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The petroleum-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. In 2000, Nigeria the Paris Club agreed to help Nigeria restructure its external debt, canceling all debts owed to the Paris Club for a cash payment of roughly $12 billion (USD). Image File history File links Broom_icon. ... Image File history File links Current_event_marker. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Please see the file description page for further information. ... Bonny Light Oil Qua Ibo Crude oil Brass River Crude Oil Forcados Crude oil Cabinda Crude Oil ... Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... 2000 (MM) was a leap year starting on Saturday of the Gregorian calendar. ... The Paris Club is an informal group of financial officials from 19 of the worlds richest countries, which provides financial services such as debt restructuring, debt relief, and debt cancellation to indebted countries and their creditors. ...

Overview

Nigeria’s economy is struggling to leverage the country’s vast wealth in fossil fuels in order to displace the crushing poverty that affects about 57 percent of its population. Economists refer to the coexistence of vast natural resources wealth and extreme personal poverty in developing countries like Nigeria as the “resource curse”. Nigeria’s exports of oil and natural gas—at a time of peak prices—have enabled the country to post merchandise trade and current account surpluses in recent years. Reportedly, 80 percent of Nigeria’s energy revenues flow to the government, 16 percent cover operational costs, and the remaining 4 percent go to investors. However, the World Bank has estimated that as a result of corruption 80 percent of energy revenues benefit only 1 percent of the population. During 2005 Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. Under the agreement, the lenders will forgive most of the debt, and Nigeria will pay off the remainder with a portion of its energy revenues. Outside of the energy sector, Nigeria’s economy is highly inefficient. Moreover, human capital is underdeveloped—Nigeria ranked 151 out of 177 countries in the United Nations Development Index in 2004—and non-energy-related infrastructure is inadequate.^[1] The resource curse or paradox of plenty refers to the paradox that countries with an abundance of natural resources tend to have less economic growth than countries without these natural resources. ...

During 2003–7 Nigeria is attempting to implement an economic reform program called the National Economic Empowerment Development Strategy (NEEDS). The purpose of NEEDS is to raise the country’s standard of living through a variety of reforms, including macroeconomic stability, deregulation, liberalization, privatization, transparency, and accountability. NEEDS addresses basic deficiencies, such as the lack of freshwater for household use and irrigation, unreliable power supplies, decaying infrastructure, impediments to private enterprise, and corruption. The government hopes that NEEDS will create 7 million new jobs, diversify the economy, boost non-energy exports, increase industrial capacity utilization, and improve agricultural productivity. A related initiative on the state level is the State Economic Empowerment Development Strategy (SEEDS).^[1] The Standard of living refers to the quality and quantity of goods and services available to people and the way these services and goods are distributed within a population. ... Deregulation is the process by which governments remove, reduce, or simplify restrictions on business and individuals in order to (in theory) encourage the efficient operation of markets. ... In general, liberalization refers to a relaxation of previous government restrictions, usually in areas of social or economic policy. ... This article does not adequately cite its references or sources. ...

A longer-term economic development program is the United Nations (UN)-sponsored National Millennium Goals for Nigeria. Under the program, which covers the years from 2000 to 2015, Nigeria is committed to achieve a wide range of ambitious objectives involving poverty reduction, education, gender equality, health, the environment, and international development cooperation. In an update released in 2004, the UN found that Nigeria was making progress toward achieving several goals but was falling short on others. Specifically, Nigeria had advanced efforts to provide universal primary education, protect the environment, and develop a global development partnership. However, the country lagged behind on the goals of eliminating extreme poverty and hunger, reducing child and maternal mortality, and combating diseases such as human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) and malaria.^[1]

A prerequisite for achieving many of these worthwhile objectives is curtailing endemic corruption, which stymies development and taints Nigeria’s business environment. President Olusegun Obasanjo’s campaign against corruption, which includes the arrest of officials accused of misdeeds and recovering stolen funds, has won praise from the World Bank. In September 2005, Nigeria, with the assistance of the World Bank, began to recover US$458 million of illicit funds that had been deposited in Swiss banks by the late military dictator Sani Abacha, who ruled Nigeria from 1993 to 1998. However, broad-based progress has been elusive and has not yet become evident in international surveys of corruption. In fact, Nigeria ranked 152 out of 159 countries in Transparency International’s 2005 Corruption Perceptions Index and placed 94 out of 155 countries in the World Bank’s 2006 Ease of Doing Business Index. Corruption mostly harms Nigerians themselves, but the country is widely known around the world for a fraudulent activity known as the "Advance fee fraud" scheme, a. k. a. the "419" scam or the Nigerian scam, which seeks to extort money from foreign recipients of letters and emails with the promise to transfer a nonexistent windfall sum of money.^[1] [1] General (rtd. ... ... An advance fee fraud is a confidence trick in which the target is persuaded to advance relatively small sums of money in the hope of realizing a much larger gain. ...

Macro-economic trend

This is a chart of trend of gross domestic product of Nigeria at market prices estimated by the International Monetary Fund with figures in millions of Nigerian Naira. naira sign The naira is the currency of Nigeria. ...

2006 18,222,800 127.50 Naira [2]]

For purchasing power parity comparisons, the US Dollar is exchanged at 75.75 Nigerian Naira only.

Current GDP per capita of Nigeria expanded 132% in the Sixties reaching a peak growth of 283% in the Seventies. But this proved unsustainable and it consequently shrank by 66% in the Eighties. In the Nineties, diversification initiatives finally took effect and decadal growth was restored to 10%.

