Diplomatic representation in the US:
chief of mission: Ambassador Professor George A. OBIOZOR
chancery: 3519 International Court NW, Washington, DC 20008
telephone: [1] (202) 986-8400
FAX: [1] (202) 775-1385
consulate(s) general: Atlanta and New York
Diplomatic representation from the US:
chief of mission: Ambassador John CAMPBELL
embassy: 7 Mambilla Drive, Abuja
mailing address: P. O. Box 554, Lagos
telephone: [234] (9) 523-0916/0906/5857/2235/2205
FAX: [234] (9) 523-0353
Flag description:
three equal vertical bands of green (hoist side), white, and green
Economy Nigeria
Economy - overview:
Oil-rich Nigeria, long hobbled by political instability,
corruption, inadequate infrastructure, and poor macroeconomic
management, is undertaking some reforms 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 - Nigeria is Africa's most populous country - and the
country, 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.
Nigeria pulled out of its IMF program in April 2002, after failing
to meet spending and exchange rate targets, making it ineligible for
additional debt forgiveness from the Paris Club. In the last year
the government has begun showing the political will to implement the
market-oriented reforms urged by the IMF, such as to modernize the
banking system, to curb inflation by blocking excessive wage
demands, and to resolve regional disputes over the distribution of
earnings from the oil industry. During 2003 the government began
deregulating fuel prices, announced the privatization of the
country's four oil refineries, and instituted the National Economic
Empowerment Development Strategy, a domestically designed and run
program modeled on the IMF's Poverty Reduction and Growth Facility
for fiscal and monetary management. GDP rose strongly in 2004.
GDP (purchasing power parity):
$125.7 billion (2004 est.)
GDP - real growth rate:
6.2% (2004 est.)
GDP - per capita:
purchasing power parity - $1,000 (2004 est.)
GDP - composition by sector: agriculture: 36.3% industry: 30.5% services: 33.3% (2004 est.)
Labor force:
55.67 million (2004 est.)