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Niconex 2015

The 3th International Building Fair


ABOUT NIGERIA

Full name :The Federal Republic of Nigeria
• Population :177 million (2014 est.)
• Capital :Abuja
• Area : 923,768 sq km
• Major languages: English (official), Yoruba, Ibo, Hausa
• Major religions : Islam, Christianity, indigenous beliefs
• Monetary unit : 1 Nigerian Naira-NGN ($1 =164.6 NGN) (March of 2014)
• GDP per capita : $ 2.800 (PPP, 2013 estimated)

With its population of over 175 million, Nigeria is the Africa’s most promising market for all sectors. The economy of Nigeria is a middle income, mixed economy emerging market with well-developed financial, legal, communications, transport, and entertainment sectors. It is ranked 31st in the world in terms of GDP (PPP), which amounts to $478.5 billion as of 2013, and its emergent, though currently underperforming manufacturing sector is the second-largest on the continent, producing a large proportion of goods and services for the West African region.

Previously hindered by years of mismanagement, economic reforms of the past decade have put Nigeria back on track towards achieving its full economic potential. Nigerian GDP at purchasing power parity increased from $170.7 billion in 2005 to $478.5 billion in 2013, although estimates of the size of the informal sector (which is not included in official figures) put the actual numbers over to $520 billion. Correspondingly, the GDP per capita increased from $1200 per capita in 2005 to an estimated $2.800 per capita in 2013 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,500 per capita). It is the largest economy in the West Africa Region, 3rd largest economy in Africa (behind South Africa and Egypt), and on track to becoming one of the top 30 economies in the world soon.

Exports; $93.55 billion (2013 est.)

Country comparison to the world: 38

Exports-Commodities; Petroleum and petroleum products 95%, cocoa, rubber.

Exports-Partners; US 16.8%, India 11.5%, Netherlands 8.6%, Spain 7.8%, Brazil 7.6, UK 5.1%, Germany 4.9%, Japan 4.1%, France 4.1% (2012)

Imports; $55.98 billion (2013 est.) Country comparison to the world: 52 Imports-Commodities; Machinery, chemicals, transport equipment, manufactured goods, food and live animals.

Imports-Partners; China 18.3%, US 10.1%, India 5.5% (2012)