Economic overview Nigeria, in 36 editions.

Although Nigeria is Africa's leading oil-producing country, it remains poor
with a $280 $250 per capita GDP. In 1990, despite rising oil prices and 1991 massive government spending, much of it
to help ensure a sharp drop smooth transition to civilian rule, ballooned the budget
deficit and caused inflation and interest rates to rise. The lack of fiscal
discipline forced the IMF to declare Nigeria not in inflation, performance remained slack compliance with continuing underutilization of industrial an
18-month standby facility started in January 1991. Lagos has set ambitious
targets for expanding oil production capacity and a second year of relatively weak agricultural performance. Agricultural production was up only 4.2% in 1990, still below the 1987 level. Industrial output showed a 7.2% increase, but remained below the 1985 level. is offering foreign
companies more attractive investment incentives. Government efforts to
reduce Nigeria's dependence on oil exports and to sustain noninflationary growth
growth, however, have fallen short due to because of inadequate new investment funds.
funds and endemic corruption. Living standards continue to deteriorate from
the higher level of the early 1980s oil boom.

Although Nigeria is Africa's leading oil-producing country, it remains poor
with a $250 $300 per capita GDP. In 1991 1991-92 massive government spending, much of it
it to help ensure a smooth transition to civilian rule, ballooned the budget
deficit and caused inflation and interest rates to rise. The lack of fiscal
discipline forced the IMF to declare Nigeria not in compliance with an
18-month standby facility started in January 1991. Lagos has set ambitious
targets for expanding oil production capacity and is offering foreign
companies more attractive investment incentives. Government efforts to
reduce Nigeria's dependence on oil exports and to sustain noninflationary
growth, however, have fallen short because of inadequate new investment
funds and endemic corruption. Living standards continue to deteriorate from
remain below the higher level of the
early 1980s oil boom.

The oil-rich Nigerian economy continues to be
hobbled by
political instability instability, corruption, and poor macroeconomic
management. Nigeria's
unpopular military rulers show no sign of wanting failed to restore make
democratic civilian rule significant progress in diversifying the near future economy away from
overdependence on the capital intensive oil sector which provides
almost all foreign exchange earnings and about 80% of budgetary
revenues. Regime officials also appear divided on how
to redress
fundamental economic imbalances that cause result in troublesome
inflation and inflation, the steady depreciation of the naira. naira, and the
discouragement of investors. The government's
domestic and
international arrears continue to limit economic growth -
even in the oil sector - and prevent
an agreement with the IMF and
bilateral creditors on debt relief. The inefficient (largely
subsistence) 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.

The oil-rich Nigerian economy continues to be
hobbled by political instability, corruption, and poor macroeconomic
management. Nigeria's unpopular military rulers have failed to make
significant progress in diversifying the economy away from
overdependence on the capital intensive oil sector which provides half
almost all of GDP, 95% of foreign exchange earnings earnings, and about 80% of budgetary
revenues. Regime officials also appear divided on how to redress
fundamental economic imbalances that result in troublesome inflation
inflation, the steady depreciation of the naira, and the
discouragement of investors. The government's domestic resistance to
initiating greater transparency and accountability in managing the
international arrears continue country's multibillion dollar oil earnings continues to limit economic
growth and prevent
an agreement with the IMF and bilateral creditors
on debt relief.
The largely subsistence agricultural sector has failed
to keep up
with rapid population growth, and Nigeria, once a large net exporter
exporter of food, now must import food. Agricultural production in
1996 suffered from severe shortages of fertilizer.

The oil-rich Nigerian economy continues to be
hobbled by political instability, corruption, and poor macroeconomic
management. Nigeria's unpopular military rulers have failed to make
significant progress in diversifying the economy away from
overdependence on the capital intensive oil sector which provides half 30%
of GDP, 95% of foreign exchange earnings, and about 80% of budgetary
revenues. Regime officials also appear divided on how to redress
fundamental economic imbalances that result in troublesome inflation
and the discouragement of investors. The government's resistance to
initiating greater
transparency and accountability in managing the
country's multibillion
dollar oil earnings continues to limit economic
growth and prevent an
agreement with the IMF and bilateral creditors
on debt relief. 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. Agricultural production in
1996 suffered
from severe shortages of fertilizer. fertilizer, and production of fertilizer fell
even further in 1997.

