Nigeria

Economy

• GDP (purchasing power parity): $174.1 billion (2005 est.)
   
• GDP (official exchange rate): $77.33 billion (2005 est.)
   
• GDP - real growth rate: 6.2% (2005 est.)
   
• GDP - per capita (PPP): $1,400 (2005 est.)  
   
• GDP - composition by sector:
    agriculture: 26.9%
    industry: 48.7%
    services: 24.4% (2005 est.)
   
• Labor force:  57.21 million (2005 est.)
   
• Labor force - by occupation:     
    agriculture: 70%
    industry: 10%
    services: 20% (1999 est.)
   
• Unemployment rate: 2.9% (2005 est.)
   
• Population below poverty line: 60% (2000 est.)
   
• Household income or consumption by percentage share:     
    lowest 10%: 1.6%
    highest 10%: 40.8% (1996-97)
   
• Distribution of family income - Gini index:  50.6 (1996-97)
   
• Inflation rate (consumer prices): 13.5% (2005 est.)
   
• Investment (gross fixed): 21.3% of GDP (2005 est.)
   
• Budget: revenues: $12.86 billion
   
• Expenditures: $13.54 billion; including capital expenditures of $NA (2005 est.)
   
• Public debt: 11% of GDP (2005 est.)
   
• Agriculture - products: cocoa, peanuts, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
   
• 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, small commercial ship construction and repair.
   
• Industrial production growth rate: 3.8% (2005 est.)
   
• Electricity - production: 15.59 billion kWh (2003)
   
• Electricity - consumption:  14.46 billion kWh (2003)
   
• Electricity - exports: 40 million kWh (2003)
   
• Oil - production: 2.451 million bbl/day (2005 est.)
   
• Oil - consumption:  310,000 bbl/day (2003 est.)
   
• Oil - exports: NA bbl/day
   
• Oil - imports: NA bbl/day
   
• Oil - proved reserves: 36 billion bbl (2005 est.)
   
• Natural gas - production: 19.2 billion cu m (2003 est.)
   
• Natural gas - consumption:  7.41 billion cu m (2003 est.)
   
• Natural gas - exports: 7.83 billion cu m (2001 est.)
   
• Natural gas - imports:  0 cu m (2001 est.)
   
• Natural gas - proved reserves: 4.502 trillion cum (2005)
   
• Current account balance: $5.597 billion (2005 est.)
   
• Exports:  $52.16 billion f.o.b. (2005 est.)
   
• Exports - commodities:  Petroleum and petroleum products 95%, cocoa, rubber.
   
• Exports - partners:  US 49.7%, Brazil 10.4%, Spain 7.6% (2005)
   
• Imports:  $25.95 billion f.o.b. (2005 est.)
   
• Imports - commodities:  machinery, chemicals, transport equipment, manufactured goods, food and live animals
   
• Imports – partners: China 10.5%, US 7.3%, UK 6.7%, Netherlands 6.1%, France 6%, Germany 4.3% (2005)
   
• Reserves of foreign exchange and gold:  $28.28 billion (2005 est.)
   
• Debt - external: $32.45 billion (2005 est.)
  Economic aid - recipient: IMF, $250 million (1998)
   
• Currency (code):  naira (NGN)
   
• Exchange rates: nairas per US dollar - 132.59 (2005), 132.89 (2004), 129.22 (2003), 120.58 (2002), 111.23 (2001)
   
• Fiscal year: calendar year