Nigeria Economy

Nigerian Economic Profile, Nigerian Economy, Economy of Nigeria

Nigeria is a low-income country coming under the Sub-Saharan Africa region according to the Classification of Economies by income and region, FY 2005 made by the World Bank. Due to the poor performance of the Government programs, the major multinational oil companies have launched their own community development programmes in the country. Presently the country is a member of the Organization of Petroleum Exporting Countries (OPEC) and a new entity, the Niger Delta Development Commission (NDDC), has been created to help catalyze economic and social development in the country. The country had a surface area of 923.8 thousand square kilometers in the year 2003.

DEMOGRAPHY AND SOCIAL INDICATORS
The total population of the country in the year 2004 was estimated at 139.8 millions in comparison to 136.5 millions in the previous year.
The annual percentage growth of population in the country was 2.4 in the year 2004. The following diagram shows the percentage growth of population in the country.

KEY ECONOMIC INDICATORS
The Gross National Income, Atlas method of the country (Current US $) has reached 54.0 billions in the year 2004.The GNI percapita Atlas method (Current US $) in the country was 390.0 in the year 2004. The Gross Domestic Product (Current $) in the country was 72.1 billions in the year 2004 with an annual growth rate of 3.6 percent. The average annual growth rate of GDP for the country is estimated at 6.5 percent for the period of 2004-08. The following table shows the average annual growth rate of GDP in the country.