Overblog Suivre ce blog
Editer l'article Administration Créer mon blog
24 octobre 2011 1 24 /10 /octobre /2011 09:31

Strife and sectarian violence

Because of its multitude of diverse, sometimes competing ethno-linguistic groups, Nigeria prior to independence has been faced with sectarian tensions and violence. Sony VAIO VPCP118JC/B Battery

This is particularly a major issue in the oil-producing Niger Delta region, where both state and civilian forces employ varying methods of coercion in attempts gain control over regional petroleum resources. Some of the ethnic groups like the Ogoni, have experienced severe environmental degradation due to petroleum extraction.Sony VAIO VPCP118JC/P Battery

Since the end of the civil war in 1970, some ethnic violence has persisted. There has subsequently been a period of relative harmony since the Federal Government introduced tough new measures against religious violence in all affected parts of the country.Sony VAIO VPCP118JC/W Battery

In 2002, organizers of the Miss World Pageant were forced to move the pageant from the Nigerian capital, Abuja, to London in the wake of violent protests in the Northern part of the country that left more than 100 people dead and over 500 injured.  The rioting erupted after Muslims in the country reacted in anger to comments made by a newspaper reporter.Sony VAIO VPC-P118KX/B Battery

Rioters in Kaduna killed an estimated 105 men, women, and children with a further 521 injured taken to hospital.

Health issues

Nigeria has been reorganizing its health system since the Bamako Initiative of 1987 formally promoted community-based methods of increasing accessibility of drugs and health care services to the population, in part by implementing user fees.Sony VAIO VPC-P118KX/D Battery

The new strategy dramatically increased accessibility through community-based healthcare reform, resulting in more efficient and equitable provision of services. A comprehensive approach strategy was extended to all areas of health care, with subsequent improvement in the health care indicators and improvement in health care efficiency and cost.Sony VAIO VPC-P118KX/G Battery

The Nigerian health care system is continuously faced with a shortage of doctors known as 'brain drain' due to the fact that many highly skilled Nigerian doctors emigrate to North America and Europe.In 1995, it was estimated that 21,000 Nigerian doctors were practicing in the United States alone, Sony VAIO VPC-P118KX/P Battery

which about the same as the number of doctors working in the Nigerian public service. Retaining these expensively trained professionals has been identified as one of the goals of the government.

Education

Nigeria provides free, government-supported education, but attendance is not compulsory at any level, and certain groups, such as nomads and the handicapped, are under-served.Sony VAIO VPC-P118KX/W Battery

The education system consists of six years of primary school, three years of junior secondary school, three years of senior secondary school, and four years of university education leading to a bachelor’s degree. The rate of secondary school attendance is 32% for males and 27% for females. Sony VAIO VPCP119JC Battery

In 2004 the Nigerian National Planning Commission described the country’s education system as “dysfunctional.” Reasons for this characterization included decaying institutions and ill-prepared graduates.

Crime

Nigeria is home to a substantial network of organized crime, active especially in drug trafficking. Sony VAIO VPCS118EC Battery

Nigerian criminal groups are heavily involved in drug trafficking, shipping heroin from Asian countries to Europe and America; and cocaine from South America to Europe and South Africa. .  The various Nigerian Confraternities or "campus cults" are active in both organized crime and in political violence as well as providing a network of corruption within Nigeria. Sony VAIO VPCS119FJ/B Battery

As confraternities have extensive connections with political and military figures, they offer excellent alumni networking opportunities. The Supreme Vikings Confraternity, for example, boasts that twelve members of the Rivers State House of Assembly are cult members.Sony VAIO VPCS119GC Battery

On lower levels of society, there are the "area boys", organized gangs mostly active in Lagos who specialize in mugging and small-scale drug dealing. According to official statistics, gang violence in Lagos resulted in 273 civilians and 84 policemen killed in the period of August 2000 to May 2001. Sony VAIO VPCS11AFJ Battery

Internationally, Nigeria is infamous for a crime dubbed 419, a type of advance fee fraud (named after Section 419 of the Nigerian Penal Code) along with the "Nigerian scam", a form of confidence trickpracticed by individuals and criminal syndicates.Sony VAIO VPCS11AGJ Battery

In 2003, the Nigerian Economic and Financial Crimes Commission (or EFCC) was created to combat this and other forms of organized financial crime.

