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@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 not kept up with rapid population growth, and
Nigeria, once a large net exporter of food, now must import food. In
2000, Nigeria is likely to receive a debt-restructuring deal with the
Paris club and a $1 billion loan from the IMF, both contingent on
economic reforms. Increased foreign investment combined with high
world oil prices should push growth to over 5% in 2000-01.

GDP: purchasing power parity - $110.5 billion (1999 est.)

GDP - real growth rate: 2.7% (1999 est.)

GDP - per capita: purchasing power parity - $970 (1999 est.)

GDP - composition by sector:
agriculture: 33%
industry: 42%
services: 25% (1997 est.)

Population below poverty line: 34.1% (1992-93 est.)

Household income or consumption by percentage share:
lowest 10%: 1.3%
highest 10%: 31.4% (1992-93)

Inflation rate (consumer prices): 12.5% (1999 est.)

Labor force: 42.844 million

Labor force - by occupation: agriculture 54%, industry 6%, services
40% (1999 est.)

Unemployment rate: 28% (1992 est.)

Budget:
revenues: $NA
expenditures: $NA, including capital expenditures of $NA

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 - production: 14.75 billion kWh (1998)

Electricity - production by source:
fossil fuel: 61.69%
hydro: 38.31%
nuclear: 0%
other: 0% (1998)

Electricity - consumption: 13.717 billion kWh (1998)

Electricity - exports: 0 kWh (1998)

Electricity - imports: 0 kWh (1998)

Agriculture - products: cocoa, peanuts, palm oil, corn, rice, sorghum,
millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs;
timber; fish

Exports: $13.1 billion (f.o.b., 1999)

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