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Nigeria Economic Outlook

Economic growth, estimated at 5.2% in 2017, was driven largely by the secondary sector, particularly oil, which increased activity when the Zinder (SORAZ) Corporation’s refining facilities reached full operating capacity. This corporation is jointly owned by the China National Petroleum Corporation (which holds a 60% stake) and the Nigerian government (which holds a 40% stake). Growth is projected to be 5.4% in 2018 and 5.2% in 2019, due to the performance of the oil and agricultural sectors. Agricultural performance is expected to rise as a result of good rainfall, as well of the 3N initiative, Nigeriens Feed Nigeriens, which promotes irrigation and livestock farming.

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Key Facts

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 Department

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

Phone: (234) 94621030-59

Mr Ebrima Faal, Senior Director