Nigeria

Nigeria country profile

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Short name Nigeria
Official  name

The Federal Republic of Nigeria

Location West Africa
Capital Abuja
Population 167 million inhabitants
Area 923,768 sq km (356,669 sq miles)
Languages English (official), Yoruba, Ibo, Hausa
Religions Islam, Christianity, indigenous beliefs

 

 

The Federal Republic of Nigeria is a federal constitutional republic located in West Africa. It shares borders with Benin, Chad, Cameroon, and Niger. In the south, its coast is in the Gulf of Guinea. The Hausa, Igbo, and Yoruba are the largest ethnic groups. In Nigeria, approximately half are Muslim and half Christian. A small minority practice indigenous religions.

The country is Africa‚Äôs most populous and has the eighth-largest population in the world. It is a member of the Commonwealth of Nations and is one of the ‚ÄúNext Eleven‚ÄĚ economies. Nigeria‚Äôs economy is one of the fastest growing in the world and projections show it will continue to do so into the future. It is the largest exporter of oil in Africa and the continent‚Äôs largest economy. As a regional power, Nigeria dominates West Africa.

 

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Nigeria is the 38th largest export economy in the world and the 125th most complex economy according to the Economic Complexity Index (ECI). In 2014, Nigeria exported $99B and imported $52.3B, resulting in a positive trade balance of $47.4B. In 2014 the GDP of Nigeria was $568B and its GDP per capita was $5.91k.

Nigeria borders Benin, Cameroon, Niger and Chad by land and Ghana, Equatorial and Sao Tome and Principe by sea.

 

Trade Balance

As of 2014 Nigeria had a positive trade balance of $47.4B in net exports. As compared to their trade balance in 1995 when they still had a positive trade balance of $6.96B in net exports. 2014

 

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N Exports

The top exports of Nigeria are Crude Petroleum ($74B), Petroleum Gas($13.2B), Refined Petroleum ($4.23B), Pyrophoric Alloys ($1.9B) and Special Purpose Ships ($1.25B), using the 1992 revision of the HS (Harmonized System) classification. Its top imports are Refined Petroleum ($7.83B), Cars ($1.75B), Wheat ($1.46B), Motorcycles ($877M) and Iron Structures ($780M).

In 2014 Nigeria exported $99B, making it the 38th largest exporter in the world. During the last five years the exports of Nigeria have increased at an annualized rate of 11.7%, from $57.3B in 2009 to $99B in 2014. The most recent exports are led by Crude Petroleum which represent 74.3% of the total exports of Nigeria, followed by Petroleum Gas, which account for 13.3%.

Imports

In 2014 Nigeria imported $52.3B, making it the 52nd largest importer in the world. During the last five years the imports of Nigeria have increased at an annualized rate of 3.2%, from $44.6B in 2009 to $52.3B in 2014. The most recent imports are Refined Petroleum, Oil, Machines, engines, pumps, Electronic equipment, Vehicles, Plastics, Cereals, Iron or steel products.

Destinations

The top export destinations of Nigeria are India ($15.2B), Spain ($9.7B),Brazil ($8.77B), the Netherlands ($5.59B) and France ($5.48B). The top import origins are China ($13.6B), the United States ($5.54B), the Netherlands ($3.4B), India ($2.98B) and Belgium-Luxembourg ($2.59B).

Origins

The top import origins of Nigeria are China ($13.6B), the United States ($5.54B), the Netherlands ($3.4B),India ($2.98B) and Belgium-Luxembourg ($2.59B).

Finance and Investment

The country is the world’s 12th-largest oil producer and the 8th-largest exporter. Its reserves are the 10th largest and it joined OPEC in 1971. Petroleum is 40 percent of GDP and 80 percent of the government’s earnings. Political unrest in the oil production areas has disrupted oil production. The financial industry is developed and has a mix of international and local banks, brokerage firms, asset management companies, insurers, equity funds, and investment banks.

There are also significant mineral resources that are not exploited, including coal, bauxite, gold, natural gas, tantalite, tin, iron ore, niobium, limestone, lead, and zinc.

In the past, agriculture was a principal foreign export earner. It was the largest exporter of cocoa, groundnuts, and palm oil. About 60 percent of those in Nigeria work in the agricultural sector. The U.S. is Nigeria’s largest foreign investor.

 

 

 

1995 when they still had a positive trade balance of $6.96B in net exports.

 

 

 

 

 

 

 

 

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