Important facts about the Nigerian economy

      

• 45% of Nigerians live below the poverty line.
•      Nigeria pays 17.8% of its GDP as public debt
•      Her manufacturing sector is the 3rd largest in the African continent.
•      Her GDP more than doubled from $170.7b in
•          2005 to $374.3b in 2010(excluding the informal          sector)
•      She produces about 3.3% of the World's supply
•          of oil.
•      Out of the eight MDGs, she has advanced efforts to provide universal primary education,
•     protect the environment and develop global partnership for development leaving behind other goals.
•     In September 2005, Nigeria , with the assistance of the World Bank began to recover $458million of illicit funds that had been deposited in a Swiss bank account by Abacha.
•     She is ranked 147 out of 180 countries in        Transparency International's Corruption perception index.
•     She has an estimated inflation rate of 15.6%.
•     It ranks 25th worldwide and 1st in Africa in farm output.
•      It ranks 44th worldwide and 3rd in Africa in factory           output.
•      The types of crude oil exported by Nigeria are  Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil.
•     It provides about 10% of overall US oil imports and ranks as the fifth largest source of US imported oil.
•      UK is Nigeria's largest trading partner.
•      The stock of US investment in Nigeria is nearly
•          $7b mostly in the energy sector.
•      Exxon mobil and Chevron are the 2 largest US corporations in offshore oil and gas production.
•      In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club.
•    In 2005, she had $26billion trade surplus/ positive current account balance of $9.6b.