Due to inflation, per capita GDP today remains lower than in 1960 when Nigeria declared independence. About 57 percent of the population lives on less than US$1 per day. In 2005 the GDP was composed of the following sectors: agriculture, 26.8 percent; industry, 48.8 percent; and services, 24.4 percent.^[1]

In 2005 Nigeria’s inflation rate was an estimated 15.6 percent. Nigeria’s goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits.^[1]

In 2005 Nigeria’s central government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5 percent. Nigerian tax authorities face the challenge of widespread tax evasion, which is motivated by complaints about corruption and the poor quality of services.^[1]

Agriculture

Nigeria ranks nineteenth worldwide and first in Africa in farm output. Map of countries by agricultural output Map of countries by industrial output Map of countries by services output This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government official exchange...

Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, and the lack of basic infrastructure. Still, the sector accounts for over 26.8% of GDP[3] and two-thirds of employment. Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees, is stagnant at around 180,000 tons annually; 25 years ago it was 300,000 tons. An even more dramatic decline in groundnut and palm oil production also has taken place. Once the biggest poultry producer in Africa, corporate poultry output has been slashed from 40 million birds annually to about 18 million. Import constraints limit the availability of many agricultural and food processing inputs for poultry and other sectors. Fisheries are poorly managed. Most critical for the country's future, Nigeria's land tenure system does not encourage long-term investment in technology or modern production methods and does not inspire the availability of rural credit. Cocoa beans in a cacao pod Cocoa is the dried and partially fermented fatty seed of the cacao tree from which chocolate is made. ... This article does not cite any references or sources. ...

Agricultural products include cassava (tapioca), corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams. In 2003 livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively. In the same year, the total fishing catch was 505.8 metric tons. Roundwood removals totaled slightly less than 70 million cubic meters, and sawnwood production was estimated at 2 million cubic meters. The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Although overall agricultural production rose by 28 percent during the 1990s, per capita output rose by only 8.5 percent during the same decade. Agriculture has failed to keep pace with Nigeria’s rapid population growth, so that the country, which once exported food, now relies on imports to sustain itself.^[1]

Industry

Nigeria ranks 44th worldwide and third in Africa in factory output. Map of countries by agricultural output Map of countries by industrial output Map of countries by services output This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government official exchange...

The oil boom of the 1970s led Nigeria to neglect its strong agricultural and light manufacturing bases in favor of an unhealthy dependence on crude oil. In 2000 oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue. New oil wealth, the concurrent decline of other economic sectors, and a lurch toward a statist economic model fueled massive migration to the cities and led to increasingly widespread poverty, especially in rural areas. A collapse of basic infrastructure and social services since the early 1980s accompanied this trend. By 2000 Nigeria's per capita income had plunged to about one-quarter of its mid-1970s high, below the level at independence. Along with the endemic malaise of Nigeria's non-oil sectors, the economy continues to witness massive growth of "informal sector" economic activities, estimated by some to be as high as 75% of the total economy. The 1970s decade refers to the years from 1970 to 1979, also called The Seventies. ... This article does not cite any references or sources. ...

Nigeria's proven oil reserves are estimated to be 35 billion barrels; natural gas reserves are well over 100 trillion ft³ (2,800 km³). Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC), and in mid-2001 its crude oil production was averaging around 2.2 million barrels (350,000 m³) per day. Poor corporate relations with indigenous communities, vandalism of oil infrastructure, severe ecological damage, and personal security problems throughout the Niger Delta oil-producing region continue to plague Nigeria's oil sector. Efforts are underway to reverse these troubles. In the absence of government programs, the major multinational oil companies have launched their own community development programs. A new entity, the Niger Delta Development Commission (NDDC), has been created to help catalyze economic and social development in the region. Although it has yet to launch its programs, hopes are high that the NDDC can reverse the impoverishment of local communities. The U.S. remains Nigeria's largest customer for crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source for U.S. imported oil. The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates and Venezuela; since 1965, its international headquarters have been in Vienna, Austria. ... The Niger Delta, the delta of the Niger River in Nigeria, is a densely populated region sometimes called the Oil Rivers because it was once a major producer of palm oil. ... The Niger Delta Development Commission is a federal Government agency established by Nigerian president, Olusegun Obasanjo in the year 2000 with the sole mandate of developing the oil-rich Niger Delta region of southern Nigeria. ...

The United States is Nigeria's largest trading partner after the United Kingdom. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U.S. exports to Nigeria is believed to enter the country outside of the Nigerian Government's official statistics, due to importers seeking to avoid Nigeria's excessive tariffs. To counter smuggling and under-invoicing by importers, in May 2001 the Nigerian Government instituted a 100% inspection regime for all imports, and enforcement has been sustained. On the whole, Nigerian high tariffs and non-tariff barriers are gradually being reduced, but much progress remains to be made. The government also has been encouraging the expansion of foreign investment, although the country's investment climate remains daunting to all but the most determined. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. Exxon Mobil and Chevron are the two largest U.S. corporate players in offshore oil and gas production. Significant exports of liquefied natural gas started in late 1999 and are slated to expand as Nigeria seeks to eliminate gas flaring by 2008. Exxon Mobil Corporation or ExxonMobil (NYSE: XOM), headquartered in Irving, Texas, is an oil producer and distributor formed on November 30, 1999, by the merger of Exxon and Mobil. ... Chevron Corporation (NYSE: CVX) is one of the worlds largest global energy companies. ...

