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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
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