Nigeria Economic Outlook

  • There are prospects in Nigeria for sustained growth driven by an improved performance of the key non-oil sectors – agriculture, information and communication technology, trade and services – but decline in the contribution of the oil sector may dampen the positive outlook.
  • Social indicators are beginning to improve as efforts to achieve the Millennium Development Goals are intensified through the implementation of social-sector reforms, but the northeast region still faces conflict-related challenges.
  • Adding value to exports of primary products, which is the cornerstone of the Agricultural Transformation Agenda, could help Nigeria climb up the value chain towards industrialisation and provide opportunities to bring the large informal sector progressively into the formal economy, thereby making growth more inclusive and offering a high potential for job creation, increased income and poverty reduction.


Nigeria country office

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

Phone: (234) 94621030-59

Mr Ousmane Dore, Director

Key Facts

Capital: Abuja
Area: 924,000 sq km
Total Population 2013: 173.6 Million
Urban Population 2013: 50.87%
Female Population 2013: 49.10%
GDP: US$ 520.1 Billion
GNI Per Capita 2013: US$ 1,440
Inflation Rate: 8.54%
Crude Birth Rate (per 1000): 41.25%
Human Development Index (rank / 187): 153
Human Development Index (scale 0 to 1): 0.471
Membership Date: 10/09/1964
Cumulative Approvals (1967-2013): UA 3.9 Billion

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