Economy overview: The new civil administration is making important reforms to Nigeria’s oil-rich economy, which has long suffered from political instability, corruption and macroeconomic mismanagement. The country’s former military leadership failed to diversify the economy and deprive it of its excessive dependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of exports and about 65% of budget revenues. Agriculture is failing to feed the country’s growing population, and Nigeria, once a major net food exporter, now has to import food. Nigeria has a chance in 2000 to conclude an agreement with the Paris Club on postponing the payment of external debt and to receive a loan of $1 billion from the World Bank to continue reforms. Increased foreign investment, increased oil production and high world oil prices could help Nigeria achieve its 2000-01 target in 2000-01. GDP growth over 4%.
GDP: at purchasing power parity – $117 billion (2000 est.).
Real GDP growth rate: 3.5% (2000 est.).
GDP per capita: at purchasing power parity – $950 (2000 est.).
The composition of GDP by sectors of the economy: agriculture: 40%; industry: 40%; services: 20% (1999 est.).
Proportion of population below the poverty line: 45% (2000 est.).
Percentage distribution of household income or consumption: per 10% of the poorest families: 1.6%; by the top 10% of families: 40.8% (1996-97).
Inflation rate at consumer prices: 6.5% (2000 est.).
Labor force: 66 million people
Employment structure: agriculture 70%, industry 10%, services 20% (1999 est.).
Unemployment rate: 28% (1992 est.).
Budget: revenues: $3.4 billion; expenditures: $3.6 billion, including capital expenditures – NA (2000 est.).
Spheres of economy: extraction of oil, coal, tin and tantalum ore, production of palm oil, peanuts, cotton industry, rubber extraction, timber, leather and textile industries, production of cement and other building materials, food production, shoe industry, chemical industry, manufacturing fertilizers, printing industry, production of ceramics, steel.
Growth in industrial production: 1.5% (2000 est.).
Power generation: 18.7 billion kWh (1999).
Sources of electricity generation: fossil fuels: 52.94%; hydropower: 47.06%; nuclear fuel: 0%; others: 0% (1999).
Electricity consumption: 17.372 billion kWh (1999)
Electricity export: 19 million kWh (1999).
Electricity import: 0 kWh (1999).
Agricultural products: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; livestock, sheep, goats, pigs; timber; fish.
Export: $22.2 (free on board, 2000 est.).
Export articles: oil and oil products 95%, cocoa, rubber.
Export partners: USA 36%, India 9%, Spain 8%, Brazil 6%, France 6% (1999).
Imports: $10.7 billion (free on board, 2000 est.)
Imports: machinery, chemicals, transport equipment, manufactured goods, foodstuffs and livestock.
Import partners: UK 11%, Germany 10%, US 9%, France 8%, China 6% (1999).
External debt: $32 billion (2000 est.) Economic aid recipient: official development support – $250 million (1998).
Economic aid donor:
Currency code: NGN.
Exchange rate: NGN/USD – 110.005 (January 2001), 101.697 (2000), 99 (1999), 21.886 (1998), 21.886 (1997), 21.884 (1996).
Fiscal year: calendar year.
Telecommunications Telephone lines: 500,000 (2000).
Mobile cellular telephones: 26,700 (1997).
Telephone system: the system is very imperfect and in poor condition; it needs to be expanded, the government has taken the first steps in this direction; internal: communication between cities is maintained using coaxial cable, microwave radio relay, a local satellite system of 19 ground stations and a submarine cable laid along the coast; there are mobile cellular networks and Internet access; international: satellite ground stations – 3 Intelsat (2 Atlantic Ocean and 1 Indian Ocean); coaxial submarine cable SAFE (“South Africa – Far East”).
Broadcast stations: AM – 82, FM – 35, shortwave – 11 (1998).
Radio receivers: 23.5 million (1997)
Television broadcast stations: 2 state stations; note – in 1993, the government issued broadcast licenses to 14 private television stations (1999).
Televisions: 6.9 million (1997)
Internet Country Code: ng
Internet Service Providers: 11 (2000).
Number of users: 100,000 (2000).
Transport Railways: total length: 3,557 km; narrow gauge: 3,505 km (1.067 m gauge); with standard gauge: 52 km (1.435 m gauge); note: years of neglect of both the condition of the rolling stock and the condition of the roads themselves have severely limited the capacity and suitability of the system; a project to rehabilitate the Nigerian Railways was recently launched.
Roads: total length: 194,394 km; paved: 60,068 km (including 1,194 km of motorways); unpaved: 134,326 km (1998 est.); note: many roads are only considered paved; due to the neglect of the condition of roads and the long years of their use for freight transport (partly as a result of the unsuitability of the railways), many roads have become almost completely unusable.
Waterways: 8,575 km; note: Niger and Benue rivers and smaller rivers and tributaries.
Pipelines: for crude oil – 2,042 km; for oil products – 3,000 km; for natural gas – 500 km.
Ports and harbors: Warri, Calabar, Lagos, Onne, Port Harcourt, Sapele.
Merchant fleet: total: 41 vessels (displacement 1,000 tons or more) with a total displacement of 357,372 gross register tons / 636,254 long tons of gross tonnage; ships of various types: bulk carriers – 1, cargo ships – 10, chemical tankers – 4, oil tankers – 24, ferries – 1, specialized tankers – 1 (2000 est.).
Airports: 70 (2000 est.).
Airports with paved runways: total: 36; over 3,047 m: 7; from 2438 to 3047 m:10; from 1524 to 2437 m:10; from 914 to 1523 m:7; less than 914 m: 2 (2000 est.).
Airports with unpaved runways: total: 34; from 1,524 to 2,437 m: 2; from 914 to 1523 m:14; less than 914 m: 18 (2000 est.). Helipads: 1 (2000 est.).
Branches of the armed forces: army, navy, air force, police forces. See militarynous.com to know more about Nigeria Military.
Enlistment age: 18 years old.
Total Military Manpower: Male 15 to 49: 29,940,922 (2001 est.).
Eligible for military service: males aged 15 to 49: 17,201,367 (2001 est.).
Number of persons reaching military age each year: men: 1,375,112 (2001 est.).
Military spending in dollar terms: $360 million (2000)
Military spending as part of GDP: 10% (2000).
International Issues International Disputes: Determination of international borders in the Lake Chad region, the absence of which has led to border incidents in the past, has recently been completed, the treaty has been signed and is awaiting ratification by Cameroon, Chad, Niger and Nigeria; the dispute with Cameroon over land and maritime boundaries in the region of the Bakasi peninsula is currently being considered by the International Court of Justice; a trilateral dispute over maritime boundaries and economic zones with Cameroon and Equatorial Guinea is now pending before the International Court of Justice.
Illicit drugs: a transit point for heroin from Southeast and Southwest Asia destined for Western Europe and North America; Nigeria is growing in importance as a transit point for cocaine from South America to the drug markets of Europe, East Asia and North America.