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Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled ...  More..

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Economy of Nigeria
SOURCE: CIA - The World Factbook
Currency Nigerian Naira
Fiscal Year 01 January - 31 December
GDP (PPP) $357.2 billion (2009 est.)
GDP (per capita) $2,400 (2009 est.)
Exports $45.43 billion (2009 est.)
Imports $42.1 billion (2009 est.)
Main Industries Crude Oil, Coal, Tin, Columbite; Palm Oil, Peanuts, Cotton, Rubber, Wood; Hides and Skins, Textiles, Cement and Other Construction Materials, Food Products, Footwear, Chemicals, Fertilizer, Printing, Ceramics, Steel, Small Commercial Ship Construction and Repair
Exports - Commodities Petroleum and Petroleum Products 95%, Cocoa, Rubber
Imports - Commodities Machinery, Chemicals, Transport Equipment, Manufactured Goods, Food and Live Animals
Exports Partners US 42%, Brazil 9.5%, India 9%, Spain 7.3%, France 5.1% (2008)
Imports Partners China 16.1%, Netherlands 11.3%, US 9.8%, UK 6.2%, South Korea 6.1%, France 5.1%, Germany 4.4% (2008)

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