Dec 3 Nigerian Finance Minister Ngozi Okonjo-Iweala has made it a top priority to fix poor fiscal management and corruption, she told the annual Nigerian Economic Summit in the capital Abuja, which started on Monday.
Here is a look at Africa's second biggest economy:
* SECTOR FACTS: Nigeria is among the world's top 10 oil exporters and holds the world's ninth-biggest gas reserves. Oil accounts for around 80 percent of government revenues but agriculture is the largest contributor to GDP, making around 40 percent. Most farm produce, apart from cocoa, is domestically consumed. Despite its importance, the sector is in a poor state, as subsistence farmers have little access to fertiliser or pesticides. The manufacturing sector is hampered by electricity shortages, which economists say are holding growth back from possible double digit levels. Privatisation plans are due to go ahead but face risks ranging from lack of financing to graft.
* SOME NUMBERS: With a population of 168 million, Nigeria is Africa's most populous nation.
GDP: 273.042 billion (2011 estimate). GDP growth accelerated to 6.5 percent in Q3 up slightly from 6.3 percent in the second quarter of this year, figures from the National Bureau of Statistics (NBS) showed. Nigeria's economy has been slowing in 2012, due largely to a slowdown in developed economies that buy Nigerian oil. The government forecast 6.5 percent economic growth for 2012, down from 7.4 percent last year. Between 2013 and 2015, the growth is expected at 7 percent.
* OIL INDUSTRY: Nigeria has proven crude oil reserves of up to 40 billion barrels and a current production capacity of about 2.53 million bpd, well below its oil production capacity of over 3 million bpd, due to production disruptions. Much of it is exported, mostly to the United States, Europe and Asia.
Despite being Africa's top crude producer, defunct refineries mean Nigeria imports more than 80 percent of its refined gasoline needs, paying a subsidy on imported gasoline to keep domestic retail prices low. Nigeria's parliament started debating a Petroleum Industry Bill (PIB) last month that is will change tax rates and reform the state oil company.
* DEVELOPMENT INDICATORS: Despite the oil wealth, 70 percent of Nigerians live in poverty. According to the latest Human Development Index (HDI) from 2011, life expectancy is 51.9 years, only six years more than three decades ago. The sub-Saharan average is 54.4 years. Nigeria has the lowest HDI ranking among OPEC members of the. Iraq is ranked 24 places above Nigeria, with a life expectancy of 69.0 years.
* CORRUPTION: Nigeria was ranked 143 out of 183 countries in Tranparency International's latest Corruption Perceptions Index.
Sources Reuters/World Bank/www.trust.org/amnesty.org/afripol.org/All Africa.com/UN statistics/Transparency International/Platts (For full Reuters Africa coverage and to have your say on the top issues, visit: africa.reuters.com/)
(Reporting by David Cutler, London Editorial Reference Unit and Tim Cocks and Joe Brock in Nigeria) (editing by Ron Askew)
Trending On Reuters
French President Francois Hollande and India's Prime Minister Narendra Modi will on Monday launch an international solar alliance aimed at eventually bringing clean and affordable solar energy within the reach of all. Full Article