Oil dependency, and the allure it generated of great wealth through government contracts, spawned other economic distortions. The country's high propensity to import means roughly 80% of government expenditures is recycled into foreign exchange. Cheap consumer imports, resulting from a chronically overvalued Naira, coupled with excessively high domestic production costs due in part to erratic electricity and fuel supply, have pushed down industrial capacity utilization to less than 30%. Many more Nigerian factories would have closed except for relatively low labor costs (10%-15%). Domestic manufacturers, especially pharmaceuticals and textiles, have lost their ability to compete in traditional regional markets; however, there are signs that some manufacturers have begun to address their competitiveness. The Naira is the currency of Nigeria. ...

Nigeria's official foreign debt is about $28.5 billion, about 75% of which is owed to Paris Club countries. A large chunk of this debt is interest and payment arrears. In August 2000 the International Monetary Fund (IMF) and Nigeria signed a one-year Stand-by Arrangement (SBA), leading to a debt rescheduling agreement in December between Nigeria and its Paris Club creditors. By August 2001, despite continued dialogue with the IMF, Nigeria had been unable to implement many of the SBA conditions. The IMF consented to extend its SBA by a few months and seek out revised targets and conditions for a new agreement. As of September 2001, only a few of Nigeria's creditor governments had signed bilateral rescheduling agreements. Another obstacle to debt restructuring involves World Bank classification. Any long-term debt relief will require strong and sustained economic reforms over a number of years.

In the light of highly expansionary public sector fiscal policies during 2001, the government has sought ways to head off higher inflation, leading to the implementation of stronger monetary policies by the Central Bank of Nigeria (CBN) and underspending of budgeted amounts. As a result of the CBN's efforts, the official exchange rate for the Naira has stabilized at about 112 Naira to the dollar. The combination of CBN's efforts to prop up the value of the Naira and excess liquidity resulting from government spending led the currency to be discounted by around 20% on the parallel (nonofficial) market. A key condition of the Stand-by Arrangement has been closure of the gap between the official and parallel market exchange rates. The Inter Bank Foreign Exchange Market (IFEM) is closely tied to the official rate. Under IFEM, banks, oil companies, and the CBN can buy or sell their foreign exchange at government influenced rates. Much of the informal economy, however, can only access foreign exchange through the parallel market. Companies can hold domiciliary accounts in private banks, and account holders have unfettered use of the funds. This article is in need of improvement. ...

Expanded government spending also has led to upward pressure on consumer prices. Inflation which had fallen to 0% in April 2000 reached 14.5% by the end of the year and 18.7% in August 2001. In 2000 high world oil prices resulted in government revenue of over $16 billion, about double the 1999 level. State and local governmental bodies demand access to this "windfall" revenue, creating a tug-of-war between the federal government, which seeks to control spending, and state governments desirous of augmented budgets preventing the government from making provision for periods of lower oil prices.

Services

Nigeria ranks 63rd worldwide and fifth in Africa in services' output. Low power and telecom density has crippled the growth of this sector. Map of countries by agricultural output Map of countries by industrial output Map of countries by services output This is a list of countries by GDP sector composition based on nominal GDP estimates and sector composition ratios provided by the CIA World Fact Book at market or government official exchange...

Since undergoing severe distress in the mid-1990s, Nigeria's banking sector has witnessed significant growth over the last few years as new banks enter the financial market. Harsh monetary policies implemented by the Central Bank of Nigeria to absorb excess Naira liquidity in the economy has made life more difficult for banks, some of whom engage in currency arbitrage (round-tripping) activities that generally fall outside legal banking mechanisms. Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the threat of crime and associated need for security counter measures, the lack of effective due process, and nontransparent economic decisionmaking, especially in government contracting. While corrupt practices are endemic, they are generally less flagrant than during military rule, and there are signs of improvement. Meanwhile, since 1999 the Nigerian Stock Exchange has enjoyed strong performance, although equity as a means to foster corporate growth remains underutilized by Nigeria's private sector.

Transport

Main article: Transport in Nigeria

Nigeria's publicly owned transportation infrastructure is a major constraint to economic development. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt, and Calabar. Docking fees for freighters are among the highest in the world. Of the 80,500 kilometers (50,000 mi.) of roads, more than 15,000 kilometers (10,000 mi.) are officially paved, but many remain in poor shape. Extensive road repairs and new construction activities are gradually being implemented as state governments, in particular, spend their portions of enhanced government revenue allocations. The government implementation of 100% destination inspection of all goods entering Nigeria has resulted in long delays in clearing goods for importers and created new sources of corruption, since the ports lack adequate facilities to carry out the inspection. Four of Nigeria's airports--Lagos, Kano, Port Harcourt and Abuja--currently receive international flights. Government-owned Nigeria Airways ceased operations in December 2002. Virgin Nigeria Airways started operations in 2005 as a replacement and serves domestic and international routes. There are several domestic private Nigerian carriers, and air service among Nigeria's cities is generally dependable. The maintenance culture of Nigeria's domestic airlines is not up to U.S. standards. Railways total: 3,557 km narrow gauge: 3,505 km 1. ... It has been suggested that Festac Town be merged into this article or section. ... Apapa is a major port in Lagos, Nigeria, located on the western coast of Lagos Island. ... Port Harcourt is the capital city of Rivers State, Nigeria. ... Calabar is a city in southeastern Nigeria. ... Kano is the administrative center of the Kano State and the third largest city in Nigeria, in terms of geographical size, after Ibadan and Lagos. ... Port Harcourt is the capital city of Rivers State, Nigeria. ... Abuja is the capital city of Nigeria, with an estimated population of 1. ... Nigeria Airways is the former national airline of Nigeria, founded in 1958 and headquartered in Lagos. ... Virgin Nigeria Airways is an airline based in Lagos, Nigeria and operates scheduled international, regional and domestic passenger services. ...