The oil-rich Nigerian economy continues to be
hobbled by political instability, corruption, and poor macroeconomic
management. Nigeria's unpopular military rulers have failed to make
significant progress in diversifying the economy away from
overdependence on the capital intensive oil sector which provides 30%
30% of GDP, 95% of foreign exchange earnings, and about 80% of budgetary
budgetary revenues. The government's resistance to initiating greater
greater transparency and accountability in managing the country's multibillion
multibillion dollar oil earnings continues to limit economic growth
and prevent an
agreement with the IMF and bilateral creditors on a
staff-monitored program and debt relief. 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. Agricultural production Growth in 1996 suffered
from severe shortages of fertilizer, and production 1999 may become negative because of fertilizer fell continued
even further low oil prices and persistent inefficiencies in 1997. the system.

The oil-rich Nigerian economy continues to be
economy, long hobbled by political instability, corruption, and poor macroeconomic
management. management, is undergoing substantial economic reform under the new civilian administration. Nigeria's unpopular former military rulers have failed to make
significant progress in diversifying diversify the economy away from
overdependence on the capital intensive capital-intensive oil sector sector, which provides
30% 20% of GDP, 95% of foreign exchange earnings, and about 80% 65% of
budgetary revenues. The government's resistance to initiating
greater transparency and accountability in managing the country's
multibillion dollar oil earnings continues to limit economic growth
and prevent an agreement with the IMF and bilateral creditors on a
staff-monitored program and debt relief. The largely subsistence
agricultural sector has failed to keep not kept up with rapid population
growth, and Nigeria, once a large net exporter of food, now must
import food. Growth in 1999 may become negative because of continued
low 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 and persistent inefficiencies should push growth to over 5% in the system. 2000-01.

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 failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food. In Following the signing of an IMF stand-by agreement in August 2000, Nigeria is likely to receive received a debt-restructuring deal with from the Paris club Club and a $1 billion loan from the IMF, both contingent on economic reforms. Increased Increases in foreign investment and oil production combined with high world oil prices should push growth to over 5% 4% in 2000-01. 2001-02.

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 credit from the IMF, both contingent on economic reforms. Increases 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 combined with high world oil prices should push growth over 4% in 2001-02. 2002.

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 apparently received much less multilateral assistance than expected in 2002. Nonetheless, increases in foreign oil investment and oil production should push kept growth over 4% at 3% in 2002. The government lacks the strength to implement the market-oriented reforms urged by the IMF, such as modernization of 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. When the uncertainties in the global economy are added in, estimates of Nigeria's prospects for 2003 must have a wide margin of error.

The oil-rich Nigerian economy, Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undergoing substantial reform 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, growth - Nigeria is Africa's most populous country - and Nigeria, 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. The agreement was allowed to expire by the IMF in November 2001, however, and Nigeria apparently received much less multilateral assistance than expected in 2002. Nonetheless, increases pulled out of its IMF program in foreign oil investment April 2002, after failing to meet spending and oil production kept growth at 3% in 2002. exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. The government lacks has lacked the strength political will to implement the market-oriented reforms urged by the IMF, such as modernization of to modernize the banking system; system, to curb inflation by blocking excessive wage demands; demands, and to resolve regional disputes over the distribution of earnings from the oil industry. When During 2003, however, the uncertainties in government deregulated fuel prices and announced the global economy are added in, estimates of Nigeria's prospects for 2003 must have a wide margin privatization of error. the country's four oil refineries. GDP growth probably will rise marginally in 2004, led by oil and natural gas exports.

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. The In the last year the government has lacked 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, however, 2003 the government deregulated began deregulating fuel prices and prices, announced the privatization of the country's four oil refineries. 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 growth probably will rise marginally rose strongly in 2004, led by oil and natural gas exports. 2004.

