Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon
100 N, 80 E
Total: 923,768 sq km
Land: 910,768 sq km
Water: 13,000 sq km
Coastline: 853 km
Territorial sea: 12 nm
Exclusive economic zone: 200 nm
Continental shelf: 200-m depth or to the depth of exploitation
Climate: Equatorial in the south, Tropical in the center, & Arid in the north
Elevation Extremes: Lowest point: Atlantic Ocean 0 m
Highest point: Chappal Waddi 2,419 m
Natural Resources: Natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, bitumen, bauxite, arable land, etc.
Arable land: 38.97%
Permanent crops: 3.46%
Others: 57.57% (2011)
Irrigated land: 2,932 sq km
Natural Hazards: Periodic droughts; flooding
Environment - current issues: Soil Degradation; rapid deforestation; urban air and water pollution; desertification; oil pollution - water, air, and soil; has suffered serious damage from oil spills; loss of arable land; rapid urbanization
Population: 174,507,539 (July 2013 est.)
Population Growth Rate: 2.54% (2013)
Total Fertility Rate: 5.31 children born/woman (2013 est.)
Maternal Mortality Rate: 630 deaths/100,000 live births (2010)
Infant Mortality Rate: 92.97 deaths/1,000 live births (2013 est)
Ethnic Groups: Nigeria, Africa's most populous country, is composed of more than 250 ethnic groups; the following are the most populous and politically influential: Hausa and Fulani, Yoruba Igbo (Ibo), Ijaw, Kanuri, Ibibio, Tiv.
Religions: Muslim, Christian, indigenous beliefs
Languages: English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Definition: age 15 and over can read and write
Total population: 61.3%
Male: 72. 1%
Female: 50.4% (2010 est.)
Conventional long form: Federal Republic of Nigeria
Conventional short form: Nigeria
Government Type: Federal Republic
Administrative Divisions: 36 states and 1 territory;
North West Zone: Jigawa, Kano, Katsina, Kebbi, Sokoto, Zamfara
North East Zone: Adamawa, Bauchi, Borno, Gombe,Taraba, Yobe,
North Central Zone: Benue, Kaduna, Kogi, Kwara, Nassarawa, Niger, Plateau
South East Zone: Abia, Anambra, Ebonyi, Enugu, Imo,
South West Zone: Ekiti, Lagos, Ogun, Ondo, Osun, Oyo,
South South Zone: Akwa Ibom, Bayelsa, Cross River, Delta, Edo, Rivers,
Territory: Federal Capital Territory
Independence: 1 October 1960
National Holiday: Independence Day (National Day), 1 October (1960)
Constitution: Federal Constitution of May 1999
Legal System: Based on English common law, Islamic Shariah law (in 12 northern states), and traditional law
Suffrage: 18 years of age; universal
Head of Government: President Dr. Goodluck Ebele Jonathan
Cabinet: Federal Executive Council
Elections: President is elected by popular vote for no more than two four-year terms; last Presidential election held in 16th April 2011 (next to be held in April 2015)
Legislative Branch: Bicameral National Assembly consists of Senate (109 seats, members elected by popular vote to serve four-year terms) and House of Representatives (360 seats, members elected by popular vote to serve four-year terms)
Judicial Branch: Supreme Court (judges appointed by the President); Federal Court of Appeal (judges are appointed by the Federal Government on the advice of the Judicial Advisory Committee)
Political Parties: Peoples Democratic Party (PDP); All Progressives Congress (APC), All Progressives Grand Alliance (APGA) are the key 3 political parties. There are others like the Peoples Redemption Party (PRP); Peoples Salvation Party (PSP); JUSTICE Party (JP), Action Alliance Party (AAP)
International Organisation Participation: ACP, AfDB, AU, C, ECOWAS, FAO, G-15, G-24, G-77, IAEA, IBRD, ICAO, ICC, ICCt, ICFTU, ICRM, IDA, IFAD, IFC, IFRCS, IHO, ILO, IMF, IMO, Interpol, IOC, IOM, ISO, ITU, MIGA, MINURSO, MONUC, NAM, OIC, ONUB, OPCW, OPEC, PCA, UN, UNAMSIL, UNCTAD, UNESCO, UNHCR, UNIDO, UNITAR, UNMEE, UNMIK, UNMIL, UNMOVIC, UNOCI, UPU, WCO, WFTU, WHO, WIPO, WMO, WToO, WTO
Economy - overview:
With a population of over 174 million people, Nigeria is the largest country in Africa and accounts for 47 percent of West Africa’s population. It is also the biggest oil exporter in Africa, with the largest natural gas reserves in the continent. With these large reserves of human and natural resources, Nigeria is poised to build a prosperous economy, significantly reduce poverty, and provide health, education and infrastructure services to its population needs.
