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; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed.

The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. 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 April 2007 marked the first civilian-to-civilian transfer of power in the country’s history and the elections of 2011 were generally regarded as credible. In January 2014, Nigeria assumed a nonpermanent seat on the UN Security Council for the 2014-15 term.

Following an April 2014 statistical “rebasing” exercise, Nigeria has emerged as Africa’s largest economy, with 2014 GDP estimated at US$ 479 billion. Oil has been a dominant source of government revenues since the 1970s. Regulatory constraints and security risks have limited new investment in oil and natural gas, and Nigeria’s oil production contracted in 2012 and 2013.

Nevertheless, the Nigerian economy has continued to grow at a rapid 6-8% per annum (pre-rebasing), driven by growth in agriculture, telecommunications, and services, and the medium-term outlook for Nigeria is good, assuming oil output stabilizes and oil prices remain strong. Fiscal authorities pursued countercyclical policies in 2011-2013, significantly reducing the budget deficit. Monetary policy has also been contractionary. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced.

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. Economic diversification and strong growth have not translated into a significant decline in poverty levels – over 62% of Nigeria’s 170 million people live in extreme poverty.

President JONATHAN has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, continue to diversify production, and further improve fiscal management. The government is working to develop stronger public-private partnerships for roads, agriculture, and power.

Nigeria GDP (purchasing power parity):
$1.058 trillion (2014 est.)
$988.9 billion (2013 est.)
$938.3 billion (2012 est.)
note: data are in 2014 US dollars
* country comparison to the world: 21

Nigeria GDP (official exchange rate):
$594.3 billion (2014 est.)

Nigeria GDP – real growth rate:
7% (2014 est.)
5.4% (2013 est.)
4.3% (2012 est.)
* country comparison to the world: 19

Nigeria GDP – per capita (PPP):
$6,100 (2014 est.)
$5,800 (2013 est.)
$5,700 (2012 est.)
note: data are in 2013 US dollars
* country comparison to the world: 159

Nigeria Gross national saving:
18.7% of GDP (2014 est.)
18.7% of GDP (2013 est.)
19.3% of GDP (2012 est.)
* country comparison to the world: 90

Nigeria GDP – composition, by end use:
household consumption: 72.5%
government consumption: 8.4%
investment in fixed capital: 16.4%
investment in inventories: 0%
exports of goods and services: 14.9%
imports of goods and services: -12.1%
(2014 est.)

Nigeria GDP – composition, by sector of origin:
agriculture: 20.6%
industry: 25.6%
services: 53.8%
(2014 est.)

Nigeria Agriculture – products:
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc, tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish

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

Nigeria Industrial production growth rate:
4.6% (2014 est.)
* country comparison to the world: 57

Nigeria Labor force:
54.97 million (2014 est.)
* country comparison to the world: 11

Nigeria Labor force – by occupation:
agriculture: 70%
industry: 10%
services: 20% (1999 est.)

Nigeria Unemployment rate:
23.9% (2011 est.)
4.9% (2011 est.)
* country comparison to the world: 171

Nigeria Population below poverty line:
70% (2010 est.)

Nigeria Household income or consumption by percentage share:
lowest 10%: 1.8%
highest 10%: 38.2% (2010 est.)

Nigeria Distribution of family income – Gini index:
43.7 (2003)
50.6 (1997)
* country comparison to the world: 47

Nigeria Budget:
revenues: $22.77 billion
expenditures: $34.62 billion (2014 est.)

Nigeria Taxes and other revenues:
3.8% of GDP (2014 est.)
* country comparison to the world: 212

Nigeria Budget surplus (+) or deficit (-):
-2% of GDP (2014 est.)
* country comparison to the world: 85

Nigeria Public debt:
11.7% of GDP (2014 est.)
10.5% of GDP (2013 est.)
* country comparison to the world: 149

Nigeria Fiscal year:
calendar year

Inflation rate (consumer prices):
8.3% (2014 est.)
8.5% (2013 est.)

