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)