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under the a new civilian reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its 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 In 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. 2005, based largely on increased oil exports and high global crude prices. In November 2005, Abuja won Paris Club approval for a historic debt-relief deal that by March 2006 should eliminate $30 billion worth of Nigeria's total $37 billion external debt. The deal first requires that Nigeria repay roughly $12 billion in arrears to its bilateral creditors. Nigeria would then be allowed to buy back its remaining debt stock at a discount. The deal also commits Nigeria to more intensified IMF reviews.

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its 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. In 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 2005, based largely on increased oil exports and high global crude prices. In November 2005, Abuja won Paris Club approval for a historic debt-relief debt - relief deal that by March 2006 should eliminate $30 eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. The deal first requires that Nigeria repay roughly $12 billion in arrears to its bilateral creditors. Nigeria would then be allowed to buy back its remaining debt stock at a discount. The deal also commits Nigeria subject to more intensified stringent IMF reviews. GDP rose strongly in 2006, based largely on increased oil exports and high global crude prices.

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% 80% 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. In 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. In November 2005, Abuja won Paris Club approval for a debt - relief debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. The deal requires Nigeria to be subject to stringent IMF reviews. GDP rose strongly in 2006, 2007, based largely on increased oil exports and high global crude prices. Newly-elected President YAR'ADUA has pledged to continue the economic reforms of his predecessor and the proposed budget for 2008 reflects the administrations emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.

Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some has undertaken several reforms under a new reform-minded administration. over the past decade. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, earnings and about 80% 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 Since 2008 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. In 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. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. The deal requires Nigeria to be subject to stringent IMF reviews. GDP rose strongly in 2007, based Based largely on increased oil exports and high global crude prices. Newly-elected prices, GDP rose strongly in 2007 and 2008. President YAR'ADUA has pledged to continue the economic reforms of his predecessor and the proposed budget for 2008 reflects the administrations with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.

Oil-rich Nigeria, long Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. management but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. 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 November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun showing to show the political will to implement the market-oriented reforms urged by the IMF, such as to modernize modernizing the banking system, to curb curbing inflation by blocking excessive wage demands, and to resolve resolving regional disputes over the distribution of earnings from the oil industry. In 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. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion GDP rose strongly in payments - a total package worth $30 billion 2007-10 because of Nigeria's total $37 billion external debt. The deal requires Nigeria to be subject to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly prices in 2007 and 2008. 2010. President YAR'ADUA JONATHAN has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. growth and in August 2010 JONATHAN unveiled a power sector blueprint that includes privatization of the state-run electricity generation and distribution facilities. The government also is working toward developing stronger public-private partnerships for electricity and roads. Nigeria's financial sector was hurt by the global financial and economic crises and the Central Bank governor has taken measures to strengthen that sector.

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. 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 November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, curbing inflation by blocking excessive wage demands, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-10 2007-11 because of increased oil exports growth in non-oil sectors and high robust global crude prices in 2010. oil prices. President JONATHAN has pledged established an economic team that includes experienced and reputable members and has announced plans to continue the increase transparency, diversify economic reforms growth, and improve fiscal management. Lack of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth and in August 2010 JONATHAN unveiled a power sector blueprint that includes privatization slow implementation of the state-run electricity generation and distribution facilities. reforms are key impediments to growth. The government also is working toward developing stronger public-private partnerships for roads. roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises and crises, but the Central Bank governor has taken measures to restructure and strengthen that sector. the sector to include imposing mandatory higher minimum capital requirements.

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. 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 November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry. GDP rose strongly in 2007-11 2007-12 because of growth in non-oil sectors and robust global crude oil prices. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power. Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements.