Labor force

In 2005 Nigeria had a labor force of 57.2 million. In 2003 the unemployment rate was 10.8 percent overall; urban unemployment of 12.3 percent exceeded rural unemployment of 7.4 percent. According to the latest available information from 1999, labor force employment by sector was as follows: 70 percent in agriculture, 20 percent in services, and 10 percent in industry. Labor unions, which have undergone periods of militancy and quiescence, reemerged as a force in 1998 when they regained independence from the government. Since 1999 the Nigerian Labor Congress (NLC), a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC’s monopoly over union organizing. In December 2005, the NLC was lobbying for an increase in the minimum wage for federal workers. The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month.^[1]

Gradual reform

The Obasanjo government supports "private-sector" led, "market oriented" economic growth and has begun extensive economic reform efforts. Although the government 's anti-corruption campaign has so far been disappointing, progress in injecting transparency and accountability into economic decisionmaking is notable. The dual exchange rate mechanism formally abolished in the 1999 budget remains in place in actuality. During 2000 the government's privatization program showed signs of life and real promise with successful turnover to the private sector of state-owned banks, fuel distribution companies, and cement plants. However, the privatization process has slowed somewhat as the government confronts key parastatals such as the state telephone company NITEL and Nigerian Airways. The successful auction of GSM telecommunications licenses in January 2001 has encouraged investment in this vital sector. World GDP/capita changed very little for most of human history before the industrial revolution. ... NITEL is the sole telecommunications firm in the country of Nigeria, and is owned by the government. ...

Although the government has been stymied so far in its desire to deregulate downstream petroleum prices, state refineries, almost paralyzed in 2000, are producing at much higher capacities; by August 2001 gasoline lines disappeared throughout much of the country. The government still intends to pursue deregulation despite significant internal opposition, particularly from the Nigeria Labour Congress. To meet market demand the government incurs large losses importing gasoline to sell at subsidized prices. Adams Oshiomhole, President of the Nigeria Labour Congress (right) with U.S. Ambassador to Nigeria Howard F. Jeter (center), July 5, 2002, Lagos. ...

Investment

Although Nigeria must grapple with its decaying infrastructure and a poor regulatory environment, the country possesses many positive attributes for carefully targeted investment and will expand as both a regional and international market player. Profitable niche markets outside the energy sector, like specialized telecommunication providers, have developed under the government's reform program. There is a growing Nigerian consensus that foreign investment is essential to realizing Nigeria's vast but squandered potential.European investments are increasing, especially since Belgian consultancy companies such as Genco are exploring the Nigerian market. Genco is a japanese company based in Tokyo, Japan. ...

Companies interested in long-term investment and joint ventures, especially those that use locally available raw materials, will find opportunities in the large national market. However, to improve prospects for success, potential investors must educate themselves extensively on local conditions and business practices, establish a local presence, and choose their partners carefully. The Nigerian Government is keenly aware that sustaining democratic principles, enhancing security for life and property, and rebuilding and maintaining infrastructure are necessary for the country to attract foreign investment.

The stock market capitalisation of listed companies in Nigeria was valued at $19,356 million in 2005 by the World Bank.[4] Market capitalization, often abbreviated to market cap, mkt. ... ...

Foreign economic relations

Nigeria’s foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. In October 2005, Nigeria implemented the ECOWAS Common External Tariff, which reduced the number of tariff bands. Prior to this revision, tariffs constituted Nigeria’s second largest source of revenue after oil exports. In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks. Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.^[1] A customs union is a free trade area with a Common External Tariff. ... The Economic Community of West African States (ECOWAS) is a regional group of fifteen countries, founded on May 28, 1975 when fifteen West African countries signed the Treaty of Lagos. ... Logo The Organization of the Petroleum Exporting Countries (OPEC) is made up of Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela; since 1965 its international headquarters have been in Vienna, Austria. ... The World Trade Organization (WTO), (OMC - Spanish: , French: ), is an international organization designed to supervise and liberalize international trade. ...

Trade

In 2005 Nigeria imported about US$26 billion of goods. In 2004 the leading sources of imports were China (9.4 percent), the United States (8.4 percent), the United Kingdom (7.8 percent), the Netherlands (5.9 percent), France (5.4 percent), Germany (4.8 percent), and Italy (4 percent). Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals.^[1]

In 2005 Nigeria exported about US$52 billion of goods. In 2004 the leading destinations for exports were the United States (47.4 percent), Brazil (10.7 percent), and Spain (7.1 percent). In 2004 oil accounted for 95 percent of merchandise exports, and cocoa and rubber accounted for almost 60 percent of the remainder.^[1]

In 2005 Nigeria posted a US$26 billion trade surplus, corresponding to almost 20 percent of gross domestic product. In 2005 Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of mid-June 2006, the exchange rate was about US$1=NGN128.4.^[1] The Naira is the currency of Nigeria. ...

Debt

In 2005 Nigeria’s external debt was an estimated US$37.5 billion, but at midyear Nigeria and a group of international creditors known as the Paris Club agreed to eliminate all US$31 billion of the country’s bilateral debt. Under the agreement, the Paris Club would write off US$18 billion of bilateral debt, and Nigeria would pay back the remainder. Nonbilateral debt owed to multilateral development banks and commercial banks was not affected by the agreement. The significance of this breakthrough is illustrated by the fact that prior to the agreement, external and domestic debt combined constituted 70 percent of gross domestic product.^[1] ...

