Nigeria

Nigeria Economic Outlook

The growing importance of services has bolstered growth in the economy. The sector accounts for about half of GDP, dwarfing the 10% from oil and 22% from agriculture. Real GDP growth was an estimated 1.9% in 2018, reflecting a recovery in services and industry— particularly mining, quarrying, and manufacturing. The recovery benefited from greater availability of foreign exchange. Growth in agriculture was lackluster, due partly to clashes between farmers and herders coupled with flooding in key middle-belt regions and continued insurgency in the northeast.

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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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Documents


Contacts

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

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