Over the last ten years, Nigeria has been carrying an ambitious reform agenda. The most far reaching of those was to base the budget on a conservative reference price for oil, with excess saved in a special, Excess Crude Account (ECA). The economy responded with strong growth between 2003 and 2010 – averaging 7.6 percent. Nigeria was among the first countries to adopt and implement the Extractive Industries Transparency Initiative (EITI) to improve governance and oil sector. The NEITI Act was passed into law in 2007. Nigeria became EITI compliant in 2011. The power sector reform initiative was launched in 2005, recognizing that improving power sector performance is critical to address development challenges. The challenging process of implementing reforms was revitalized in August 2010 through the 2010 Roadmap, which clearly outlines the Nigerian government’s strategy and actions to undertake comprehensive power sector reform to expand supply, open the door to private investment and address some the chronic sector issues hampering improvement of service delivery.
Resources from the ECA proved invaluable to Nigeria during the global financial crisis of 2008-2009, and financed a fiscal stimulus that maintained strong growth in domestic demand and GDP throughout this period. GDP growth expanded from 6.0 percent in 2008 to 7.0 percent in 2009. The fiscal stimulus continued into 2010, which contributed to rapid growth in domestic demand and GDP (8.4 percent), but can also be associated with the continuation of double-digit inflation (13.8 percent), the depletion of remaining ECA reserves, and a remaining balance of payments deficit, despite the strengthening of oil prices. Gross monetary foreign reserves declined from US$ 42 to 32 billion during the year. The draw-down of the ECA in 2010, despite the economic recovery and stronger oil prices, exposed weaknesses in the rules surrounding the management of the fund, motivating the government to establish the Sovereign Wealth Fund in 2011 with the purpose of adopting stronger rules for the responsible management of the country’s oil wealth.
The government responded to signs of possible overheating with a new Medium Term Expenditure Framework and draft 2011 budget that prescribes considerable budgetary consolidation and a foundation for the re-accumulation of a fiscal oil reserve. Monetary policy is also being tightened gradually in line with the banking sector recovery. The planned federal budget deficit will be reduced from 6.1 percent of GDP in 2009 to 3.6 percent in 2010. The strengthening of oil prices has already eliminated the balance of payments deficit, and reserves have once again started to accumulate. Sovereign external and domestic debt remained at rather low levels in early 2011 of close to 2 and 15 percent of GDP, respectively.
The Central Bank of Nigeria and the government took decisive steps to overcome the recent banking sector crisis which was estimated to cost the country N1.4 trillion (US$ 10 bn). The Central Bank took a pro-active approach, of conducting a program of special audits and removing those responsible for the crisis and leading the Asset Management Corporation Act, under which a distressed asset fund (AMCON) purchased over US$ 5 billion of problem loans from 21 banks since December, 2010. The ambitious financial sector reform agenda includes the introduction of International Financial Reporting Standards (IFRS) and the strengthening of banking supervision and governance across the financial sector.
Growth continued to be broad based, oriented primarily toward the domestic market, and driven by strong performance of the agricultural, trade, telecommunications, and manufacturing sectors. Strong economic growth, however, has not translated into higher employment rates. Employment remains the major issue for Nigeria with an estimated 50 million underemployed youth. The government has expressed determination to make job creation central to its economic strategy, and has specifically targeted the sectors of ICT, Entertainment, Meat, Leather, Construction and Tourism. The government is also launching a comprehensive public works program in 2011 to augment employment.
As already indicated above, Nigeria’s population is made up of about 200 ethnic groups, 500 indigenous languages, and two major religions ― Islam and Christianity. The largest ethnic groups are the Hausa-Fulani in the North, the Igbo in the Southeast, and the Yoruba in the Southwest. The fragmentation of Nigeria’s geographical, ethnic and cultural identity lines is effectively balanced by the country’s federal structure and the strong emphasis of the federal government on representing six geopolitical zones and different ethnic and cultural identities. Though Nigeria’s socio-political environment is fairly stable, there are pockets of instability in various parts of the country.
