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Nigeria

Nigeria Economy Stats

Overview:

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Definitions

  • Budget > Revenues: Revenues calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms
  • Budget surplus > + or deficit > -: This entry records the difference between national government revenues and expenditures, expressed as a percent of GDP. A positive (+) number indicates that revenues exceeded expenditures (a budget surplus), while a negative (-) number indicates the reverse (a budget deficit). Normalizing the data, by dividing the budget balance by GDP, enables easy comparisons across countries and indicates whether a national government saves or borrows money. Countries with high budget deficits (relative to their GDPs) generally have more difficulty raising funds to finance expenditures, than those with lower deficits.
  • Debt > Government debt > Public debt, share of GDP: Public debt as % of GDP (CIA).

    No date was available from the Wikipedia article, so we used the date of retrieval.

  • Exports: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms.
  • Exports per capita: This entry provides the total US dollar amount of merchandise exports on an f.o.b. (free on board) basis. These figures are calculated on an exchange rate basis, i.e., not in purchasing power parity (PPP) terms. Figures expressed per capita for the same year.
  • Fiscal year: The beginning and ending months for a country's accounting period of 12 months, which often is the calendar year but which may begin in any month. All yearly references are for the calendar year (CY) unless indicated as a noncalendar fiscal year (FY).
  • GDP: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used.
  • GDP > Composition by sector > Industry: The gross domestic product (GDP) or value of all final goods produced by the industrial sector within a nation in a given year. GDP dollar estimates in the Factbook are derived from purchasing power parity (PPP) calculations. See the CIA World Factbook for more information.
  • GDP > Per capita: This entry gives the gross domestic product (GDP) or value of all final goods and services produced within a nation in a given year. A nation's GDP at purchasing power parity (PPP) exchange rates is the sum value of all goods and services produced in the country valued at prices prevailing in the United States. This is the measure most economists prefer when looking at per-capita welfare and when comparing living conditions or use of resources across countries. The measure is difficult to compute, as a US dollar value has to be assigned to all goods and services in the country regardless of whether these goods and services have a direct equivalent in the United States (for example, the value of an ox-cart or non-US military equipment); as a result, PPP estimates for some countries are based on a small and sometimes different set of goods and services. In addition, many countries do not formally participate in the World Bank's PPP project that calculates these measures, so the resulting GDP estimates for these countries may lack precision. For many developing countries, PPP-based GDP measures are multiples of the official exchange rate (OER) measure. The difference between the OER- and PPP-denominated GDP values for most of the weathly industrialized countries are generally much smaller. Per capita figures expressed per 1 population.
  • GDP > Per capita > PPP: This entry shows GDP on a purchasing power parity basis divided by population as of 1 July for the same year.
  • GDP per capita: GDP at purchaser's prices is the sum of gross value added by all resident producers in the economy plus any product taxes and minus any subsidies not included in the value of the products. It is calculated without making deductions for depreciation of fabricated assets or for depletion and degradation of natural resources. Data are in current U.S. dollars. Dollar figures for GDP are converted from domestic currencies using single year official exchange rates. For a few countries where the official exchange rate does not reflect the rate effectively applied to actual foreign exchange transactions, an alternative conversion factor is used. Figures expressed per capita for the same year.
  • Gross National Income: GNI, Atlas method (current US$). GNI (formerly GNP) is the sum of value added by all resident producers plus any product taxes (less subsidies) not included in the valuation of output plus net receipts of primary income (compensation of employees and prop).
  • Population below poverty line: National estimates of the percentage of the population lying below the poverty line are based on surveys of sub-groups, with the results weighted by the number of people in each group. Definitions of poverty vary considerably among nations. For example, rich nations generally employ more generous standards of poverty than poor nations.
  • Public debt: This entry records the cumulatiive total of all government borrowings less repayments that are denominated in a country's home currency. Public debt should not be confused with external debt, which reflects the foreign currency liabilities of both the private and public sector and must be financed out of foreign exchange earnings.
  • Unemployment rate: This entry contains the percent of the labor force that is without jobs. Substantial underemployment might be noted.
STAT AMOUNT DATE RANK HISTORY
Budget > Revenues $22.35 billion 2013 67th out of 223
Budget surplus > + or deficit > - -2.1% of GDP 2012 72nd out of 182
Debt > Government debt > Public debt, share of GDP 18.8 CIA 2014 129th out of 153
Exports $95.68 billion 2012 38th out of 189
Exports per capita $566.71 2012 124th out of 189
Fiscal year calendar year 2013
GDP $262.61 billion 2012 37th out of 177
GDP > Composition by sector > Industry 43% 2012 24th out of 217
GDP > Per capita $2,334.26 per capita 2010 82nd out of 118
GDP > Per capita > PPP $2,700.00 2012 141st out of 188
GDP per capita $1,555.41 2012 133th out of 177
Gross National Income $37.13 billion 2001 48th out of 158
Population below poverty line 70% 2010 1st out of 48
Public debt 17.9% of GDP 2012 130th out of 149
Unemployment rate 4.9% 2011 90th out of 116

