmerchandiseexports,andcocoaandrubberaccountedforalmost60%oftheremainder.



Nigeria'sexportsin2006.

AproportionalrepresentationofNigeria'sexports.

In2005,NigeriapostedaUS$26billiontradesurplus,correspondingtoalmost20%ofgrossdomesticproduct.In2005,NigeriaachievedapositivecurrentaccountbalanceofUS$9.6billion.TheNigeriancurrencyisthenaira(NGN).AsofmidJune2006,theexchangeratewasaboutUS$1=NGN128.4.Inrecentyears,NigeriahasexpandeditstraderelationswithotherdevelopingcountriessuchasIndia.NigeriaisthelargestAfricancrudeoilsuppliertoIndiaitannuallyexports400,000barrelsperday(64,000m3/d)toIndiavaluedatUS$10billionannually.

IndiaisthelargestpurchaserofNigeria'soilwhichfulfills20%to25%ofIndia'sdomesticoildemand.IndianoilcompaniesarealsoinvolvedinoildrillingoperationsinNigeriaandhaveplanstosetuprefineriesthere.[17]

ThetradevolumebetweenNigeriaandtheUnitedKingdomroseby35%fromUSD6.3billionin2010toUSD8.5billionin2011.[18]

Externaldebt

In2012,Nigeria'sexternaldebtwasanestimated$5.9billionandN5.6trilliondomesticputtingtotaldebtat$44billion.[19]

InApril2006,NigeriabecamethefirstAfricancountrytofullypayoffitsdebtowedtotheParisClub.Thiswasstructuredasadebtwriteoffofapproximately$18billionandacashpaymentofapproximately$12billion.

Foreigninvestment

In2012,NigeriareceivedanetinflowofUS$85.73billionofforeigndirectinvestment(FDI),muchofwhichcamefromNigeriansinthediaspora.MostFDIisdirectedtowardtheenergyandbankingsectors.Anypublicdesignedtoencourageinflowofforeigncapitaliscapableofgeneratingemploymentopportunitieswithinthe



domesticeconomy.TheNigerianEnterprisesPromotion(NEP)Decreeof1972(revisedin1977)wasintendedtoreduceforeigninvestmentintheNigerianeconomy.ThistypeofpolicyisnotrelevantinaneconomywitharapidlygrowingforcelikeNigeria.

Althoughonemayaccepttherationaleforthepromulgationofthatdecreeatthattimei.e.topromoteindigenousentrepreneurship.Butthedecreeoranyexchangecontrolpolicythathasthepotentialtodiscourageforeigninvestmentwillnotberelevantunderthepresenteconomicdispensations.TheabrogationoftheNEPdecreewasthereforeastepintherightdirection.

Furthermore,anotherreasonforthelowlevelofforeigninvestmentinNigeriaispoliticalinstability.Thevariouscoupsandcountercoupssince1966,thediscontentmentandpoliticallymotivatedriotsfollowingthelongdrawnandinconclusivepoliticalengineeringoftheBabagindaMilitaryAdministration,allcombinedtocreateanenvironmentnotconducivetoforeigninvestment.

Foreigndirectinvestment(FDI)isarguablyanimportantsourceofemploymentopportunitiesfordevelopingcountrieslikeNigeria.Asaconsequence,itisimperativethatthefederalgovernmentpromotesahealthyprivatesectorthatcanearnareasonablerateofreturn.

DevelopingcountriesthatwishtoattractFDIflowsshouldconsidermeasuressuchasestablishingatransparentlegalframeworkthatdoesnotdiscriminatebetweenlocalandforeigninvestorsadoptingliberalforeignexchangeregime(e.g.,aregimewithoutlargegapsbetweenofficialandmarketrates)creatingsimple,investorfriendlyregulationsandinstitutionsandeffectivelyadministeringthem.

Therefore,theconvertibilityofnaira,therelaxationofthecontrolonremittanceofprofitsandtechnicalfeesandtheabrogationoftheExchangeControlActof1962andtheNigerianEnterprisesPromotionDecreeof1989asspeltoutin1995Budgetarethekindofreformsthatcanpromotetheinflowofforeigndirectinvestmentapoliticallystableenvironmentisalsoofimmenseimportance.

AlthoughNigeriamustgrapplewithitsdecayinginfrastructureandapoorregulatoryenvironment,thecountrypossessesmanypositiveattributesforcarefullytargetedinvestmentandwillexpandasbotharegionalandinternationalmarketplayer.Profitablenichemarketsoutsidetheenergysector,likespecializedtelecommunicationproviders,havedevelopedunderthegovernment'sreformprogram.ThereisagrowingNigerianconsensusthatforeigninvestmentisessentialtorealizingNigeria'svastbutsquanderedpotential.Europeaninvestmentsareincreasing,especiallysinceBelgianconsultancycompaniessuchasGencoareexploringtheNigerianmarket.

