d by the IMF, such as to modernize the
banking system, to curb inflation by blocking excessive wage
demands, and to resolve regional disputes over the distribution of
earnings from the oil industry. In 2003, the government began
deregulating fuel prices, announced the privatization of the
country's four oil refineries, and instituted the National Economic
Empowerment Development Strategy, a domestically designed and run
program modeled on the IMF's Poverty Reduction and Growth Facility
for fiscal and monetary management. In November 2005, Abuja won
Paris Club approval for a debt-relief deal that eliminated $18
billion of debt in exchange for $12 billion in payments - a total
package worth $30 billion of Nigeria's total $37 billion external
debt. The deal requires Nigeria to be subject to stringent IMF
reviews. GDP rose strongly in 2007, based largely on increased oil
exports and high global crude prices. Newly-elected President
YAR'ADUA has pledged to continue the economic reforms of his
predecessor and the proposed budget for 2008 reflects the
administrations emphasis on infrastructure improvements.
Infrastructure is the main impediment to growth. The government is
working toward developing stronger public-private partnerships for
electricity and roads.

GDP (purchasing power parity):

$296.1 billion (2007 est.)

GDP (official exchange rate):

$166.8 billion (2007 est.)

GDP - real growth rate:

6.4% (2007 est.)

GDP - per capita (PPP):

$2,100 (2007 est.)

GDP - composition by sector:

agriculture: 17.7%
industry: 52.6%
services: 29.8% (2007 est.)

Labor force:

50.13 million (2007 est.)

Labor force - by occupation:

agriculture: 70%
industry: 10%
services: 20% (1999 est.)

Unemployment rate:

4.9% (2007 est.)

Population below poverty line:

70% (2007 est.)

Household income or consumption by percentage share:

lowest 10%: 1.9%
highest 10%: 33.2% (2003)

Distribution of family income - Gini index:

43.7 (2003)

Investment (gross fixed):

23.7% of GDP (2007 est.)

Budget:

revenues: $19.43 billion
expenditures: $20.36 billion (2007 est.)

Fiscal year:

calendar year

Public debt:

14.4% of GDP (2007 est.)

Inflation rate (consumer prices):

5.4% (2007 est.)

Central bank discount rate:

9.5% (31 December 2007)

Commercial bank prime lending rate:

16.94% (31 December 2007)

Stock of money:

$21.72 billion (31 Decemb