Course contents
- Nigeria
- South Africa
Available Languages :
Learning Unit Summary
NIGERIA
Nigeria is the most populous country in Africa with an official population figure of
120 million (and the 11th in the world) growing at an average annual rate of 2.3%.
Hausa, Ibo and Yoruba are the major groups and constitute over 40 per cent of the population.
A GDP of US$35 billion, makes Nigeria the second largest economy in Africa recording an annual growth rate of 1.8% in 1999.
Oil revenues account for 60% of Nigeria's GDP and over 90% of its foreign exchange earnings. It is the 10th largest oil producer in the world with proven reserves of 30 million barrels and has the 3rd largest gas reserves in the world with over 3 trillion standard cubic feet of natural gas.
Since 1996, the Central Bank's monetary policy has effectively curbed inflation from over 70% per annum to less than 10%. Between 1996 and 1998, the local currency also maintained relative stability, compared with the first half of the 1990s. The
currency depreciated in 1999 as the new democratic government took over power and are yet to implement their policies while simultaneously coping with depleted foreign exchange reserves and reeling from the economic
mismanagement of the military.
The new civilian government has already put measures in place to curb these outflows and recoup some of the lost reserves. The poor state of the country's economy and its infrastructure has pushed up inflationary pressures and driven down the value of the currency.
Over 60 per cent of the population is involved in the production of the food crops
Nigeria is both economically and politically a very important country to the European Union. In trade, Nigeria has had a major role in exporting formerly
agricultural products and subsequently petroleum products to
Europe, while also being a major importer of European products. Regionally, Nigeria is the
leading country in West Africa, and with its great human and natural resource endowments, Nigeria has the potential to become the
region's engine for economic growth.
Nigeria, in association with four other members of the Economic Community of West African Countries (ECOWAS) - The Gambia, Ghana, Guinea and Sierra Leone - is gearing up for the take off of the
West African Monetary Zone (WAMZ) in July 1 2005.
The Advance Fee Fraud is popularly called "419" after the section of the Criminal Code of Nigeria that references it.
The "419" had left some indelible marks on the image of Nigerians abroad and impaired the psyche of individuals.
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