Nigeria

Nigeria Economic Outlook

  • The outlook for growth remains positive. Downside risks include security challenges arising from religious conflict in some states and slower global growth.
  • As economic growth is largely driven by capital-intensive sectors, it has not translated into sufficient job creation and poverty remains high. As a result, Nigeria has a low Human Development Index (HDI). The country has made some progress towards attainment of the Millennium Development Goals (MDGs), albeit slowly and unevenly.
  • There is a high need to diversify the Nigerian economy into the non-oil sector.This would help expand the sources of growth and make it broad based, both socially and geographically. Further development of agriculture, manufacturing and services could broaden growth, create employment and reduce poverty.

Contacts

Nigeria country office

African Development Bank Group
Plot 813, Lake Chad Crescent
Maitama District
Abuja, Nigeria

Phone: (234) 94621030-59

Mr Ousmane Dore, Director





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Key Facts

Flag:
Capital: Abuja
Area: 924,000 sq km
Total Population 2012: 166.6 Million
Urban Population 2012: 51.24%
Female Population 2012: 49.35%
GDP: US$ 287.8 Billion
GNI Per Capita 2012: US$ 1,200
Inflation Rate: 12.00%
Crude Birth Rate (per 1000): 39.43%
Human Development Index (rank / 187): 153
Human Development Index (scale 0 to 1): 0.471
Membership Date: 10/09/1964
Cumulative Approvals (1967-2012): UA 3.5 Billion

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