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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.