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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 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 office

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

Phone: (234) 94621030-59

Mr Ebrima Faal , Director