Nigeria

Nigeria is classified as an emerging market, and is rapidly approaching middle income status , with its abundant supply of resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa. Nigeria is ranked 37th in the world in terms of GDP (PPP) as of 2007. Nigeria is the United States’ largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the U.S. of any country worldwide. Nigeria is currently the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the U.S. The United States is the country’s largest foreign investor. The bulk of economic activity is centred in 4 main cities: Lagos, Kaduna, Port Harcourt, and Abuja. Beyond these three economic centers, development is marginal.

Demographic Data

Economic Data

Cultural & Other Data

GDP (PPP, $bn)

338.1

Capital

Abuja

Area (sq. km.)

923,768

GDP Real

Growth (%)

6.1

Other Large Cities

Kano, Lagos, Ibadan

Population (million)

149

PerCap GDP ($)

2,300

Primary Language

English

Population

Growth %

1.999

Prime Lending

Rate (%)

16.94

Urban

Population %

48

% Population

Under 15yrs

41.5

Inflation Rate%

10.6

Urban Growth %

3.8

Population below

poverty line (%)

70

Unemployment%

NA

Literacy

(% of population)

68

Agricultural Workers

(% of population)

70

Foreign Direct

Investment($bn)

35.75

Education spending

as % of GDP

0.9

Industrial Workers

(% of population)

10

Debt-External

($bn)

9.13

CPI Score

(1-10)*

2.7

Service Workers

(% of population)

20

Exports ($bn)

83.09

Corporate Income Tax %

30

Labor Force (mil)

51.04

Imports ($bn)

46.36

Ease of Doing

Business Ranking **

118

CURRENCY EXCHANGE RATE

06/24/09 $1 = 149 NGN

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