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Agriculture

From Rediscover Nigeria desk

  AGRICULTURE   The wealth of a nation is partially measured by its ability to guarantee its citizenry food security.In…

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Manufacturing

From Rediscover Nigeria's Desk

Manufacturing in Nigeria concentrates mainly on the production of consumer goods. With a population estimated today at over 156 million…

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Nigeria! Overview

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From Rediscover Nigeria's Desk

Tourism in Nigeria has huge potentials to be a major foreign exchange earner. The Obasanjo administration has created awareness among…

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Nigeria's Resources

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Nigeria's total verified external debts as at December 2010 was US$4.578 billion as against US$3.947 billion in 2009. Total scrutinized…

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Rediscover Nigeria Key Indicators

Key Indicators

The Nigerian economy still depends heavily on Oil and Gas. 90% of Nigeria's export earnings and 85% of government revenue comes from it contributing 18.7% to the GDP in 2010. The economy reached a GDP growth rate of 7.85% in 2010 up from 6.96% in 2009. Increased performance is attributed to increase in Oil production from 1.6MBPD in 2009 to 2.30MBPD in 2010 and an expansion of the non-oil sector especially agriculture, wholesale and retail trade activities. This grew at 8.1% up from 7.9% in 2009. GDP growth rate and per capita also leaped from an average of US$375 in 2001 to about US$1300 in 2010.

Nigeria's economy fared better than those of the more advance nations in 2010 with a growth rate of 7.85% above most of Sub Saharan Africa (4.75%), South Africa (2.7%), Organisation for Economic Cooperation and Development (OECD) countries (2.75%), Russia (3.9%), and the United States of America (2.8%). It was slightly better than Brazil (7.6%) but behind India (9.5%), China (10.5%) and Angola (11.1%).
United Nations Conference on Trade and Development (UNCTAD) estimates put Nigeria's Foreign Direct Investment in 2009 at US$11 billion making it the 19th greatest destination of FDI. This has increased from the figure of US$1.14 billion in 2001 and US$2.1 billion in 2004. This infers that democracy and stability have co-relation with FDI's.

With these impressive statistics, there is need for caution and an urgent need for positive action hence the need for a Transformation Agenda.  The statistics below paint a picture:

Inflation rate in December 2010 was 11.8% down from 13.9% in 2009. By global standards this is still high for any meaningful economic development. Unemployment figures stood at 14.7% in 2007 and rose to 21.1% in 2010. This is a time bomb that should be addressed. The pressure in the local currency the Naira is increasing which depicts the consumption pattern of a nation which is still heavily dependent on imports for most of what can be produced or processed locally.

Non-oil exports contribute a mere 10% of exports earnings in a nation so heavily endowed. Improving non-oil exports will impact better on the economy, reduce unemployment and bring down poverty

 

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