chief of mission:
Ambassador William L. SWING
embassy:
2 Eleke Crescent, Lagos
mailing address:
P. O. Box 554, Lagos
telephone:
[234] (1) 610097
FAX:
[234] (1) 610257 branch office:
Abuja
consulate general:
Kaduna
Flag:
three equal vertical bands of green (hoist side), white, and green

*Nigeria, Economy

Overview:
Although Nigeria is Africa's leading oil-producing country, it remains poor
with a $300 per capita GDP. In 1991-92 massive government spending, much of
it to help ensure a smooth transition to civilian rule, ballooned the budget
deficit and caused inflation and interest rates to rise. The lack of fiscal
discipline forced the IMF to declare Nigeria not in compliance with an
18-month standby facility started in January 1991. Lagos has set ambitious
targets for expanding oil production capacity and is offering foreign
companies more attractive investment incentives. Government efforts to
reduce Nigeria's dependence on oil exports and to sustain noninflationary
growth, however, have fallen short because of inadequate new investment
funds and endemic corruption. Living standards remain below the level of the
early 1980s oil boom.
National product:
GDP - exchange rate conversion - $35 billion (1992 est.)
National product real growth rate:
3.6% (1992 est.)
National product per capita:
$300 (1992 est.)
Inflation rate (consumer prices):
60% (1992 est.)
Unemployment rate:
28% (1992 est.)
Budget:
revenues $9 billion; expenditures $10.8 billion, including capital
expenditures of $NA (1992 est.)
Exports:
$12.7 billion (f.o.b., 1991)
commodities:
oil 95%, cocoa, rubber
partners:
EC countries 43%, US 41%
Imports:
$7.8 billion (c.i.f., 1991)
commodities:
consumer goods, capital equipment, chemicals, raw materials
partners:
EC countries 70%, US 16%
External debt:
$33.4 billion (1991)
Industrial production:
growth rate 5.5% (1991); accounts for 8.5% of GDP
Electricity:
4,740,000 kW capacity; 8,300 million kWh produced, 70 kWh per capita (1991)
Industries: crude oil and mining - coal, tin, columbite; primary processing industries -
palm oil, peanut, cotton, rubber, wood, hides and skins; manufacturing
industries - textiles, cement, building materials, food products, footwear,
chemical, printing, ceramics, steel
Agriculture:
accounts for 32% of GDP and half of labor force; inefficient small-scale
farming d