|
Description Nigeria by rbd.me
|
|
British influence and control over what would become Nigeria and Africa's most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country's history. In January 2010, Nigeria assumed a nonpermanent seat on the UN Security Council for the 2010-11 term.
WebCam
|
|
Location
|
|
Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon
|
|
Area - comparative
|
|
slightly more than twice the size of California
|
|
Natural resources Nigeria
|
|
natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land
|
|
Population Nigeria
|
|
152,217,341
|
|
Religions Nigeria
|
|
Muslim 50%, Christian 40%, indigenous beliefs 10%
|
|
Languages
|
|
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
|
|
Education Nigeria expenditures
|
|
0.9% of GDP (1991)
|
|
Government Nigeria type
|
|
federal republic
|
|
Independence
|
|
1 October 1960 (from the UK)
|
|
Nigeria Economy - overview
|
|
Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. Since 2008 the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF's Poverty Reduction and Growth Facility for fiscal and monetary management. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. The deal requires Nigeria to be subject to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly in 2007 and 2008, and less strongly in 2009. President YAR'ADUA has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.
|
|
Investment Nigeria
|
|
17.1% of GDP (2009 est.)
|
|
Industries Nigeria
|
|
cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava (tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish
|
|
Airports Nigeria
|
|
.ng
|
|