There is also some Piracy in Nigeria, with attacks mainly directed at smaller ships shuttling employees and materials belonging to the oil companies with any involvement in oil exploration in the Niger Delta. Sony VAIO VPCS11AHJ Battery

From January 1, 2007 to October 29, 2007, twenty-six pirate attacks were recorded.

The economy of Nigeria is a middle income, mixed economy emerging market with well-developed financial, legal, communications, transport, and entertainment sectors. Sony VAIO VPCS11AVJ Battery

It is ranked 31st in the world in terms of GDP (PPP) as of 2009, and its emergent, though currently underperforming manufacturing sector is the second-largest on the continent, producing a large proportion of goods and services for the West African region.Sony VAIO VPCS11J7E/B Battery

Previously hindered by years of mismanagement, economic reforms of the past decade have put Nigeria back on track towards achieving its full economic potential. Nigerian GDP at purchasing power parity more than doubled from $170.7 billion in 2005 to $374.3 billion in 2010, Sony VAIO VPCS11M1E/W Battery

although estimates of the size of the informal sector (which is not included in official figures) put the actual numbers closer to $520 billion. Correspondingly, the GDP per capita doubled from $1200 per person in 2005 to an estimated $2,500 per person in 2009 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers around $3,500 per person).Sony VAIO VPCS11V9E Battery

It is the largest economy in the West Africa Region, 3rd largest economy in Africa (behind South Africa and Egypt), and on track to becoming one of the top 30 economies in the world in the early part of 2011.

Although much has been made of its status as a major exporter of oil, Nigeria produces only about 3.3% of the world's supply, and though it is ranked as 15th in production at 2.2 million barrels per day (350,000 m3/d) (mbpd),Sony VAIO VPCS11V9E/B Battery

the top 3 producers Saudi Arabia, Russia, and the United Statesproduce 10.7 Mbbl/d (1,700,000 m3/d) (17%), 9.8 Mbbl/d (1,560,000 m3/d) (15%), and 8.5 Mbbl/d (1,350,000 m3/d) (13%)respectively, collectively accounting for 63.6 Mbbl/d (10,110,000 m3/d) (45%) of the world's total production. Sony VAIO VPCS11X9E/B Battery

To put oil revenues in perspective: at an estimated export rate of 1.9 Mbbl/d (300,000 m3/d), with a projected sales price of $65 per barrel in 2011, Nigeria's anticipated revenue from petroleum is about $52.2 billion. This accounts for less than 14% of official GDP figures (and drops to 10% when the informal economy is included in these calculations). Sony VAIO VPCS123FGB Battery

Therefore, though the petroleum sector is important, it remains in fact a small part of the country's overall vibrant and diversified economy.

The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now imports some of its food products.Sony VAIO VPCS125EC Battery

In 2006, Nigeria successfully convinced the Paris Club to let it buy back the bulk of its debts owed to the Paris Club for a cash payment of roughly $12 billion (USD).

Overview

Nigeria’s economy is struggling to leverage the country’s vast wealth in fossil fuels in order to displace the crushing poverty that affects about 57 percent of its population. Sony VAIO VPCS128EC Battery

Economists refer to the coexistence of vast wealth in natural resources and extreme personal poverty in developing countries like Nigeria as the “resource curse”.Although "resource curse" is more widely understood to mean an abundance of natural resources which fuels official corruption resulting in a violent competition for the resource by the citizens of the nation.Sony VAIO VPCS129GC Battery

Nigeria’s exports of oil and natural gas—at a time of peak prices—have enabled the country to post merchandise trade and current account surpluses in recent years. Reportedly, 80 percent of Nigeria’s energy revenues flow to the government, 16 percent cover operational costs, and the remaining 4 percent go to investors.Sony VAIO VPCS12C7E/B Battery

