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Nigeria

Nigeria Economic Outlook

Real GDP growth was estimated at 2.3% in 2019, marginally higher than 1.9% in 2018. Growth was mainly in transport, an improved oil sector, and information and communications technology. Agriculture was hurt by sporadic flooding and by conflicts between herdsmen and local farmers. Manufacturing continues to suffer from a lack of financing. Final household consumption was the key driver of growth in 2019, reinforcing its 1.1% contribution to real GDP growth in 2018. The effort to lower inflation to the 6%–9% range faced structural and macroeconomic constraints, including rising food prices and arrears payments, resulting in a rate estimated at 11.3% for 2019.

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Key Facts

Flag:
Capital: Abuja
Area: 924,000 sq km
Total Population 2017: 191.8 Million ...
Urban Population 2017: 73.50%
Female Population 2017: 49.70%
GDP: US$ 581.6 Billion
GNI Per Capita 2015: US$ 2,820
Inflation Rate: 14.27%
Crude Birth Rate (per 1000): 38.10%
Human Development Index (rank / 188): 152
Human Development Index (scale 0 to 1): 0.527
Membership Date: 10/09/1964
Cumulative Approvals (1967-2016): UA 6.1 Billion

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Nigeria Country Office

African Development Bank Group
1521 Cadastral Zone A0
Off Memorial Close
Central Business District
Abuja

Phone: 
+234 9 700 2092
+234 9 700 2095

Mr. Ebrima Faal, Senior Director

Nigeria Country Department

African Development Bank Group
1521 Cadastral Zone A0
Off Memorial Close
Central Business District
Abuja

Phone: 
+234 9 700 2092
+234 9 700 2095

Mr Ebrima Faal, Senior Director