Country profile Nigeria 2016

Abstract

In 2015, the economy of Nigeria grew by 2.8 per cent, the lowest growth rate in 10 years. The main reason for that was that the oil price fell by 71.6 per cent between 2010 and 2015. While Nigeria’s economy has long been dominated by agriculture, crude petroleum and gas, the 2014 GDP rebasing exercise has made visible a shift towards an economy led by manufacturing and services. The economy is now driven by non-oil sectors. In 2015, services accounted for the largest share of real GDP (37.9 per cent), followed by agriculture (20.5 per cent), industry (20.2 per cent), trade (17.5 per cent) and construction (4.4 per cent). The oil sector contributed only 11.7 per cent to real GDP, but it remained the chief contributor to exports (93 per cent) and public revenue (67.4 per cent). In 2015, Nigeria had an estimated 182.2 million inhabitants. The population was young and urbanizing fast, and was expected to reach 229 million by 2025.gross national income (GNI) per capita in 2015 as measured by the Atlas method was estimated at $2,820, making Nigeria a lower middle income country numerically, but one that lagged behind other emerging economies. As the leading economy in West Africa, Nigeria has been at the forefront of regional integration, even though the volume of its intraregional trade is low compared with what it could be. Nigeria ranks 48th of 51 countries on the continent in terms of the ratio of their intra-African goods trade to GDP.