ECONOMIC INFORMATION

 

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Population: 135.6m

Population growth: 2.12%

Population density (people per sq. km): 149

UN Human Development Index ranking: 151/177

Gross national income (current US$): $43.0bn (2003)

Gross national income per capita: $320

PPP Gross national income: $122.2bn

PPP Gross national income per capita: $900

GDP growth: 8.3% (2003)

GDP breakdown Agriculture: 37.4%, Industry: 28.85%, Services: 33.8%

Inflation (12-month average): 17.13 (2003)

Gross capital formation as % of GDP: 21.82%

Final consumption expenditure as % of GDP (growth): 82.8% (..%)

Exports of goods & services as % of GDP: 35.8%

Top 3 export markets: US, Spain, India

Local industries: Crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides & skins, textiles, cement & other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel

WEF Growth Competitiveness ranking *: 93/104

WEF Business Competitiveness ranking **: 81/103

WEF Quality of the Business Environment ranking: 80/103

Transparency International Corruption Perceptions ranking: 144/145

Languages : English (official)

 

 

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FDI INFORMATION

 

 

Region: Sub-Saharan Africa

No. of projects (Jan-Sep 2004): 38

Market-share of projects in the region: 12.6%

Value of projects relative to GDP : 7.6%

Top 3 destination sectors: Energy, food & drink, financial Services

Top 3 business functions: Manufacturing, business services, extraction

Top 3 source countries: UK, US, Greece

Top 3 investors: TotalfinaElf, Fomosa Bottling Company, British American Tobacco

 

 

IPA

Name: Nigerian Investment Promotion Commission

Web address: www.nipc-nigeria.com

* 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 difficulty of hiring workers and the difficulty and expense of firing workers is reflected as an index where the higher the value the more rigid the regulations