Nigerian Economy:

Economy - overview:

Nigeria country profile

Map of Nigeria

After lurching from one military coup to another, Nigeria now has an elected leadership. But it faces the growing challenge of preventing Africa's most populous country from breaking apart along ethnic and religious lines.

Political liberalization ushered in by the return to civilian rule in 1999 has allowed militants from religious and ethnic groups to express their frustrations more freely, and with increasing violence

The government is striving to boost the economy, which experienced an oil boom in the 1970s and is once again benefiting from high prices on the world market. But progress has been undermined by corruption and mismanagement.

The former British colony is one of the world's largest oil producers, but the industry has produced unwanted side effects.

The trade in stolen oil has fueled violence and corruption in the Niger delta - the home of the industry. Few Nigerians, including those in oil-producing areas, have benefited from the oil wealth.

In 2004, Niger Delta activists demanding a greater share of oil income for locals began a campaign of violence against the oil infrastructure, threatening Nigeria's most important economic lifeline.

Nigeria is keen to attract foreign investment but is hindered in this quest by security concerns as well as by a shaky infrastructure troubled by power cuts.  

FACTS

  • Full name: The Federal Republic of Nigeria
  • Population: 158.2 million (UN, 2010)
  • Capital: Abuja
  • Largest city: Lagos
  • Area: 923,768 sq km (356,669 sq miles)
  • Major languages: English (official), Yoruba, Ibo, Hausa
  • Major religions: Islam, Christianity, indigenous beliefs
  • Life expectancy: 49 years (men), 50 years (women) (UN)
  • Monetary unit: 153.64 Nigerian naira = $1 Canadian
  • Main exports: Petroleum, petroleum products, cocoa, rubber
  • GNI per capita: US $1,140 (World Bank, 2009)

BBC>Tuesday, 19 April 2011 09:17 UK

 
 
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