Nigeria

Economics, Political, and Trade Overview

Source: Feb 10, 2022 Economist Intelligence Unit

Nigeria - In Short.

Overview of Nigeria

In ancient and pre-colonial times, the area of present-day Nigeria was occupied by a great diversity of ethnic groups with very different languages and traditions. British influence and control over what would become Nigeria and Africa’s most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy. After independence in 1960, politics were marked by coups and mostly military rule, until the death of a military head of state in 1998 allowed for a political transition. In 1999, a new constitution was adopted and a peaceful transition to civilian government was completed. The government continues to face the daunting task of institutionalizing democracy and reforming a petroleum-based economy, whose revenues have been squandered through decades of corruption and mismanagement. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of 2007 marked the first civilian-to-civilian transfer of power in the country’s history. National and state elections in 2011 and 2015 were generally regarded as credible. The 2015 election was also heralded for the fact that the then-umbrella opposition party, the All Progressives Congress, defeated the long-ruling People’s Democratic Party that had governed since 1999, and assumed the presidency, marking the first peaceful transfer of power from one party to another. Presidential and legislative elections were held in early 2019 and deemed broadly free and fair despite voting irregularities, intimidation, and violence.
Value
Country Full Name
Nigeria
Country Code
NGA
Region
Sub-Saharan Africa
Income Group
Lower middle income
Currency Unit
GDP
4.32E+11
Population
206139587
Land Area
910770
Net National Income Per Capita
1715.456669
GDP per Capita (PPP)
5186.411583

2020 GDP Growth Rate (Current USD)

2020 GDP Per Capita (Current USD)

2020 Urbanization Rate (%)

2020 Total Fertility Rate (Birth Per Woman)

Doing Business Score (100= Most Friendly)

Nigeria - Economic

Economy of Nigeria

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.

Unemployment Rate

Inflation Rate

Nigeria - GDP Composition

GDP Composiiton & Value Added of Nigeria

Last Updated: Jan, 2021, Updated For 2020.

Nigeria - GDP, Value Added

Demographics of Nigeria

largest population of any African nation; significant population clusters are scattered throughout the country, with the highest density areas being in the south and southwest as shown in this population distribution map
Geographic Location

Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon

Races

Hausa 30%, Yoruba 15.5%, Igbo (Ibo) 15.2%, Fulani 6%, Tiv 2.4%, Kanuri/Beriberi 2.4%, Ibibio 1.8%, Ijaw/Izon 1.8%, other 24.7% (2018 est.)note: Nigeria, Africa's most populous country, is composed of more than 250 ethnic groups

Languages

English (official), Hausa, Yoruba, Igbo (Ibo), Fulani, over 500 additional indigenous languages

Religion

Muslim 53.5%, Roman Catholic 10.6%, other Christian 35.3%, other .6% (2018 est.)

Dependency & Expectancy of Nigeria

Last Updated: Jan, 2021

Dependency Ratio

Expectancy

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Nigeria - Social Media Briefing

Nigeria - Social Media & Social Commerce

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Politics & Policies of Nigeria

2021 Policies Overview

Updated Coming in March 2021 after our team finish summarizing countries policy.

International Organizations

ACP, AfDB, AU, C, CD, D-8, ECOWAS, EITI (compliant country), FAO, G-15, G-24, G-77, IAEA, IBRD, ICAO, ICC (national committees), ICCt, ICRM, IDA, IDB, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, IMSO, Interpol, IOC, IOM, IPU, ISO, ITSO, ITU, ITUC (NGOs), MIGA, MINURSO, MINUSMA, MONUSCO, NAM, OAS (observer), OIC, OPCW, OPEC, PCA, UN, UNAMID, UNCTAD, UNESCO, UNHCR, UNIDO, UNIFIL, UNISFA, UNITAR, UNMIL, UNMISS, UNOCI, UNWTO, UPU, WCO, WFTU (NGOs), WHO, WIPO, WMO, WTO

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Export of Nigeria

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