Companiesinterestedinlongterminvestmentandjointventures,especiallythosethatuselocallyavailablerawmaterials,willfindopportunitiesinthelargenationalmarket.However,toimproveprospectsforsuccess,potentialinvestorsmusteducatethemselvesextensivelyonlocalconditionsandbusinesspractices,establishalocalpresence,andchoosetheirpartnerscarefully.TheNigerianGovernmentiskeenlyawarethatsustainingdemocraticprinciples,enhancingsecurityforlifeandproperty,andrebuildingandmaintaininginfrastructurearenecessaryforthecountrytoattractforeigninvestment.

ThestockmarketcapitalisationoflistedcompaniesinNigeriawasvaluedat$97.75billionon15February2008bytheNigerianStockExchange.

SwissBankstoreturnAbachaFunds



TheSwissforeignministrysaysithasdoneallitcantoensurethatfundsstolenbythelateNigeriandictatorSaniAbachawereusedproperlyinhishomeland.Theauthoritieswererespondingtoallegationsthat$200million(SFr240million)of$700millionhandedbackbytheSwissBankstoNigeriahadbeenmisappropriated.

Data

GDP:nominal$509.9billion(2013est.)

GDPrealgrowthrate:7%(July2012est.)

GDPpercapita:purchasingpowerparity$5,600(2013est.)

GDPcompositionbysector:agriculture:30.9%industry:43%services:26%(2012est.)

Populationbelowpovertyline:33.1%(2013est.)

Householdincomeorconsumptionbypercentageshare:rlowest10%:2.6%highest10%:35.8%(199697)

Inflationrate(consumerprices):12.3%(2011est.)

Laborforce:57.21million

Laborforcebyoccupation:agriculture70%,industry10%,services20%(1999est.)

Unemploymentrate:24%NA(2010est.)

Budget:revenues:$17billionexpenditures:$13.54billionincludingcapitalexpendituresof$NA(2005est.)

Industries:crudeoil,coal,tin,columbite,palmoil,peanuts,cotton,rubber,wood,hidesandskins,textiles,cementandotherconstructionmaterials,foodproducts,footwear,chemicals,fertilizer,printing,ceramics,steel,smallcommercialshipconstructionandrepair

Industrialproductiongrowthrate:4.7%(2010est.)

Electricityproduction:18.89billionkWh(2009)

Electricityproductionbysource:fossilfuel:61.69%hydro:38.31%nuclear:0%other:



Electricityconsumption:17.66billionkWh(2009)

Electricityexports:40millionkWh(2003)

Electricityimports:0kWh(1998)

Oilproduction:2.35millionbarrelsperday(374 103m3/d)(July2006est.)

Oilconsumption:310,000bbl/d(49,000m3/d)(2003est.)

Agricultureproducts:cocoa,peanuts,palmoil,maize,rice,sorghum,millet,cassava(tapioca),yams,rubbercattle,sheep,goats,pigstimberfish

Exports:$72.16billionf.o.b.(2005est.)

Exportscommodities:petroleumandpetroleumproducts95%,cocoa,rubber

Exportspartners:UnitedStates47.4%,Brazil10.7%,Spain7.1%(2004)

Imports:$45.95billionf.o.b.(2005est.)

Importscommodities:machinery,chemicals,transportequipment,manufacturedgoods,foodandliveanimals

Importspartners:thePeople'sRepublicofChina9.4%,UnitedStates8.4%,UnitedKingdom7.8%,Netherlands5.9%,France5.4%,Germany4.8%,Italy4%(2004)

Debtexternal:$3.3billionwithLondonClub(2006est.)

Economicaidrecipient:IMF$250million(1998)

Currency:1Naira(NGN)=100kobo

Exchangerates:Naira(NGN)perUS$1157.3(2012)149.5(2009),120(2006),128(2005),132.89(2004),129.22(2003),120.58(2002),111.23(2001)

ExternalReserves:$50billion(2012)

Fiscalyear:calendaryear2009

References

1. ^abc"News2012"(http://www.nigerianstat.gov.ng).NigerianNationalBureauofStatistics.Retrieved26March2012.

2. ^"DoingBusinessinNigeria2012"(http://www.doingbusiness.org/data/exploreeconomies/nigeria/).WorldBank.Retrieved7May2013.

3. ^"ExportPartnersofNigeria"(https://www.cia.gov/library/publications/theworldfactbook/fields/2050.html#ni).CIAWorldFactbook.2012.Retrieved20130727.



4. ^"ImportPartnersofNigeria"(https://www.cia.gov/library/publications/theworldfactbook/fields/2061.html#ni).CIAWorldFactbook.2012.Retrieved20130727.

5. ^"Sovereignsratinglist"(http://www.standardandpoors.com/ratings/sovereigns/ratingslist/en/eu/?subSectorCode=39).Standard&Poor's.Retrieved26May2011.