In April 2011, Nigeria held its fourth consecutive national elections, further consolidating the transition from military to democratic rule that began in 1999. The elections signified substantial progress in Nigeria’s electoral and democratic development, and were characterized by observers as freest and fairest in Nigeria’s history. There have been, however, unrelated incidents of violence before and after the elections, calling for resolute actions in bringing sectarian strife under control and signaling the need to make more rapid progress on social inclusion, especially youth employment.
Internationally, Nigeria continues to be a leading player in the African Union, the New Partnership for Africa’s Development (NEPAD), and in the Economic Community of West African States (ECOWAS).
Despite Nigeria’s strong economic track record, poverty is significant, and reducing it will require strong non-oil growth and a focus on human development. Constraints have been identified to enhancing growth, including the investment climate; infrastructure, incentives and policies affecting agricultural productivity; and quality and relevance of tertiary education. In spite of successful initiatives in human development, Nigeria may not be on track for meeting most of the Millennium Development Goals (MDGs) (more will be known after the analysis of the recently completed NLSS). Underpinning these challenges is the core issue of governance, in particular at the state level. Fiscal decentralization provides Nigeria’s 36 states and 774 local governments considerable policy autonomy, control of 50 percent of government revenues, and responsibility for delivery of public services. Capacity is weak in most states, and improving governance will be a long term process.
Purchasing Power Parity - $455.5 billion (2012 est)
GDP - real growth rate: 6.3% (2012 est.)
GDP - composition by sector:
Industrial production growth rate: 1.7% (2012 est.)
Population below poverty line: 70% (2010 est)
Inflation rate: 12.2% (2012)
53.83 million (2012 est.)
Labour force - by occupation
Services 20% (2012 est.)
Agriculture - products:
Cocoa, Peanuts, Palm oil, Corn, Rice, Sorghum, Millet, Cassava (tapioca), Yams, Rubber; Cattle, Sheep, Goats, Pigs; Timber; Fish
Crude oil, Coal, Tin, Columbite, Palm oil, Peanuts, Cotton, Rubber, Wood, Hides and Skins, Textiles, Cement and other construction materials, Food Products, Footwear, Chemicals, Fertilizer, Printing, Ceramics, Steel, Small commercial ship construction and repair.
Main Industrial Complexes
Refineries and petrochemicals: Kaduna, Warri, Port-Harcourt, Eleme,
Iron & Steel: Ajaokuta, Aladja, Oshogbo, Katshina, Jos,
Fertilizer: Onne- Port Harcourt, Kaduna, Minna, Kano,
Liquefied Natural Gas: Bonny
Aluminum Smelter: Ikot Abasi, Port Harcourt
Machine Tool: Oshogbo
Manufacturing capacity Utilisation: 45% (2004)
Installed Generating Capacity:
PHCN Plc Plants: 5898MW (2012)
Actual Generation: 1882MW (2009)
Average Consumption: 1776MW (2009)
Exports: 0 MW (2010)
Imports: 0 kWh (2010)
Proved Reserves: 38.5 billion bbl/day (Jan 2012)
Production: 2.525 million bbl/day (2011 est.)
Exports: 2.051 million bbl/day (2009 est)
Imports: 0 bbl/day (2009)
Proved Reserves: 5.11 trillion cu m (Jan 2012)
Production: 29.00 billion cu m (2010 est.)
Consumption: 4.97 billion cu m (2010 est.)
Exports: 24.02 billion cu m (2010 est.)
Imports: 0 cu m (2009 est.)
Balance of Payment
Current account balance: $6.158 billion (2012 est)
Export: $92.16 billion (2012)
Export-commodities: petroleum and petroleum products 95%, cocoa, rubber, etc.
Export - Partners: US 16.8%, India 12.1%, Netherlands 8.6%, Spain 7.8%, Brazil 7.6%, UK 5.1%, Germany 4.9%, Japan 4.1%, France 4.1% (2012)
$54.6 billion (2012)
Import commodities: machinery, chemicals, transport equipment, manufactured goods, food and live animals
Import - Partners:
US 10%, China 18.2%, India 5.5% (2012)
Reserves of foreign exchange & gold: $46.41 billion (31st Dec 2012 est.)
Debt - external: $13.12 billion (31 December 2012 est.)
