Nigeria


Nigeria Country Report: GDP data and GDP forecasts; economic, financial and trade information; the best banks in Nigeria; country and population overview

DATA ON GDP AND ECONOMIC INFORMATION
Central bank Central Bank of Nigeria
International Reserves US$ 36.264 billion (Source: IMF; Data updated: 2012)
Gross Domestic Product - GDP US$ 273.042 billion (2011 estimate)
GDP (Purchasing Power Parity) 448.495 billion of International dollars (2011 estimate)
Real GDP growth
2001 2002 2003 2004 2005 2006 2007 2008
8.2% 21.2% 10.3% 10.6% 5.4% 6.2% 7% 6%
2009 2010 2011 2012*
7% 8% 7.2% 7.1%

*Estimate

GDP per capita - current prices US$ 1,657 (2006 estimate)
GDP per capita - PPP $2,722 International Dollars (2006 estimate)
GDP (PPP) - share of world total
1980 1990 2000 2010 2015**
0.42% 0.39% 0.32% 0.51% 0.58%

**Forecast

GDP - composition by sector
  • agriculture: 35.4% 
  • industry: 33.6% 
  • services: 31% (2011 estimate)
  • (Data released on February 2012)

Gross domestic expenditure on R&D (% of GDP) N/A

(Data released on March 2012)

Inflation
2009 2010 2011 2012*
12.5%(2008) 13.7% 10.8% 11.2%

*Estimate

Unemployment rate
2009 2010 2011 2012*
19.7% 21.1% 23.9%(2009) N/A

*Estimate

Household saving rates N/A

(Data released on December 2011)

Public debt (General government gross debt as a % of GDP)
2008 2009 2010 2011 2012*
11.6% 15.2% 18% 17.9% 18.3%

*Estimate

Public deficit (General government net lending/borrowing as a % of GDP)
2008 2009 2010 2011* 2012**
6.3% -9.4% -7.7% 1.1% 2.9%

*Estimate    **Forecast

Government bond ratings

Standard & Poor's: B+

Moody's rating: N/A

Moody's outlook: N/A

(Foreign Currency Government Bond Ratings; Data last updated Dec 2011 and Nov 2012)

Market value of publicly traded shares
2009 2010 2011
US$33.32 billion US$50.88 billion US$39.27 billion
Largest companies in Nigeria Dangote Cement (Construction Materials), Union Bank of Nigeria (Regional Banks), Norsk Hydro (Aluminum) (2012)
DATA ON TRADE AND COMPETITIVENESS
Current account balance US$ 20.1 billion (2010 estimate)(After 2008)
Current account balance by percentage of GDP 7.3% of GDP (2010 estimate)(2009)
Exports as percent of GDP

(Exports of goods and services)

36.8% (2010)

(Data released on April 2012)

Shares in world total merchandising export 0.64%(2007)

(Data were released in 2012 and refer to 2011)

Shares in world total commercial services export 0.06% (2011)(2007)

(Data were released in 2012)

Total exports US$97.46 billion (2012 estimate) 
Export commodities petroleum and petroleum products 95%, cocoa, rubber
Total imports US$70.58 billion (2012 estimate) 
Import commodities machinery, chemicals, transport equipment, manufactured goods, food and live animals
Exports - major partners US 28.9%, India 12%, Brazil 7.8%, Spain 7.1%, France 4.9%, Netherlands 4.2% (2011)
Imports - major partners China 17.5%, US 9.1%, Netherlands 4.9%, India 4.7%, South Korea 4.7% (2011)
FDI inflows
2009 2010 2011
US$8,650 million US$6,099 million(2009) US$8,915 million(2009)
FDI outflows
2009 2010 2011
US$-1,542 million US$-923 million US$-824 million
Value of cross-border M&A, by country of purchaser
2008 2009 2010 2011
US$418 million N/A(2009) N/A(2009) US$4 million
Cross-border M&A deals worth over $3 billion completed in 2010

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A

(for a monthly update on M&A click here )

Cross-border M&A deals worth over $3 billion completed in 2011

(Acquiring company, Acquired company, Country of the acquired company, Value of the deal)

N/A(2008 estimate)

(for a monthly update on M&A click here )

Best countries for doing business

World Bank/IFC Doing Business Project

(Economies are ranked on their ease of doing business, from 1 - 185. A high ranking means the regulatory environment is more conducive to the starting and operation of a local firm.)

