y: 8 Mambilla Drive, Abuja

mailing address: P. O. Box 554, Lagos

telephone: [234] (1) 261-0050, -0078

FAX: [234] (1) 261-0257

Flag description: three equal vertical bands of green (hoist side),
white, and green

Nigeria Economy

Economy - overview: The oil-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 failed to keep up with
rapid population growth, and Nigeria, once a large net exporter of
food, now must import food. 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 loan from the IMF, both
contingent on economic reforms. Increases in foreign investment and
oil production combined with high world oil prices should push
growth over 4% in 2001-02.

GDP: purchasing power parity - $117 billion (2000 est.)

GDP - real growth rate: 3.5% (2000 est.)

GDP - per capita: purchasing power parity - $950 (2000 est.)

GDP - composition by sector: agriculture: 40%

industry: 40%

services: 20% (1999 est.)

Population below poverty line: 45% (2000 est.)

Household income or consumption by percentage share: lowest 10%:
1.6%

highest 10%: 40.8% (1996-97)

Inflation rate (consumer prices): 6.5% (2000 est.)

Labor force: 66 million (1999 est.)

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

Unemployment rate: 28% (1992 est.)

Budget: revenues: $3.4 billion

expenditures: $3.6 billion, including capital expenditures of $NA
(2000 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

Industrial production growth rate: 1.5% (2000 est.)

Electricity - production: 18.7 billion kWh (1999)

Electricity - production by source: fossil fuel: 52.94%

hydro: 47.06%

nuclear: 0%

other: 0% (1999)

Electricity - consumption: 17.372 billion kWh (1999)

Electricity - e