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telephone: [1] (202) 986-8400
consulate(s) general: New York

US diplomatic representation:
chief of mission: Ambassador Walter C. CARRINGTON
embassy: 2 Eleke Crescent, Lagos
mailing address: P. O. Box 554, Lagos
telephone: [234] (1) 261-0097
FAX: [234] (1) 261-0257

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

Economy
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Economic overview: The oil-rich Nigerian economy continues to be
hobbled by political instability, corruption, and poor macroeconomic
management. Nigeria's unpopular military rulers failed to make
significant progress in diversifying the economy away from
overdependence on the capital intensive oil sector which provides
almost all foreign exchange earnings and about 80% of budgetary
revenues. Regime officials also appear divided on how to redress
fundamental economic imbalances that result in troublesome
inflation, the steady depreciation of the naira, and the
discouragement of investors. The government's domestic and
international arrears continue to limit economic growth and prevent
an agreement with the IMF and bilateral creditors on debt relief.
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.

GDP: purchasing power parity - $135.9 billion (1995 est.)

GDP real growth rate: 2.6% (1995 est.)

GDP per capita: $1,300 (1995 est.)

GDP composition by sector:
agriculture: 38%
industry: 22%
services: 40% (1994 est.)

Inflation rate (consumer prices): 57% (1994 est.)

Labor force: 42.844 million
by occupation: agriculture 54%, industry, commerce, and services
19%, government 15%

Unemployment rate: 28% (1992 est.)

Budget:
revenues: $2.7 billion
expenditures: $6.4 billion, including capital expenditures of $1.8
billion (1994 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: NA%

Electricity:
capacity: 4,570,000 kW
production: 11.3 billion kWh
consumption per capita: 109 kWh (1993)

Agriculture: cocoa, peanuts, palm oil, rubber, corn, rice,
sorghum, millet, cassava (tapioca), yams; cattle, sheep, goats,
pigs; fishing and f