6. ^abRogers,SimonSedghi,Ami(15April2011)."HowFitch,Moody'sandS&Prateeachcountry'screditrating"(http://www.guardian.co.uk/news/datablog/2010/apr/30/creditratingscountryfitchmoodysstandard).TheGuardian(London).Retrieved31May2011.

7. ^http://www.economist.com/news/leaders/21600685nigeriassuddenlysupersizedeconomyindeedwondersoareitsstillhuge?frsc=dg%7Ca

8. ^NigeriaRebaseEconomy(http://www.google.com/search?tbm=nws&q=nigeria+rebasing+gdp)9. ^WorldPetroleumProduction10. ^CenterforGlobalDevelopment:Publications:ResolvingNigeria'sDebtThroughaDiscountedBuyback

(http://www.cgdev.org/content/publications/detail/3223/)11. ^"FORGETTHEBRICs:Citi'sWillemBuiterPresentsThe11"3G"CountriesThatWillWinTheFuture"

(http://www.businessinsider.com/willembuiter3gcountries20112?slop=1).businessinsider.com.22February2011.Retrieved31May2011.

12. ^OlomolaAdeS.(2007)StrategiesforManagingtheOpportunitiesandChallengesoftheCurrentAgriculturalCommodityBoomsinSSAinSeminarPapersonManagingCommodityBoomsinSubSaharanAfrica:APublicationoftheAERCSeniorPolicySeminarIX.AfricanEconomicResearchConsortium(AERC),Nairobi,Kenya

13. ^"RemittancesfromdiasporaNigeriansaslubricantfortheeconomy",(http://www.tribune.com.ng/business/tribunebusiness/item/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy)NigerianTribune,8September,2014.

14. ^"RemittancesfromdiasporaNigeriansaslubricantfortheeconomy",(http://www.tribune.com.ng/business/tribunebusiness/item/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy/15469remittancesfromdiasporanigeriansaslubricantfortheeconomy)NigerianTribune,8September,2014.

15. ^http://hdrstats.undp.org/en/countries/profiles/USA.html16. ^http://hdrstats.undp.org/en/countries/profiles/NGA.html17. ^"IndianowNigeria'sbiggestcrudeoilbuyer"(http://www.thehindu.com/business/Industry/indianownigerias

biggestcrudeoilbuyer/article4917091.ece?homepage=true).TheHindu(Chennai,India).15July2013.18. ^Nigeria,UKTradeHitsU.S.$9Billionin2011(http://allafrica.com/stories/201209261080.html),Africa:

AllAfrica.com,2012,retrieved27September201219. ^http://www.thisdaylive.com/articles/nigeriasdomesticexternaldebtsnow44bn/113910/

ThisarticleincorporatespublicdomainmaterialfromwebsitesordocumentsoftheLibraryofCongressCountryStudies.16.http://www.thisdaylive.com/articles/fitchaffirmsnigeriasbbratingstableoutlook/175980/

Furtherreading



TheWorldBankEconomicReportonNigeria,May2013(http://wwwwds.worldbank.org/external/default/WDSContentServer/WDSP/IB/2013/05/14/000333037_20130514101211/Rendered/PDF/776840WP0Niger0Box0342041B00PUBLIC0.pdf)

Externallinks

EconomyofNigeria(https://www.dmoz.org/Regional/Africa/Nigeria/Business_and_Economy/Economic_Development)atDMOZWorldBankSummaryTradeStatisticsNigeria(http://wits.worldbank.org/CountryProfile/Country/NGA/Year/2012/Summary)NigerialatesttradedataonITCTradeMap(http://www.trademap.org/open_access/Index.aspx?proceed=true&reporter=566)WestAfricanAgriculturalMarketObserver/ObservatoireduMarchAgricole(RESIMAO)(http://www.resimao.org/html/en),aprojectoftheWestAfricanMarketInformationNetwork(WAMISNET),provideslivemarketandcommoditypricesfromfiftysevenregionalandlocalpublicagriculturalmarketsacrossBenin,BurkinaFaso,Cted'Ivoire,Guinea,Niger,Mali,Senegal,Togo,andNigeria.Sixtycommoditiesaretrackedweekly.TheprojectisrunbytheBeninMinistryofAgriculture,andanumberofEuropean,African,andUnitedNationsagencies.NigerianEconomy:EssaysonEconomicDevelopmentbyMeteFeridunandS.T.Akindele(ISBN:9781411665071)fromAmazon'sBookStore.TariffsappliedbyNigeriaasprovidedbyITC'sMarketAccessMap(http://www.macmap.org/QuickSearch/FindTariff/FindTariff.aspx?subsite=open_access&country=SCC566%7cNigeria&source=1%7CITC),anonlinedatabaseofcustomstariffsandmarketrequirements.

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