Central bank discount rate:
4.25% (31 December 2010)
6% (31 December 2009)
* country comparison to the world: 89

Commercial bank prime lending rate:
17% (31 December 2014 est.)
16.72% (31 December 2013 est.)
* country comparison to the world: 29

Stock of narrow money:
$45.44 billion (31 December 2014 est.)
$44.59 billion (31 December 2013 est.)
* country comparison to the world: 53

Stock of broad money:
$108.7 billion (31 December 2014 est.)
$99.64 billion (31 December 2013 est.)
* country comparison to the world: 52

Stock of domestic credit:
$119.6 billion (31 December 2014 est.)
$109.6 billion (31 December 2013 est.)
* country comparison to the world: 50

Market value of publicly traded shares:
$56.39 billion (31 December 2012 est.)
$39.27 billion (31 December 2011)
$50.88 billion (31 December 2010 est.)
* country comparison to the world: 50

Current account balance:
$18.24 billion (2014 est.)
$21.85 billion (2013 est.)
* country comparison to the world: 22

Exports:
$93.01 billion (2014 est.)
$96.74 billion (2013 est.)
* country comparison to the world: 43

Exports – partners:
India 12.8%, US 11.1%, Brazil 10%, Spain 7.1%, Netherlands 7%, Germany 5.1%, France 4.7%, UK 4.5%, South Africa 4.2% (2013)

Exports – commodities:
petroleum and petroleum products 95%, cocoa, rubber (2012 est.)

Imports:
$52.79 billion (2014 est.)
$51.38 billion (2013 est.)
* country comparison to the world: 54

Imports – commodities:
machinery, chemicals, transport equipment, manufactured goods, food and live animals

Imports – partners:
China 20.8%, US 11.2%, India 4.5% (2013)

Reserves of foreign exchange and gold:
$37.44 billion (31 December 2014 est.)
$45.66 billion (31 December 2013 est.)
* country comparison to the world: 48

Debt – external:
$22.01 billion (31 December 2014 est.)
$18.63 billion (31 December 2013 est.)
* country comparison to the world: 82

Stock of direct foreign investment – at home:
$81.72 billion (31 December 2013 est.)
$76.75 billion (31 December 2012 est.)
* country comparison to the world: 48

Stock of direct foreign investment – abroad:
$10.87 billion (31 December 2014 est.)
$9.113 billion (31 December 2013 est.)
* country comparison to the world: 55

Exchange rates:
nairas (NGN) per US dollar –
157.3 (2014 est.)
157.31 (2013 est.)
156.81 (2012 est.)
154.7 (2011 est.)
150.3 (2010 est.)

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

Geographic coordinates:
10 00 N, 8 00 E

Map references:
Africa

Area:
total: 923,768 sq km
land: 910,768 sq km
water: 13,000 sq km
* country comparison to the world: 32

Area – comparative:
slightly more than twice the size of California

Land boundaries:
total: 4,477 km
border countries (4): Benin 809 km, Cameroon 1,975 km, Chad 85 km, Niger 1,608 km

Coastline:
853 km

Maritime claims:
territorial sea: 12 nm
exclusive economic zone: 200 nm
continental shelf: 200 m depth or to the depth of exploitation

Climate:
varies; equatorial in south, tropical in center, arid in north

Terrain:
southern lowlands merge into central hills and plateaus; mountains in southeast, plains in 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, arable land

Land use:
arable land: 38.43%
permanent crops: 7.36%
other: 54.21% (2012 est.)

Irrigated land:
2,932 sq km (2004)

Total renewable water resources:
286.2 cu km (2011)

Freshwater withdrawal (domestic/industrial/agricultural):
total: 13.11 cu km/yr (31%/15%/54%)
per capita: 89.21 cu m/yr (2005)

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

Environment – international agreements:
party to: Biodiversity, Climate Change, Climate Change-Kyoto Protocol, Desertification, Endangered Species, Hazardous Wastes, Law of the Sea, Marine Dumping, Marine Life Conservation, Ozone Layer Protection, Ship Pollution, Wetlands
signed, but not ratified: none of the selected agreements

Geography – note:
the Niger River enters the country in the northwest and flows southward through tropical rain forests and swamps to its delta in the Gulf of Guinea