Nigeria has achieved consistently high growth over the past decade, including 7.4% in 2011 and 6.6% in 2012, according to the African Development Bank. This expansion makes Nigeria one of the continent’s most consistent performers, with over twice South Africa’s average growth. The IMF forecasts economic growth of 7.2% in 2013 and 7% in 2014. Non-oil GDP is expected to rise 8.5% in 2013,...
Nigeria
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Chapter | Country Profile from The Report: Nigeria 2013
One of Africa’s most culturally and ethnically diverse as well as resource-rich countries, Nigeria’s very existence is in many ways an impressive accomplishment, testament to the ability of both its citizens and institutions to find ways – often unconventional – to balance the need for local empowerment and diversity with broader national unity. Political cohesion has not come without a price,...
As the single most populous nation in Africa, Nigeria recently overtook South Africa as the largest economy on the continent. Natural resources, oil and gas in particular, comprise the country’s single largest revenue-earner but the 170m person economy also has seen significant activity in recent years into the industrial, financial, telecoms and – as of 2013 – power sectors.
Nigeria’s 2011 output level was around 2.45m bpd of oil and condensate, about 2.9% of global production, making it the world’s 12th-largest supplier that year. Estimates of proven reserves for natural gas vary from 180.5 tcf to 187 tcf, but these figures may well underestimate the country’s potential. Indeed Nigeria’s natural gas is even more abundant than its oil, but the country has so far...
With the National Bureau of Statistics(NBS) recording a real GDP growth rate, on an aggregatebasis, of 7.13% in the first quarter of 2011, and a slightly lower 6.17% for the same quarter in 2012, Nigeria boasts the continent’s second-largest economy after South Africa. Africa’s largest oil producer, Nigeria is the third-largest recipient of foreign direct investment in the continent after Angola and Egypt, according to the US Diplomatic Mission.
Chapter | Health & Education from The Report: Nigeria 2012
Overall indicators in Nigeria paint a picture of a country in need of developing its health sector, but prospects for growth and further modernisation are bright, as the industry has been improving gradually. Funding for health care in Nigeria tends to be low, at approximately $13 per capita annually. The 2012 federal budget allocated some $1.81bn for the sector, amounting to 5.9% of the total....