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Nigeria: Business and Economy

Nigeria: Business and Economy

Nigeria is presently the biggest economy in sub Saharan Africa being the Africa’s largest oil producer; the industry earns 90% of the country’s export income and has underpinned its economy for decades due to long periods of military rule, corruption and mismanagement of funds. In an effort to restructure the present devastating business and economic situation, Nigeria has embarked on many measures to bring about a new lease on life.

To generate a stronger and stable growth rate, the Government is promoting the increased production in the non-oil sector of the economy by creating a level-playing field for private-sector led activity. Essentially, the pivots around which the framework for economic growth and development will revolve include the following:

agriculture and agro-business,
solid minerals development,
other manufacturing, including information and communications technology (ICT),
crude oil,
natural gas, and
tourism

Agriculture occupies well over half of the population, who produce rice, maize, cassava, sorghum and millet as staples, as well as groundnuts, cocoa, palm oil and rubber as cash crops. Timber and livestock rearing have both developed during the last 20 years and these provide some additional foreign exchange for Nigeria. Nonetheless, successive governments have failed to restore Nigeria’s one-time self-sufficiency in food. Nigeria also has commercially viable quantities of tin, coal, iron ore, zinc and some uranium, plus substantial but as yet largely untapped reserves of natural gas and coal.

Business and Economic facts about Nigeria

note: data are in 2008 US dollars

GDP (purchasing power parity):

$335.4 billion (2008 est.)

$318.6 billion (2007 est.)

$299.4 billion (2006 est.)

GDP (official exchange rate):

$214.4 billion (2008 est.)

GDP – real growth rate:

5.3% (2008 est.)

6.4% (2007 est.)

6.2% (2006 est.)

GDP – per capita (PPP):

$2,300 (2008 est.)

$2,200 (2007 est.)

$2,100 (2006 est.

GDP – composition by sector:

agriculture: 18.1%

industry: 50.8%

services: 31.1% (2008 est.)

Nigerian labor force:

51.04 million (2008 est.)

Nigerian labor force – by occupation:

agriculture: 70%

industry: 10%

services: 20% (1999 est.)

Unemployment rate in Nigeria:

4.9% (2007 est.)

N igerian opulation below poverty line:

70% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: 2%

highest 10%: 32.4% (2004)

Nigeria’s Population below poverty line:

70% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: 2%

highest 10%: 32.4% (2004)

Industrial production growth rate in Nigeria:

2.8% (2008 est.)

Exports – commodities:

petroleum and petroleum products 95%, cocoa, rubber

Exports – partners to Nigeria:

US 45.8%, Brazil 10.4%, Spain 8%, France 5% (2008)

$45.49 billion (2008 est.)

$38.8 billion (2007 est.)

Imports – commodities:

machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports – partners:

China 12.7%, Netherlands 10.5%, US 8.2%, South Korea 5.6%, UK 5.2%, France 4.3% (2008)

Oil – production in Nigeria:

2.169 million bbl/day (2008 est.)

Nigeria’s Oil – consumption:

286,000 bbl/day (2008 est.)

Oil – exports:

2.327 million bbl/day (2007 est.)

Oil – imports:

Nigeria imports about 170,000 bbl/day (2007 est.)

Oil – proved reserves:

Nigeria’s oil proved reserves is about 36.22 billion bbl (1 January 2009 est.)

Natural gas – production in Nigeria:

32.82 billion cu m (2008 est.)

Natural gas – consumption :

Nigeria consumes approximately 12.28 billion cu m (2008 est.)

Natural gas – exports:

20.55 billion cu m (2008)

Natural gas – proved reserves:

5.215 trillion cu m (1 January 2009 est.)

The above are the Nigeria’s economic and business related facts about Nigeria. Most of the facts are between 2007 and 2009

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