Foreign investment

In 2003 Nigeria received a net inflow of US$1.2 billion of foreign direct investment (FDI), much of which came from the United States. Most FDI is directed toward the energy sector.^[1] Foreign direct investment (FDI) is defined as a long-term investment by a foreign direct investor in an enterprise resident in an economy other than that in which the foreign direct investor is based. ...

Swiss Banks to return Abacha Funds

The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the Swiss Banks to Nigeria had been misappropriated.[5] Sani Abacha General Sani Abacha (Kano, 20 September 1943 – Abuja, 8 June 1998) was a Nigerian politician and military leader. ... Swiss banks are world-renowned for their stability, privacy and protection of clients. ...

Economic assistance

As of October 2005, World Bank assistance to Nigeria involved 19 active projects with a total commitment value of about US$1.87 billion. Since Nigeria joined the World Bank in 1961, the World Bank has assisted it on 120 projects. In October 2005, the International Monetary Fund approved a two-year “policy support instrument” designed to promote the growth of the non-oil sector and to reduce poverty.^[1]

The United States assisted with Nigeria's economic development from 1954 through June 1974, when concessional assistance was phased out because of a substantial increase in Nigeria's per capita income resulting from rising oil revenue. By 1974, the United States had provided Nigeria with approximately $360 million in assistance, which included grants for technical assistance, development assistance, relief and rehabilitation, and food aid. Disbursements continued into the late 1970s, bringing total bilateral economic assistance to roughly $445 million. Economic development is a sustainable increase in living standards that implies increased per capita income, better education and health as well as environmental protection. ... It has been suggested that this article or section be merged into Aid. ...

The sharp decline in oil prices, economic mismanagement, and continued military rule characterized Nigeria in the 1980s. In 1983, USAID began providing assistance to the Nigerian Federal and State Ministries of Health to develop and implement programs in family planning and child survival. In 1992, an HIV/AIDS prevention and control program was added to existing health activities. USAID committed $135 million to bilateral assistance programs for the period of 1986 to 1996 as Nigeria undertook an initially successful Structural Adjustment Program, but later abandoned it. Plans to commit $150 million in assistance from 1993 to 2000 were interrupted by strains in U.S.-Nigerian relations over human rights abuses, the failed transition to democracy, and a lack of cooperation from the Nigerian Government on anti-narcotics trafficking issues. By the mid-1990s, these problems resulted in the curtailment of USAID activities that might benefit the military Government. Existing health programs were re-designed to focus on working through grassroots Nigerian non-governmental organizations and community groups. As a response to the Nigerian military government's plans for delayed transition to civilian rule, the Peace Corps closed its program in Nigeria in 1994. Species Human immunodeficiency virus 1 Human immunodeficiency virus 2 Human immunodeficiency virus (HIV) is a retrovirus that causes acquired immunodeficiency syndrome (AIDS, a condition in humans in which the immune system begins to fail, leading to life-threatening opportunistic infections). ... Acquired Immune Deficiency Syndrome or acquired immunodeficiency syndrome (AIDS or Aids) is a collection of symptoms and infections resulting from the specific damage to the immune system caused by the human immunodeficiency virus (HIV). ... The United States Agency for International Development (or USAID) is the US government organization responsible for most non-military foreign aid. ... Structural adjustment is a term used by the International Monetary Fund for the changes it recommends for developing countries. ... It has been suggested that Crisis corps be merged into this article or section. ...

In response to the increasingly repressive political situation, USAID established a Democracy and Governance (DG) program in 1996. This program integrates themes focusing on basic participatory democracy, human rights and civil rights, women's empowerment, accountability, and transparency with other health activities to reach Nigerians at the grassroots level in 14 of Nigeria's 36 states. Participatory democracy is a broadly inclusive term for many kinds of consultative decision making which require consultation on important decisions by those who will carry out the decision. ... Human rights are rights which some hold to be inalienable and belonging to all humans. ... Civil rights or positive rights are those legal rights retained by citizens and protected by the government. ...

The sudden death of Gen. Sani Abacha and the assumption of power by Gen. Abdulsalami Abubakar in June 1998, marked a turning point in U.S.-Nigerian relations. USAID provided significant support to the electoral process by providing some $4 million in funding for international election observation, the training of Nigerian election observers and political party polling agents, as well as voter education activities. A Vital National Interest Certification was submitted to Congress in February 1999 by President Clinton to lift restrictions on U.S. Government interaction with and support to the Government of Nigeria. Sani Abacha General Sani Abacha (Kano, 20 September 1943 – Abuja, 8 June 1998) was a Nigerian politician and military leader. ... General Abdulsalam Abubakar (born June 13, 1942) became Nigerias eighth military Head of State in 1998, after Ironsi, Gowon, Murtala, Obasanjo, Buhari, Babangida and Abacha, since the countrys independence from Britain in 1960. ... William Jefferson Bill Clinton (born William Jefferson Blythe III[1] on August 19, 1946) was the 42nd President of the United States, serving from 1993 to 2001. ...

Since that time, USAID has supported Nigeria to sustain democracy and to improve governance by providing training on the roles and responsibilities of elected officials in a representative democracy for newly elected officials at the federal, state, and local levels prior to their installation in May 1999 and assisting with conflict prevention and resolution in the Niger Delta, civil military relations, civil society, and political party development. In the economic area USAID supports programs in strengthening economic management and coordination, encouraging private sector development and economic reform, helping Nigeria reap the benefits of AGOA, improved agricultural technology and marketing and smallscale and microenterprise development. In addition, health assistance, focusing on HIV/AIDS, nutrition, and immunization, education, transportation and energy infrastructure, are priorities for bilateral assistance. In May 2000, the U.S. Congress approved legislation known as the African Growth and Opportunity Act, or . ...

