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Nigeria

Nigeria

Political and economic situation

Nigeria is Africa’s most populous country and the seventh most populous county in the world. Lagos is the largest city with a population of over 17 million. The current Federal Republic of Nigeria consists of 36 states and 1 territory (Federal Capital) with the incumbent President Muhammadu Buhari having been in office since March 2015.

Classified as a lower middle-income country by the World Bank (WB), Nigeria has the second largest African economy (the 1st and 2nd places are contested between South Africa and Nigeria, depending on statistical options). Nigeria, however, still ranks significantly low on the Human Development Index (152 out of 187) and based on 2010 estimates, 46% of the population lived below the poverty line. Since 1970 oil has been a dominant source of government revenue. The oil and gas sector accounted for 35% of the country’s Gross Domestic Product (GDP) and 90% of the total exports revenue. Nigeria has an estimated 5.28 Bn m³ of proven natural gas reserves, the country has one of the top ten natural gas resources in the world and the largest endowment in Africa. Nigeria has proven oil reserves of 37 Bn barrels. Despite the abundant resources it is important to note that Nigeria closed 2016 with its worst GDP growth rate in 25 years as low oil prices, tight monetary liquidity and militant attacks on oil infrastructure tilted the economy towards negative growth indices.

 

Key figures

Available statistics:
Capital
Abuja
Official language
English
Population (2016 est.)
186.0m
Population growth (2016 est.), %
2.44
Median age (2016 est.), years
18.3
Urbanization rate (2010 - 2015), % p.a.
4.66
Urban population (2015), % of total
47.8
Rural population (2015), % of total
52
Population density (2015), per km2
200
HDI (2014)
152 of 188
National Currency
Naira, NGN
Exchange rate (April 2017), USD
1 USD = 305.75 NGN
GDP (2015), USD million current
481,066
GDP growth (2016), %
-1.51
GDP annual growth rate forecast (2020), %
3.7
GNI per capita (2015), PPP current intl USD
5,810
Inflation (Dec. 2016), % y-o-y
18.55
Inflation Rate Forecast (2020), %
8.4
Foreign Direct Investment, net inflows (2015), BOP current USD millions
3,129
Net official development assistance (2014), current USD millions
2,476
Budget deficit (2016), % of GDP
2.4
Ease of Doing Business (2016), rank of 190
169
TI Corruption Index (2016), rank of 176
136
Installed Generation Capacity (2016), MW
12,500
Installed Fossil Fuel Capacity (2016), % of total installed capacity
87.5
Hydro Capacity (2015), % of total installed capacity
12.5
Other RE Capacity (2015), % of total installed capacity
~0
Renewable electricity output as % of total electricity output excl. hydro (2015)
~0
Avg. distribution and transmission losses as % of output (2015)
~20
Net electricity imports (2012), %
7.6
Electrification rate, total (2014) %
45
Electrification rate, urban (2014) %
55
Electrification rate, rural (2014) %
36
Peak demand (2015), MW
~12,500
Per capita electricity consumption (2016), kWh
150
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