Overall ranking: 131 out of 185 countries(2009) (2013)

Subcategories:

Starting a business: 119 out of 185 countries(2009)

Enforcing Contracts: 98 out of 185 countries

Registering Property: 182 out of 185 countries

Getting credit: 23 out of 185 countries

Protecting investors: 70 out of 185 countries

Trading across border: 154 out of 185 countries

Paying Taxes: 155 out of 185 countries

Dealing with Construction Permits: 88 out of 185 countries

Getting Electricity: 178 out of 185 countries

Resolving Insolvency: 105 out of 185 countries

(2013)

Global competitiveness ranking
(ranking by country on a basis of 144, the first is the best)
115

(2012)

Index of Economic Freedom

WSJ and Heritage Foundation

Ranking: 116 Score: 56.3 (Mostly Unfree) (2009)

(100=totally free 0=totally repressed )

COUNTRY AND POPULATION OVERVIEW
Time zone UTC+1
Total area 923,768 km2 (2006)
Capital Abuja (2009)
Currency nairas (NGN) (2009)
Government type federal republic (2009)
Languages English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Religions Muslim 50%, Christian 40%, indigenous beliefs 10%
Total population
1980 1990 2000 2012* 2017**
68.45 million 90.56 million 118.95 million 164.75 million 188.69 million

*Estimate    **Forecast

Urban population as % of total population
1960 1980 2000 2011
16.2% 28.6% 42.5% 49.6%
Population median age 18 years (2010)
Population growth rate 2.5% (2011)
Life expectancy 51 years (2010)
Adult literacy 61% (2005/2010)
% of population living on less than $2 a day 83.91% (2011)
Inequality of wealth distribution (Gini index)

48.83 (2010)

(Data were released in 2011, 0=perfect equality, 100=absolute inequality)

Freedom House rating

Political Rights:4
Civil Liberties:4 (2011)

(1 represents the most free, 7 the least free)

Total telephone subscribers as % of population

59.02% (2011)

(sum of fixed telephone lines and mobile cellular subscribers)

Internet users as % of total population 28.43% (Data were released in 2012 and refer to 2011)
Cost of living - Mercer index

(ranking by city on a basis of 214; the 1st is the most expensive and the 214th is the least expensive)

Abuja: 82nd (2011)

CO2 emissions
(Metric tons of CO2 per capita)

0.4546 (Data were released in 2012 and refer to 2009)

GLOBAL FINANCE RANKINGS AND AWARDS

WORLD'S BEST TRADE FINANCE BANKS & PROVIDERS

2013:
  • COUNTRY WINNERS First Bank of Nigeria (National, 2013)
2012:
  • COUNTRY WINNERS First Bank of Nigeria (National, 2012)
2011:
  • COUNTRY WINNERS First Bank of Nigeria (National, 2011)
2010:
  • COUNTRY WINNERS First Bank of Nigeria (2010)
2009:
  • COUNTRY WINNERS First Bank of Nigeria (Europe, 2009)

WORLD'S BEST INTERNET BANKS

2012:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2012)
2011:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2011)
2010:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Standard Chartered (Global, 2010)
2009:
  • COUNTRY WINNERS / Best Corporate / Institutional Internet Banks Citi (National, 2009)

WORLD'S BEST ISLAMIC FINANCE INSTITUTIONS

2012:
  • COUNTRY WINNERS Jaiz Bank (National, 2012)

WORLD'S BEST EMERGING MARKET BANKS

2012:
  • COUNTRY WINNERS FirstBank of Nigeria (National, 2012)
2011:
  • COUNTRY WINNERS FirstBank (National, 2011)
2010:
  • COUNTRY WINNERS FirstBank (National, 2010)
2009:
  • COUNTRY WINNERS FirstBank (National, 2009)

WORLD'S BEST SUB CUSTODIANS

2012:
  • COUNTRY WINNERS Stanbic IBTC Bank (National, 2012)
2011:
  • COUNTRY WINNERS Stanbic Bank (National, 2011)
2010:
  • COUNTRY WINNERS Stanbic IBTC Bank (National, 2010)
2009:
  • COUNTRY WINNERS Stanbic IBTC Bank (National, 2009)

WORLD'S BEST INVESTMENT BANKS

2013:
  • COUNTRY WINNERS FBN Capital (National, 2013)
2012:
  • COUNTRY WINNERS FBN Capital (National, 2012)
2011:
  • Best Equity Bank Vetiva Capital Management (Øystein Olsen, 2011)
  • COUNTRY WINNERS Vetiva Capital Management (National, 2011)
2010:
  • COUNTRY WINNERS Standard Bank (National, 2010)

CENTRAL BANKER REPORT CARD

2012:
2011:

WORLD'S BEST FOREIGN EXCHANGE PROVIDERS

2013:
  • COUNTRY WINNERS Stanbic IBTC Bank (Global, 2013)
2012:
  • COUNTRY WINNERS Stanbic IBTC Bank (National, 2012)
2011:
  • COUNTRY WINNERS First Bank of Nigeria (National, 2011)
  • COUNTRY WINNERS Stanbic IBTC Bank (National, 2011)
2010:
  • COUNTRY WINNERS First Bank of Nigeria (2010)
2009:
  • COUNTRY WINNERS First Bank of Nigeria (National, 2009)
ARTICLES AND COUNTRIES REPORTS FROM GLOBAL FINANCE ARCHIVE