Data

GDP: purchasing power parity - $132.1 billion (2005 est.)

GDP - real growth rate: 7% (July 2006 est.)

GDP - per capita: purchasing power parity - $1500 (2005 est.)

GDP - composition by sector:
agriculture: 26.8%
industry: 48.8%
services: 24.4% (2005 est.)

Population below poverty line: 60% (2000 est.)

Household income or consumption by percentage share:
lowest 100000%: 1.6%
highest 10%: 40.8% (1996-97)

Inflation rate (consumer prices): 7% (2006 est.)

Labor force: 57.21 million

Labor force - by occupation: agriculture 70%, industry 10%, services 20% (1999 est.)

Unemployment rate: 2.9% NA (2005 est.)

Budget:
revenues: $17 billion
expenditures: $13.54 billion including capital expenditures of $NA (2005 est.)

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 Pumpjack pumping an oil well near Sarnia, Ontario Petroleum (from Greek petra – rock and elaion – oil or Latin oleum – oil ) or crude oil is a thick, dark brown or greenish liquid. ... Coal Coal (IPA: ) is a fossil fuel formed in swamp ecosystems where plant remains were saved by water and mud from oxidization and biodegradation. ... General Name, Symbol, Number tin, Sn, 50 Chemical series poor metals Group, Period, Block 14, 5, p Appearance silvery lustrous gray Standard atomic weight 118. ... Ferrocolumbite, also called niobite, columbate and columbite [(Fe, Mn)(Nb, Ta)2O6] is a black mineral that is an ore of niobium and tantalum. ... Palm oil from Ghana with its natural dark color visible, 2 litres Palm oil block Palm oil is a form of edible vegetable oil obtained from the fruit of the oil palm tree. ... Binomial name L. This article is about the legume. ... Cotton ready for harvest. ... This does not cite any references or sources. ... In the most general sense of the word, cement is a binder, a substance which sets and hardens independently, and can bind other materials together. ... Fixed Partial Denture, or Bridge The word ceramic is derived from the Greek word κεραμικός (keramikos). ... The steel cable of a colliery winding tower. ... Italian Full rigged ship Amerigo Vespucci in New York Harbor, 1976 A ship is a large watercraft capable of offshore navigation. ... This article does not cite any references or sources. ...

Industrial production growth rate: 2.4% (2005 est.)

Electricity - production: 15.59 billion kWh (2003)

Electricity - production by source:
fossil fuel: 61.69%
hydro: 38.31%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 14.46 billion kWh (2003)

Electricity - exports: 40 million kWh (2003)

Electricity - imports: 0 kWh (1998)

Oil - production: 2.35 million bbl/day (July 2006 est.)

Oil - consumption: 310,000 bbl/day (2003 est.)

Agriculture - products: cocoa, peanuts, palm oil, maize, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish Cocoa beans in a cacao pod Cocoa is the dried and partially fermented fatty seed of the cacao tree from which chocolate is made. ... Binomial name L. This article is about the legume. ... Palm oil from Ghana with its natural dark color visible, 2 litres Palm oil block Palm oil is a form of edible vegetable oil obtained from the fruit of the oil palm tree. ... “Corn” redirects here. ... This article needs additional references or sources for verification. ... Species About 30 species, see text Sorghum is a genus of numerous species of grasses, some of which are raised for grain and many of which are utilised as fodder plants either cultivated or as part of pasture. ... Pearl millet in the field The millets are a group of small-seeded species of cereal crops, widely grown around the world for food and fodder. ... Binomial name Crantz The cassava, casava, yuca or manioc (Manihot esculenta) is a woody shrub of the Euphorbiaceae (spurge family) native to South America that is extensively cultivated as an annual crop in tropical and subtropical regions for its edible starchy tuberous root, a major source of carbohydrates. ... For other uses, see Tapioca (disambiguation). ... Yams at Brixton market For the term yam as used in the United States, see sweet potato. ... This does not cite any references or sources. ... cow and ox, see Cow (disambiguation) and Ox (disambiguation). ... “Lamb” redirects here. ... Species See Species and subspecies The goat is a mammal in the genus Capra, which consists of nine species: the Ibex, the West Caucasian Tur, the East Caucasian Tur, the Markhor, and the Wild Goat. ... This article needs additional references or sources for verification. ... Timber in storage for later processing at a sawmill Timber is a term used to describe wood, either standing or that has been processed for use—from the time trees are felled, to its end product as a material suitable for industrial use—as structural material for construction or wood... A giant grouper at the Georgia Aquarium Fish are aquatic vertebrates that are cold-blooded, covered with scales, and equipped with two sets of paired fins and several unpaired fins. ...

Exports: $52.16 billion f.o.b. (2005 est.)

Exports - commodities: petroleum and petroleum products 95%, cocoa, rubber Pumpjack pumping an oil well near Lubbock, Texas Ignacy Łukasiewicz - inventor of the refining of kerosene from crude oil. ... Cocoa beans in a cacao pod Cocoa is the dried and partially fermented fatty seed of the cacao tree from which chocolate is made. ... This does not cite any references or sources. ...

Exports - partners: United States 47.4%, Brazil 10.7%, Spain 7.1%(2004)

Imports: $25.95 billion f.o.b. (2005 est.)

