Nigeria: Africa’s biggest economy
Nigeria rebased its GDP from 1990 to 2010, resulting in an 89% increase in the estimated size of the economy. As a result Nigeria is adjudged Africa’s top investment haven, and as well the continent’s biggest market and economy. With a GDP of $509.9 billion (N80.2 trillion), the country has overtaken South Africa’s $372 billion. This ranks Nigeria as world’s 26 biggest economy, and the largest economy in Africa, bigger than Angola, Egypt and Vietnam put together, and 12 times the Ghanaian economy. The performance of the economy continues to be underpinned by favourable improvements in the non-oil sector, with real GDP growth of 5.4%, 8.3% and 7.8% in 2011, 2012 and 2013, respectively. Agriculture – particularly crop production – trade and services continue to be the main drivers of non-oil sector growth. The oil sector growth performance was not as impressive with 3.4%, -2.3% and 5.3% estimated growth rates in 2011, 2012 and 2013, correspondingly. With a population of 168.8 million(2012 figure), Nigeria is the biggest market in Africa.
Sectoral contribution to GDP
- Agriculture: N17.26trillion
- Trade: N13.35trillion
- Crude Petroleum and Natural Gas: N11.55trillion
- Telecoms: 6.97trillion
- Real Estate: N6.43trillion
- Manufacturing: N5.47trillion
- Food, Beverages and Tobacco: N3.70trillion
- Finance and Insurance: N2.64trillion
- Music Production:N1.13trillion
With the rebased figures, the Nigerian economy grew by an average of 6.38 per cent between 2010 and 2013
Exchange rate-$1=N155.23kobo(as at June 24, 2014)
Major source of revenue: Oil (OPEC member)
Lingua Franca- English Language
Independence– From Britain (1960)
Major local languages spoken-Hausa, Igbo, Yoruba
System of Government- Presidential Democracy
Nigerian president, Jonathan