Economy of Nigeria

The economy of Nigeria is characterized by a strong north-south gradient.

While the south of the country is economically relatively well developed, this is less the case in central and northern Nigeria. After its independence, the Nigerian government focused almost exclusively on the development of a major industry on the Western model. The Bureau of Public Enterprises ( BPE) has the task of privatizing state-owned companies and to commercialize and to reform sectors of the economy on a broad basis. This meant that unemployment rose because through the use of technical facilities numerous workers were saved. Furthermore, had to use the bulk of foreign exchange to import other goods, such as machinery or tools, that were not manufactured in the country of residence.

Due to the strong promotion of large-scale enterprises, agriculture was neglected, so that made ​​the country dependent on oil. Complicating the situation of farmers was carried nationally-set producer prices, which were so small that there is no longer rewarded the sale of crops. The government is encouraging, however, to become once again the agriculture after oil prices fell sharply in the 80s. Since then rises again to food production, but food must be imported because the demand can not be met as before. In addition, Nigeria is one with a GNP of 280 U.S. dollars per head to the world's poorest countries. There live about 35 % of the population in extreme poverty. Nevertheless, the economic growth rate in 2007 was 6.3 %, while inflation was at 5.4 % in the same year. In addition, Nigeria was able to increase its foreign exchange in recent years to 52 billion U.S. dollars. The external debt of Nigeria is 3.3 billion U.S. dollars.

Agriculture

The private agriculture is a very important industry. 60 % of the population are engaged in it, at the same time agriculture controls 40 % of the gross domestic product. However, at 45 % of its own food, agriculture serves. Most farmers is only a very small area of land between one and five acres available. The plantations on which the export products are grown, are in possession of the state or foreign corporations.

For personal use, cassava, yams, sweet potatoes and millet are grown. The millet cultivation learned in recent years, an increase of 13% in 1998 to 16 % in 2005. Besides beans, melons, peppers and vegetables are grown on Hackbaufeldern. For the export of cocoa Furthermore, groundnuts, oil palm and rubber are grown. Nigeria is the largest cowpea and Yamproduzent Africa and the world's largest Maniokproduzent. In addition, the country's fourth largest cocoa producer. Other important agricultural products are citrus fruits, bananas, rice and corn.

Nigeria ground to the north has already been now on damage caused by desertification, the control options are specified as very low. Livestock production is mainly based on the holding of cattle. A total of about 15 million units are held. In addition, approximately 5 million pigs are kept. Mainly for personal use small livestock such as sheep, goats and chickens is kept.

Mining and Industry

Nigeria's most important natural resource is petroleum. It makes up 90 % of all export products, although only 7% of all employees work in this sector. In addition, this sector controls 35 % of the gross domestic product. The delivery rate in 2007 was 2.2 million barrels per day. Other important mineral resources are natural gas and coal.

The industry is concentrated mostly in the south of the country. In the areas where there are the oil reserves, so the coastal areas, there are mainly oil refineries and the chemical industry. Other important industrial areas are cities such as Lagos. There is food textile and metal industries. In the cities of Kaduna and Enugu is also home to the automotive industry, which is partly in U.S. American-owned. The banking sector was in 2007 3.8% of the gross domestic product, which makes the success of the reform policies clearly.

Tourism

Tourism has little importance in Nigeria and accounts for less than 1 % to export earnings. Nevertheless, the number of visitors increases for several years. In 2005, two million travelers visited the country, including 350,000 Europeans. Nigeria is hardly touched by tourism. Only the west of the country is opened up to tourists on a small scale. In this area mainly dominated the expedition tourism.

Foreign trade

Main trading partners are Germany, China, Belgium, the USA and Great Britain. The most important export product of Nigeria 's crude oil, which accounts along with petroleum products, 95% of exports.

Imported goods are mainly machinery, vehicles, chemicals and electrical products. Since Nigeria almost exclusively exports oil, with a correspondingly high oil prices, the country produces a surplus. This in 2007 was 22.5 billion U.S. dollars.