embassy: 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.)