SOURCES: CIA World Factbooks 18 December 2003 to 28 March 2011; CIA World Factbooks 2010, 2011, 2012, 2013; Wikipedia: List of countries by public debt (List) (Public debt , The World Factbook , United States Central Intelligence Agency , accessed on March 21, 2013.); CIA World Factbooks 2010, 2011, 2012, 2013. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; All CIA World Factbooks 18 December 2003 to 18 December 2008; World Bank national accounts data, and OECD National Accounts data files.; CIA World Factbook 2010, 2011, 2012, 2013; World Bank national accounts data, and OECD National Accounts data files. Population figures from World Bank: (1) United Nations Population Division. World Population Prospects, (2) United Nations Statistical Division. Population and Vital Statistics Report (various years), (3) Census reports and other statistical publications from national statistical offices, (4) Eurostat: Demographic Statistics, (5) Secretariat of the Pacific Community: Statistics and Demography Programme, and (6) U.S. Census Bureau: International Database.; CIA World Factbooks 18 December 2003 to 28 March 2011

Citation

"Nigeria Economy Stats", NationMaster. Retrieved from http://www.nationmaster.com/country-info/profiles/Nigeria/Economy

NationMaster

Nigeria Economy Profiles (Subcategories)

Adjusted savings 3 Inflation 9
Aid 4 Innovation 25
Balance of payments 34 International tourism 13
Bank and trade-related lending 4 Labor force 3
Budget 10 Long-term debt 4
Changes in net 4 Market capitalization of listed companies 4
Commercial service 4 Merchandise 4
Commercial service imports 4 Merchandise imports 4
Companies 36 National accounts 43
Consumption 20 Natural gas 8
Currency 15 Net capital account 4
Current account balance 5 Net current transfers 4
Current transfers 4 Net current transfers from abroad 6
Debt 101 Net errors and omissions 4
Economic aid 3 Net financial flows 20
Electricity 8 Net income 4
Entrepreneurship 12 Net income from abroad 6
Exports 3 Net trade in goods 4
External balance on goods and services 7 Net trade in goods and services 4
External debt 215 Official development assistance and official aid 4
Final 14 Oil 10
Financial sector 36 Portfolio investment 8
Foreign aid 41 Poverty 26
Foreign direct investment 10 Poverty and inequality 16
GDP 42 Private nonguaranteed debt 4
GDP growth 3 Public and publicly guaranteed debt service 6
GDP per capita 4 Public and publicly guaranteed (PPG) debt 3
GNI 12 Purchasing power parity 9
Goods 4 Reserves 6
Goods imports 4 Royalty and license fees 8
Government 11 Savings 39
Government spending 5 Service 4
Gross capital formation 7 Service imports 4
Gross domestic savings 6 Services 10
Gross fixed capital formation 7 Spending 73
Gross national expenditure 6 Stock of direct foreign investment 6
Gross savings 6 Stocks traded 5
Gross value added at factor cost 9 Tax 43
High-technology 4 Total 9
Household final 15 Total debt service 6
IBRD loans and IDA credits 4 Tourism 19
Income 24 Tourism expenditures 5
Income distribution 4 Tourism receipts 5
Income payments 4 Tourist arrivals by region of origin 8
Income receipts 4 Trade 1296
Inequality 8 Trademark applications 3
  • Nigeria ranked first for exports amongst Sub-Saharan Africa in 2012.
  • Nigeria ranked first for GDP amongst Failed states in 2012.
  • Nigeria ranked first for GDP > composition by sector > agriculture amongst Religious countries in 2012.
  • Nigeria ranked #6 for inflation rate > consumer prices amongst Muslim countries in 2012.
  • Nigeria ranked #17 for GDP > composition by sector > industry amongst Hot countries in 2012.
  • Nigeria ranked #6 for GDP > real growth rate amongst Former British colonies in 2012.