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2013 2014 GDP estimated at US$ 502 US$479 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% 6%-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, 2011-13, significantly reducing the budget deficit. Monetary policy has also been responsive and effective. contractionary. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification and strong growth have not translated into a significant decline in poverty levels - over 62% of Nigeria's 170 million people live in extreme poverty. President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's largest economy, with 2014 2015 GDP estimated at US$479 billion. $1.1 trillion. Oil has been a dominant source of income and government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production contracted in 2012 and 2013. Nevertheless, the Nigerian economy has continued to grow at a rapid 6%-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-13, significantly reducing the budget deficit. Monetary policy has also been contractionary. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels, however - over 62% of Nigeria's 170 million people still live in extreme poverty.
Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Economic diversification Regulatory constraints and strong growth security risks have not translated into a significant decline limited new investment in poverty levels - over 62% of oil and natural gas, and Nigeria's 170 million people live oil production has contracted every year since 2012.
Because of lower oil prices, GDP growth in extreme poverty. 2015 fell to around 3%, and government revenues declined, while the nonoil sector also contracted due to economic policy uncertainty. President JONATHAN BUHARI, elected in March 2015, has established an a cabinet of economic team ministers that includes experienced and reputable members several technocrats, and he has announced plans to increase transparency, continue to diversify production, the economy away from oil, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power. The medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.

Following an April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa's is one of Sub Saharan Africa’s largest economy, with 2015 GDP estimated at $1.1 trillion. Oil has been a dominant economies and relies heavily on oil as its main source of income foreign exchange earnings and government revenues since the 1970s. revenues. Following the 2008-9 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels, however - levels; however, over 62% of Nigeria's 170 million people still live in extreme poverty.
Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production has contracted every year since 2012.
Because of lower oil prices, GDP growth in 2015 fell to around 3%, and government revenues declined, while the nonoil sector also contracted due to economic policy uncertainty. President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management. management, but his reliance on the Central Bank governor has led to overwhelmingly protectionist policies aimed at defending the naira from further devaluation. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. The government also is working to develop stronger public-private partnerships for roads, agriculture, and power. The
Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming oil output stabilizes and oil prices recover.

Nigeria is one of Sub Saharan Africa’s largest economies economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; however, over 62% of Nigeria's 170 over 180 million people still live in extreme poverty.
Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production has contracted had been contracting every year since 2012.
2012 until a slight rebound in 2017. President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but his reliance on the Central Bank governor has led to overwhelmingly taken a primarily protectionist policies aimed approach that favors domestic producers at defending the naira from further devaluation. expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as an implementation of a Treasury Single Account that allows the government to better manage its resources. resources and a more transparent government payroll and personnel system that eliminated duplicate and "ghost workers." The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.
Partly because of lower oil prices, Nigeria entered a recession in 2016. However, the medium-term outlook for Nigeria is positive, assuming 2016 as a result of lower oil output stabilizes prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recover. recovered and output stabilized.

Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services. Economic diversification and strong growth have not translated into a significant decline in poverty levels; over 62% of Nigeria's over 180 million people still live in extreme poverty.
Despite its strong fundamentals, oil-rich Nigeria has been hobbled by inadequate power supply, lack of infrastructure, delays in the passage of legislative reforms, an inefficient property registration system, restrictive trade policies, an inconsistent regulatory environment, a slow and ineffective judicial system, unreliable dispute resolution mechanisms, insecurity, and pervasive corruption. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria's oil production had been contracting every year since 2012 until a slight rebound in 2017.
President BUHARI, elected in March 2015, has established a cabinet of economic ministers that includes several technocrats, and he has announced plans to increase transparency, diversify the economy away from oil, and improve fiscal management, but has taken a primarily protectionist approach that favors domestic producers at the expense of consumers. President BUHARI ran on an anti-corruption platform, and has made some headway in alleviating corruption, such as implementation of a Treasury Single Account that allows the government to better manage its resources and a more transparent government payroll and personnel system that eliminated duplicate and "ghost workers." The government also is working to develop stronger public-private partnerships for roads, agriculture, and power.
Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the Niger Delta region, coupled with detrimental economic policies, including foreign exchange restrictions. GDP growth turned positive in 2017 as oil prices recovered and output stabilized.