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Nigeria

 
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Nigeria

ECONOMY

Gross National Product (GNP): US$30.0 billion, 1989; US$230 per capita, 1990.

Agriculture, Forestry, and Fishing: Agriculture represented 39.1 percent of gross domestic product (GDP) in 1988. In 1990, 34 million hectares, or 42 percent of arable land under cultivation; 18 million hectares of pastureland; 20 million hectares of forests. 1991 drought forced substantial increase in food imports. Cash crops: cocoa, palm oil, rubber, cotton, peanuts. Major food crops: cassava, yams, taro, sweet potatoes, sorghum, millet, corn, rice. Livestock: cattle, goats, sheep, horses, camels, pigs, poultry, representing 2.0 percent of GDP. Forests used extensively, and government engaged in afforestation projects. Fisheries catch did not meet domestic needs; modernization projects underway.

Industry: Constituted 10.0 percent of GDP in 1988. Primary processing industries: palm oil, peanuts, rubber, petroleum, wood, hides and skins. Manufacturing industries: food products, textiles, cement, building materials, footwear, chemical products, ceramics, small appliances.

Mining, Petroleum, and Energy: Main items mined: coal, tin, columbite for domestic use. Nigeria world's sixth largest oil exporter; domestic consumption 250,000 barrels per day; 11 percent of extracted oil refined domestically. Natural gas constituted more than 20 percent of commercial energy sources in 1990. Emphasis on expanding hydroelectric power (14 percent of energy consumed in 1980s) and oil- and gas-generated electricity.

Exports: Petroleum, cocoa.

Imports: Machinery, transportation equipment, chemicals, manufactured goods, food, live animals.

Major Trading Partners: United States, Britain, other European Economic Community countries, Japan, Canada. Nigeria had negative trade balance.

Currency: Naira (N); 1 naira = 100 kobo; average exchange rate in 1990: N8.04 per US$1.00.

Data as of June 1991

Nigeria - TABLE OF CONTENTS

COUNTRY PROFILE

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Information Courtesy: The Library of Congress - Country Studies


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