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Nigeria : economy statistics and industry reports

  • Updated on : 27 August 2012  Source : The World Factbook


$69.49 billion (2011 est.)
$53.46 billion (2010 est.)


$103.9 billion (2011 est.)
$73.7 billion (2010 est.)

Inflation rate (consumer prices)

10.8% (2011 est.)
13.7% (2010 est.)

Unemployment rate

21% (2011 est.)
4.9% (2011 est.)

GDP - per capita (PPP)

$2,600 (2011 est.)
$2,500 (2010 est.)
$2,400 (2009 est.)
note: data are in 2011 US dollars

National product real growth rate

6.8% (2010 est.)
5.6% (2009 est.)
6% (2008 est.)

Internet users

43.989 million (2009)

Telephones - mobile cellular

87.298 million (2009)

Population growth rate

2.553% (2012 est.)


170,123,740 (July 2012 est.)
note: estimates for this country explicitly take into account the effects of excess mortality due to AIDS; this can result in lower life expectancy, higher infant mortality, higher death rates, lower population growth rates, and changes in the distribution of population by age and sex than would otherwise be expected

Historical background

British influence and control over what would become Nigeria and Africa's most populous country grew through the 19th century.

A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960.

Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed.

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Economic overview

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management but in 2008 began pursuing economic reforms.

Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues.

Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms.

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The Economist Intelligence Unit

Country Forecast Nigeria August 2017 Updater

  • $ 559
  • Country report
  • August 2017
  • by The Economist Intelligence Unit

It is likely that the president, Muhammadu Buhari, will leave office on medical grounds before the next elections are due in 2019. This will create a period of political uncertainty, but robust constitutional ...

  • Countries : Nigeria


Nigeria - ISA Country Report

  • $ 99
  • Country report
  • August 2017
  • by ISA

This report contains detailed forecasts and analysis for Nigeria, including trade and investment analysis, economic forecasts, political risk assessments and demographic trend analysis. Each ISA Country ...

  • Countries : Nigeria


Nigeria: In-depth PEST insights

  • $ 350
  • Country report
  • April 2017
  • by MarketLine

Nigeria: In-depth PEST insights Summary This PEST country analysis report on Nigeria provides a holistic view of the country, with insightful analysis of current and future issues, supplemented with relevant ...

  • Countries : Nigeria

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