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Nigeria

Nigeria Economic Outlook

  • In 2016, Nigeria’s economy slipped into recession for the first time in more than two decades reflecting adverse economic shocks, inconsistent economic policies, and deepening security problems in the north east and Delta regions.
  • The outlook for 2017 is for a moderate economic recovery with real GDP projected to grow at 2.2% spurred by increased infrastructure spending and restoration of oil production to previous levels.
  • The government has initiated a plan for an integrated framework for development programmes in the north east through implementation of targeted social safety initiatives across the country. Private investments are a key policy priority, aimed at driving economic diversification through entrepreneurship and industrialisation in the lead sectors of agribusiness, manufacturing and mining.

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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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Contacts

Nigeria Country Department

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

Phone: (234) 94621030-59

Mr Ebrima Faal , Senior Director