Nigeria Fact File

Question 1

Economic indicators

Answer 1

-GDP growth - 3.6% (2021)
-GDP per capita - $2065.75 (2021)
-Public Debt - $95.8 Billion
-Debt to GDP -22.5% of GDP
-Current account defecit - $.9% of GDP (2021)
-Gross National Income - $1.11 trillion
-GNI per capita - $5200
-Inflation - 17% (2021, central banks target 6-9%)
-Balance of payments - Deficit of $603.1 Million
-Population - 213.4 Million
-Human Development index - 0.535, number 163
-Life expectancy - 52.89 Years
-Percentage of people in poverty - 40%
-Percentage of people Unemployed - 33.3%

Question 2

Nigeria Main Exports :

Answer 2

Crude Petroleum ($30B), Petroleum Gas ($5.89B), Scrap Vessels ($1.29B), Special Purpose Ships ($775M), and Refined Petroleum ($613M),

Question 3

Main trade partners:

Answer 3

Nigeria exports mostly to India ($6.27B), Spain ($4.8B), China ($2.54B), Netherlands ($2.24B), and South Africa ($2.17B).

Question 4

Nigeria’s Major Suppliers for Imported Products:

Answer 4

75.6% of products imported into Nigeria were furnished by exporters in: China (24.7%), Netherlands (10.3%), India (8.8%), Belgium (7.3%), USA (6.1%), Russia (4%), South Korea (2.8%), Norway (2.5%), Germany (2.4%), France (2.3%), Brazil (2.2%) and Italy (2%).

Question 5

Threats / restrictions to the Nigerian economy:

Answer 5

• Nigeria’s economic growth is constrained by insufficient electricity generation capacity.
• Nigeria’s economic potential is constrained by many structural issues, including inadequate infrastructure, tariff and non-tariff barriers to trade, obstacles to investment, lack of confidence in currency valuation, and limited foreign exchange capacity.

Question 6

General facts

Answer 6

• Nigeria is the biggest economy in Africa.
  -Services is the largest sector of the economy, accounting for about 50 percent of total GDP.
• One of the fastest growing segments in Services are Information and Communication, which together account for about 10 percent of the total output.
• Agriculture, which in the past was the biggest sector, now weights around 23 percent.
• Crude Petroleum and Natural Gas constitute only 11 percent of total GDP, while being the main exports. Industry and Construction account for the remaining 16 percent of GDP.