Imports - commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports - partners: the People's Republic of China 9.4%, United States 8.4%, United Kingdom 7.8%, Netherlands 5.9%, France 5.4%, Germany 4.8%, Italy 4% (2004)

Debt - external: $12 billion with London Club(2006 est.)

Economic aid - recipient: IMF $250 million (1998)

Currency: 1 Naira (NGN) = 100 kobo

Exchange rates: Naira (NGN) per US$1 - 128 (2005), 132.89 (2004), 129.22 (2003), 120.58 (2002), 111.23 (2001)

External Reserves: $46 billion (December 2006)

Fiscal year: calendar year

References

• This article contains material from the Library of Congress Country Studies, which are United States government publications in the public domain.

The Country Studies are works published by the Federal Research Division of the Library of Congress ( USA), freely available for use by researchers. ... The U.S. Constitution, adopted in 1789 by a constitutional convention, sets down the basic framework of American government in its seven articles. ... The public domain comprises the body of all creative works and other knowledge—writing, artwork, music, science, inventions, and others—in which no person or organization has any proprietary interest. ...

External links

• Brookings Institute anaylsis of Nigeria's debt restructuring
• Paris Club article on debt restructuring
• April 2002 advisory on Transactions involving Nigeria - from the US Department of the Treasury - Financial Crimes Enforcement Network (PDF format)

v • d • e

Members of the World Trade Organization (WTO)

Albania · Angola · Antigua and Barbuda · Argentina · Armenia · Australia · Bahrain · Bangladesh · Barbados · Belize · Benin · Bolivia · Botswana · Brazil · Brunei (Brunei Darussalam) · Burkina Faso · Burundi · Cambodia · Cameroon · Canada · Central African Republic · Chad · Chile · China (PRC) · Colombia · Democratic Republic of the Congo · Republic of the Congo · Costa Rica · Cote d'Ivoire · Croatia · Cuba · Djibouti · Dominica · Dominican Republic · Ecuador · Egypt · El Salvador · European Union¹ · Former Yugoslav Republic of Macedonia (FYROM) · Fiji · Gabon · The Gambia · Georgia · Ghana · Grenada · Guatemala · Guinea · Guinea-Bissau · Guyana · Haiti · Honduras · Hong Kong² · Iceland · India · Indonesia · Israel · Jamaica · Japan · Jordan · Kenya · South Korea · Kuwait · Kyrgyzstan · Lesotho · Liechtenstein · Macau² · Madagascar · Malawi · Malaysia · Maldives · Mali · Mauritania · Mauritius · Mexico · Moldova · Mongolia · Morocco · Mozambique · Myanmar · Namibia · Nepal · New Zealand · Nicaragua · Niger · Nigeria · Norway · Oman · Pakistan · Panama · Papua New Guinea · Paraguay · Peru · Philippines · Qatar · Rwanda · St. Kitts and Nevis · St. Lucia · St. Vincent and the Grenadines · Saudi Arabia · Senegal · Sierra Leone · Singapore · Solomon Islands · South Africa · Sri Lanka · Suriname · Swaziland · Switzerland · Separate Customs Territory of Taiwan, Penghu, Kinmen, and Matsu³ · Tanzania · Thailand · Togo · Tonga · Trinidad and Tobago · Tunisia · Turkey · Uganda · United Arab Emirates · United States · Uruguay · Venezuela · Vietnam · Zambia · Zimbabwe The World Trade Organization (WTO), (OMC - Spanish: , French: ), is an international organization designed to supervise and liberalize international trade. ... Image File history File links Size of this preview: 800 × 370 pixelsFull resolution (1357 × 628 pixel, file size: 19 KB, MIME type: image/png)World map of World Trade Organization (WTO) members/non-members, 2005; based on Image:BlankMap-World-v2. ... Economy - overview: Antigua and Barbudas economy is service-based, with tourism and government services representing the key sources of employment and income. ... The Asian financial crisis in 1997 and 1998, coupled with fluctuations in the price of oil have created uncertainty and instability in Bruneis economy. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... The economy of the Peoples Republic of China is the third largest in the world when measured by nominal GDP. Its economic output for 2006 was $2. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... This article or section does not cite its references or sources. ... The economy of Costa Rica heavily depends on tourism, agriculture, and electronics exports. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... The Dominican Republic is a middle-income developing country primarily dependent on agriculture, trade, and services, especially tourism. ... This article does not cite its references or sources. ... If it considered as a single state, the economy of the European Unions twenty-seven member states is currently the worlds second largest economy. ... Economy - overview: The breakup of Yugoslavia in 1991 deprived F.Y.R.O.M. (Former Yugoslav Republic of Macedonia), then its poorest republic (only 5% of the total federal output of goods and services), of its key protected markets and large transfer payments from the center. ... Economy - overview: The Gambia has no important mineral or other natural resources and has a limited agricultural base. ... The Economy of Hong Kong is widely believed to be the most economically free in the world. ... Currency 1 South Korean Won (W) = 100 Jeon(Chŏn) (theoretical) Fiscal year Calendar year Trade organizations APEC, WTO and OECD Statistics [1] GDP ranking 10th by volume (at nominal) (2006); 11th by volume (at PPP) (2006); GDP (Nominal) $897. ... The Economy of New Zealand is a small but prosperous free market economy, which is greatly dependent on international trade, mainly with Australia, the United States of America and Japan. ... Papua New Guinea is richly endowed with natural resources, but exploitation has been hampered by the rugged terrain and the high cost of developing infrastructure. ... Saint Kitts and Nevis was the last sugar monoculture in the Eastern Caribbean. ... Saint Lucias economy depends primarily on revenue from banana production and tourism with some input from small-scale manufacturing. ... The St. ... Economy - overview: Saudi Arabia has an oil-based economy with strong government controls over major economic activities. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A per capita GDP of $340 ranks Solomon Islands as a lesser developed nation. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... With an economy of $80. ... Taiwan has a dynamic capitalist economy with gradually decreasing guidance of investment and foreign trade by the government. ... Trinidad and Tobago experienced a real growth rate of 3. ... // The United Arab Emirates has a highly industrialized economy that makes the country one the most developed in the world, based on various socioeconomic indicators such as GDP per capita, energy consumption per capita, and the HDI. At $168 billion in 2006, the GDP of the UAE ranks second in... The United States has the worlds largest gross domestic product (GDP), $13. ...

