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Nigeria Economic Outlook

  • Nigeria has had sluggish economic growth since the end of 2015 with the rate dropping to an estimated 3.0% in December 2015, leading the authorities to adopt an expansionary 2016 budget that aims to stimulate the economy.
  • Security, fighting corruption, and improving the social welfare of Nigerians are at the heart of the development policy of the new administration that was inaugurated on 29 May 2015.
  • Nigeria has been rapidly urbanising and fast-growing cities such as Lagos and Kano face increasing unemployment and income inequality because of poor urban planning and weak links between structural transformation and urbanisation.

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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 office

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

Phone: (234) 94621030-59

Mr Ebrima Faal , Director