Flag description: three equal vertical bands of green (hoist side), white, and green
Economy Nigeria
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 credit from the IMF, both contingent on economic reforms. The agreement was allowed to expire by the IMF in November 2001, however, and Nigeria appears unlikely to receive substantial multilateral assistance in 2002. Nonetheless, increases in foreign oil investment and oil production should push growth over 4% in 2002.
GDP: purchasing power parity - $105.9 billion (2001 est.)
GDP - real growth rate: 3.5% (2001 est.)
GDP - per capita: purchasing power parity - $840 (2001 est.)
GDP - composition by sector: agriculture: 39% industry: 33% services: 28% (2000 est.)
Population below poverty line: 45% (2000 est.)
Household income or consumption by percentage share: lowest 10%: 1.6% highest 10%: 40.8% (1996-97)
Distribution of family income - Gini index: 50.6 (1996-97)