ECONOMIC INFORMATION Population - 132.8m
Population growth - 2.12%
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GDP (current US$) - $43.54bn (2002)
GDP per capita - $328
GDP per capita on a purchasing price parity basis - $815
GDP growth - -0.9% (2002)
Industrial production growth - -0.30%
Inflation (12-month average) - 11.6% (2002)
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Exports of goods and services as % of GDP - 37.7%
Top 3 export markets - US, Spain, India
Local currency (change vs. US$ Jan 1-Nov 26, 2003) - Naira (-12.3%)
WEF Growth Competitiveness ranking * - 87/102
WEF Business Competitiveness ranking ** - 77/95
Local 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
Languages - English
GOVERNANCE World Bank Governance Matters III ***
Political stability - -1.49
Government effectiveness - -1.12
Regulatory quality - -1.18
Rule of law - -1.35
Control of corruption - -1.35
Economic Freedom ranking - 140/165
UN Human Development Index ranking - 152/175
FDI INFORMATION Region Sub-Saharan Africa
No.of projects (Jan-Sep 2003) - 35
Market-share of projects in the region - 15.0%
Value of projects relative to GNP - 34.3%
Top 3 destination sectors - Energy, Food & Drink, Financial Services
Top 3 source countries - UK, Greece, USA
Top 3 investors - Frigoglass, Royal Dutch Shell Group, Union Bank
IPA Name - Nigerian Investment Promotion Commission
Web address - www.nipc-nigeria.org
Telephone +234 9 413 4380
* World Economic Forum Growth Competitiveness Ranking assesses an economy’s ability to grow consistently
** World Economic Forum Business Competitiveness Ranking assesses the microeconomic factors that contribute to economic growth
*** The score given is a deviation from the global mean score of zero. Ranged between –2.5 and +2.5, the higher the score, the better the performance