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Sub Saharan Africa

Nigeria

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Map of Nigeria Last reviewed: 13 February 2008

Country information

ECONOMY

Basic Economic Facts

GDP: US$147bn (2006)
GDP per head: US$1,049 (2006)
Annual Growth: 6% (2006)
Inflation: 5.4% (2007)
Major Industries: Oil, Gas as LNG
Major trading partners: US, China, Brazil, EU, UK
Exchange rate: £1 = N232 (February 2008).

Nigeria is the world’s 11th largest producer of oil with a current output of 2.2 million barrels per day (mbpd) of quality crude. Current capacity is closer to 3mbpd, but a poor security situation prevents higher production and makes it less likely the target of 4 mbpd by 2010 will be achieved. Although there has been increasing focus on diversifying the economy, it is still highly dependent on the oil/gas sector and is sensitive to price fluctuations. In 2006, oil accounted for just over one fifth of GDP, 85% of government revenue and over 90% of export earnings. Agriculture accounted for around 40% of GDP, the services sector for just over 30% and manufacturing 5% of GDP.

Despite Nigeria’s oil wealth, a large population means Nigeria’s GDP per capita is low. Few Nigerians, including those in oil-producing areas, have benefited from the oil wealth. In 2006, estimated GDP was over $100bn but less than $800 per capita. The trade in stolen oil, alongside poor governance, has fuelled violence and corruption in the Niger Delta.

Nigeria has some of the worst social indicators: 1 in 5 children die before the age of 5; 12 million children are not in school; approximately 6% of the population are now HIV positive.

The World Bank ranks Nigeria 108th out of 178 countries on the 2005 global competitiveness index. It was 142nd out of 163 countries in Transparency International’s Corruption Perception Index in 2006, up from 152nd out of 158 the previous year.

Nigeria faces immense challenges in accelerating growth, reducing poverty and meeting the Millennium Development Goals (MDGs). In May 2004, Nigeria launched its National and State Economic Empowerment and Development Strategies (NEEDS and SEEDS) for growth and poverty reduction. NEEDS is based on 3 pillars: (i) empowering people and improving social service delivery; (ii) improving the private sector and focusing on non-oil growth; and (iii) changing the way government works and improving governance. Some good progress has been made, particularly at federal level on macroeconomic stabilisation, fuel subsidies and procurement. However, much remains to be done, especially at the local level where the implementation of SEEDS is proving more difficult than its federal counterpart.

IMF Country Reports - Nigeria

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Contacts

Nigeria

Address:

High Commission for the Federal Republic of Nigeria
Nigeria House
9 Northumberland Avenue
London WC2N 5BX


Immigration Section
9 Northumberland Avenue
WC2N 5BX


Defence Section
9 Northumberland Avenue
WC2N 5BX

Telephone:

(020) 7839 1244

Fax:

(020) 7839 8746
(020) 7925 0990 (Immigration)
(020) 7925 1483 (Defence)

 

Email: chancery@nigeriahc.org (High Commission)
Email: information@nigeriahc.org.uk (High Commission)
Email: visa@nigeriahc.org.uk (Visas)
Email: passport@nigeriahc.org.uk




 

Office hours:

Mon-Fri: 0930-1730
Mon-Fri: 1000-1300 (Visa)
Mon-Fri: 1000-1300 (Passport)

Website: http://www.nigeriahc.org.uk/

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Find out about Bob's role as British High Commissioner to Nigeria.