Economic aid - recipient: IMF $250 million (1998)
External Reserves – US$16,955million
Currency: Naira (NGN)
Currency code: NGN
Exchange rates: Naira per US dollar – 156.81 (2012),
154.74 (2011), 150.3 (2010), 148.9 (2009), 117.8 (2008)
Fiscal year: Calendar year
Telephones – Fixed lines in use: 719,400 (2011)
Telephones - mobile cellular: 95.167 million (2011)
International: country code - 234; satellite earth stations - 3 Intelsat (2 Atlantic Ocean and 1 Indian Ocean); fiber optic submarine cable (SAT-3/WASC) provides connectivity to Europe and Asia
Internet country code: .ng
Internet hosts: 1,234 (2012)
Internet users: 43.989 million (2012)
Narrow gauge: 3,505 km 1.067-m gauge
Standard gauge: 293 km 1.435-m gauge (2004)
Total: 193,200 km
Paved: 28,980km (including 2,234km of expressways)
Unpaved: 164,220km (2004 est.)
Coastal, Inland Waterways and Marine Services
8,600 km (Niger and Benue rivers and smaller rivers and creeks) (2010)
Ports and Harbors:
Calabar, Lagos, Onne, Port Harcourt, Sapele, Warri
Total: 46 ships (1,000 GRT or over) 327,808 GRT/608,076 DWT
By type: cargo 2, chemical tanker 28, liquefied gas 1, passenger/cargo 1, petroleum tanker 56, specialized tanker 1
Foreign-owned: 3 (India 1, UK 2)
Registered in other countries: 33 (Bahamas 2, Bermuda 11, Comoros 1, Italy 1, Liberia 4, North Korea 1, Panama 6, Seychelles 1, unknown 6) (2010)
Condensate 124 km; gas 4,045 km; liquid petroleum gas 164km; oil 4,441 km; refined products 3,940 km (2013)
Total Number of Airports: 54 (2013)
International Airports: Lagos, Abuja, Kano, Port Harcourt, & Enugu
Airports - with paved runways:
Over 3,047m: 10
2,438 to 3,047m: 12
1,524 to 2,437m: 9
914 to 1,523m: 6
Under 914m: 3 (2013)
Airports - with unpaved runways:
1,524 to 2,437m: 2
914 to 1,523m: 9
Under 914m: 3 (2013)
Heliports: 5 (2013)
Fight Against Corruption: Enacted legislation – Independent Corrupt Practices Commission Act 2001.
Fight Against Financial and Economic Crimes: Enacted legislation – Economic and Financial Crimes Commission Act 2004.
Alternate Dispute Resolution: The country has institutionalised Alternative Dispute Resolution Mechanism for settlement of business and investment disputes.
The end of military rule in the country in May 1999 marked a big leap into a new dawn for the largest congregation of the black race within a political entity. The country had since been readmitted into the Commonwealth of Nations and had infact chaired the organisation. The country had also had the honour and privilege of being the chairman of the African Union, and Chairman, Economic Community of West African States (ECOWAS). All these are clear indication of the acceptability of the nation in the international community.
MAIN THRUST OF NIGERIA 'S TRADE AND INDUSTRIAL POLICY
Nigeria's current industrial policy thrust is anchored on de-regulation of the economy and Government's dis-engagement from activities which are private-sector oriented, leaving Government to play the role of facilitator, concentrating on the provision of incentives, policy and infrastructure that are necessary to enhance the private sector's role as the engine of growth. The industrial policy is intended to: - generate productive employment and raise productivity;
- increase export of locally manufactured goods;
- create a wider geographical dispersal of industries
- improve the technological skills and capability available in the country;
- increase the local content of industrial output by looking inward for the supply of basic and intermediate inputs;
- attract direct foreign investment;
- increase private sector participation.
The Banking and Finance sectors have been stabilised and continue to experience phenomenal growth. With the recent reforms in the banking sector, Nigerian banks have now become competitive and competent players in the global financial system. The Investment and Securities Act (ISA) in operation, consolidates capital market laws and regulations into a single code.
In addition, all existing laws that inhibit competition in certain sectors of the Nigeria economy have been repealed. Consequently, with the promulgation of the Public Enterprises (Privatisation and Commercialisation Act of 1999, private sector investors (including non-Nigerians) are free to participate in the areas of telecommunications, electricity generation, exploration of petroleum, export refineries, coal and bitumen exploration, hotel and tourism, among others.
The government has also 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 2007-12 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 railway.