Economy of Nigeria

Imports

Imports commoditiesmachinery, chemicals, transport equipment, manufactured goods, food and live animals

Import partnersChina 18.3%, US 10.1%, India 5.5% (2012)

Exports

Exports commoditiespetroleum and petroleum products 95%, cocoa, rubber

Export partnersUS 16.8%, India 11.5%, Netherlands 8.6%, Spain 7.8%, Brazil 7.6%, UK 5.1%, Germany 4.9%, Japan 4.1%, France 4.1% (2012)

Economy sectors

Agriculture productscocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

Industrial productscrude oil, coal, tin, columbite; rubber products, wood; hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel

Economy

Unemployment7.50 % (2012)23.9 % (2011)7.60 % (2010)

GDP - Official Exchange Rate502 Billion $ (2013)267 Billion $ (2012)414 Billion $ (2011)

GDP growth rate6.20 % (2013)6.60 % (2012)7.40 % (2011)

GDP per Capita (PPP)2,800 $ (2013)2,700 $ (2012)2,600 $ (2011)

GDP - Purchasing Power Parity479 Billion $ (2013)444 Billion $ (2012)421 Billion $ (2011)

GDP - Purchasing Power Parity of Nigeria

GDP PPP per land area518 Thousand $ per square kilometer (2013)481 Thousand $ per square kilometer (2012)456 Thousand $ per square kilometer (2011)

Electricity

Electricity - installed generating capacity5.90 Million kW

Banking

Central bank discount rate4.25 % (2010)6.00 % (2009)9.75 % (2008)

Commercial bank prime lending rate15.5 % (2013)16.8 % (2012)16.0 % (2011)

Commercial bank prime lending rate of Nigeria

GDP decomposition by sector

Agriculture % of GDP30.9 % (2012)

Industry % of GDP43.0 % (2012)

Services % of GDP26.0 % (2012)

Tourism

International tourism, number of arrivals4.67 Million (2012)3.77 Million (2011)6.11 Million (2010)

Yearly Tourist arrivals to residents ratio2.77 % (2012)2.43 % (2011)3.83 % (2010)

Yearly Tourist arrivals to residents ratio of Nigeria

Debt, Current Account Balance and Budget Deficit

Public debt (Percentage of GDP)19.3 % of GDP (2013)17.9 % of GDP (2012)17.8 % of GDP (2011)

Public debt (Percentage of GDP) of Nigeria

Budget surplus (+) or deficit (-)-2.10 % of GDP

Current Account Balance (Percentage of GDP)4.43 % of GDP (2012)3.04 % of GDP (2011)3.95 % of GDP (2010)

Current Account Balance (Percentage of GDP) of Nigeria

External Debt Stocks (Percentage of GNI)4.21 % of GNI (2012)4.08 % of GNI (2011)3.48 % of GNI (2010)

External Debt Stocks (Percentage of GNI) of Nigeria

Short-term debt (percentage of total external debt)0.02 % of total external debt (2005)10.6 % of total external debt (2004)7.64 % of total external debt (2003)

Short-term debt (percentage of total external debt) of Nigeria

Current Account Balance (Total)16.2 Billion $ (2013)20.4 Billion $ (2012)8.69 Billion $ (2011)

Current Account Balance (Total) of Nigeria

External Debt (Total)15.7 Billion $ (2013)13.4 Billion $ (2012)9.64 Billion $ (2011)

External Debt (Percentage of GDP)3.13 % of GDP (2013)5.03 % of GDP (2012)2.33 % of GDP (2011)

External Debt (Percentage of GDP) of Nigeria

External Debt per Capita90.6 $ (2013)79.4 $ (2012)62.1 $ (2011)