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1. All twenty-seven member states of the European Union are also members of the WTO in their own right: Austria • Belgium • Bulgaria • Cyprus • Czech Republic • Denmark • Estonia • Finland • France • Germany • Greece • Hungary • Ireland • Italy • Latvia • Lithuania • Luxembourg • Malta • Netherlands and Netherlands Antilles • Poland • Portugal • Romania • Slovakia • Slovenia • Spain • Sweden • United Kingdom.
2. Special Administrative Region of the People's Republic of China.
3. Designated name for the Republic of China.

Of the emerging democracies in central and eastern Europe, Czechia has one of the most developed industrialized economies. ... Tourism, petroleum transhipment, and offshore finance are the mainstays of the Netherlands Antillean economy, which is closely tied to the outside world. ... The United Kingdom has the fifth largest gross domestic product in the world in terms of market exchange rates and the sixth largest by purchasing power parity (PPP). ... A Special Administrative Region (SAR) of the Peoples Republic of China is an administrative division of the Peoples Republic of China (PRC). ... Anthem National Anthem of the Republic of China Capital (and largest city) Taipei1 Official languages Standard Mandarin (GuóyÇ”), Taiwanese, Aborigine Government Semi-presidential system  -  President Chen Shui-bian  -  Vice President Annette Lu  -  Premier Chang Chun-hsiung Establishment Xinhai Revolution   -  Independence declared October 10, 1911   -  Republic established January 1, 1912... The economy of Africa consists of the trade, industry, and resources of the peoples of Africa. ... This is an alphabetical list of the sovereign states of the world, including both de jure and de facto independent states. ... Burkina Faso is one of the poorest countries in the world with an average income per capita of €250 (US$300). ... Economy - overview: Cape Verdes low per capita GDP reflects a poor natural resource base, including serious water shortages exacerbated by cycles of long-term drought. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... Sparsely populated in relation to its area, the Democratic Republic of the Congo is home to a vast potential of natural resources and mineral wealth, yet the economy of the DROC has declined drastically since the mid-1980s. ... The Ivorian economy is largely market based and depends heavily on the agricultural sector. ... // Economy overview The discovery and exploitation of large oil reserves have contributed to dramatic economic growth in recent years. ... The majority of the territory of Western Sahara is currently administered by the Kingdom of Morocco. ... The economy of São Tomé and Príncipe while traditionally dependent on cocoa is experiencing considerable changes due to investment in the development of its oil industry its territorial waters in the oil-rich waters of the Gulf of Guinea. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... To meet Wikipedias quality standards, this article may require rewriting and/or reformatting. ... A dependent territory, dependent area or dependency is a territory that does not possess full political independence or sovereignty as a State. ... Types of administrative and/or political territories include: A legally administered territory, which is a non-sovereign geographic area that has come under the authority of another government. ... Capital Las Palmas de Gran Canaria and Santa Cruz de Tenerife Official language(s) Spanish Area  â€“ Total  â€“ % of Spain Ranked 13th  7,447 km²  1. ... // What is now the 8th largest economy[1] in the world inherited a regulated economy from Francoism as this started to fade out in 1975. ... Capital Official language(s) Spanish Area  â€“ Total  â€“ % of Spain Ranked  20 km²   Population  â€“ Total (2006)  â€“ % of Spain  â€“ Density Ranked  66,871    3,343. ... Motto None Anthem Puntland Somali National Anthem Capital Garowe (Administrative), Bosaso (Commercial) Largest city Bosaso Official languages Somali and Arabic Government  -  President Mohamud Muse Hersi  -  Vice-President Hassan Dahir Mohamud Autonomy Inside Somalia   -  Declared 1998   -  Recognition   Area  -  Total 212,510 km km² (84th) n/a sq mi   -  Water (%) Negl. ... This article was imported from the CIA World Factbook and needs to be rewritten and/or reformatted in accordance with Wikipedia styles. ... Map of the Socotra archipelago Socotra or Soqotra (Arabic سقطرى ; Suquá¹­ra) is a small archipelago of four islands and islets in the Indian Ocean off the coast of Somalia some 350 km south of the Arabian peninsula. ... Motto: Freedom, Democracy and Success for All Anthem: Samo ku waar Samo ku waar Saamo ku waar Capital Hargeisa Largest city Hargeisa Official languages Somali Government President republic Dahir Riyale Kahin Independence  - Declared  - Recognition From Somalia  - 1991  - none Area  â€¢ Total  â€¢ Water (%)   137,600 km² (-) n/a Population  â€¢ 2005 est. ... Economy - overview: Western Sahara, a territory poor in natural resources and lacking sufficient rainfall, depends on pastoral nomadism, fishing, and phosphate mining as the principal sources of income for the population. ...