However, the World Bank has estimated that as a result of corruption 80 percent of energy revenues benefit only 1 percent of the population. In 2005, Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. Under the agreement, Sony VAIO VPCS12L9E/B Battery

the lenders will forgive most of the debt, and Nigeria will pay off the remainder with a portion of its energy revenues. Outside of the energy sector, Nigeria’s economy is highly inefficient. Moreover, human capital is underdeveloped—Nigeria ranked 151 out of 177 countries in the United Nations Development Index in 2004—and non-energy-related infrastructure is inadequate.Sony VAIO VPCS12V9E/B Battery

From 2003 to 2007, Nigeria attempted to implement an economic reform program called the National Economic Empowerment Development Strategy (NEEDS). The purpose of the NEEDS was to raise the country’s standard of living through a variety of reforms, including macroeconomic stability, deregulation, liberalization, privatization, transparency, and accountability.Sony VAIO VPCW111XX/P Battery

The NEEDS addressed basic deficiencies, such as the lack of freshwater for household use and irrigation, unreliable power supplies, decaying infrastructure, impediments to private enterprise, and corruption. The government hoped that the NEEDS would create 7 million new jobs,Sony VAIO VPCW111XX/PC Battery

diversify the economy, boost non-energy exports, increase industrial capacity utilization, and improve agricultural productivity. A related initiative on the state level is the State Economic Empowerment Development Strategy (SEEDS).

A longer-term economic development program is the United Nations (UN)-sponsored National Millennium Goals for Nigeria. Sony VAIO VPCW111XX/T Battery

Under the program, which covers the years from 2000 to 2015, Nigeria is committed to achieve a wide range of ambitious objectives involving poverty reduction, education, gender equality, health, the environment, and international development cooperation.Sony VAIO VPCW111XX/W Battery

In an update released in 2004, the UN found that Nigeria was making progress toward achieving several goals but was falling short on others. Specifically, Nigeria had advanced efforts to provide universal primary education, protect the environment, and develop a global development partnership. Sony VAIO VPCW111XXP Battery

However, the country lagged behind on the goals of eliminating extreme poverty and hunger, reducing child and maternal mortality, and combating diseases such as human immunodeficiency virus/acquired immune deficiency syndrome (HIV/AIDS) and malaria.Sony VAIO VPCW111XXT Battery

A prerequisite for achieving many of these worthwhile objectives is curtailing endemic corruption, which stymies development and taints Nigeria’s business environment. President Olusegun Obasanjo’s campaign against corruption, which includes the arrest of officials accused of misdeeds and recovering stolen funds, has won praise from the World Bankcitation?. Sony VAIO VPCW111XXW Battery

In September 2005, Nigeria, with the assistance of the World Bank, began to recover US$458 million of illicit funds that had been deposited in Swiss banks by the late military dictator Sani Abacha, who ruled Nigeria from 1993 to 1998. However, while broad-based progress has been slow, these efforts have begun to become evident in international surveys of corruption.Sony VAIO VPCW115XG Battery

In fact, Nigeria's ranking has consistently improved since 2001 ranking 147 out of 180 countries in Transparency International’s 2007 Corruption Perceptions Index  and placed 108 out of 175 countries in the World Bank’s 2006 Ease of Doing Business Index.Sony VAIO VPCW115XGP Battery

Macro-economic trend

For purchasing power parity comparisons, the US Dollar is exchanged at 75.75 Nigerian Naira only.

Current GDP per capita of Nigeria expanded 132% in the Sixties reaching a peak growth of 283% in the Seventies. Sony VAIO VPCW115XW/P Battery

But this proved unsustainable and it consequently shrank by 66% in the Eighties. In the Nineties, diversification initiatives finally took effect and decadal growth was restored to 10%.

Due to inflation, per capita GDP today remains lower than in 1960 when Nigeria declared independence.Sony VAIO VPCW115XW/T Battery

About 57 percent of the population lives on less than US$1 per day. In 2005 the GDP was composed of the following sectors: agriculture, 26.8 percent; industry, 48.8 percent; and services, 24.4 percent.

In 2005 Nigeria’s inflation rate was an estimated 15.6 percent. Nigeria’s goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits.Sony VAIO VPCW115XW/W Battery

In 2005 Nigeria’s central government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5 percent. Nigerian tax authorities face the challenge of widespread tax evasion, which is motivated by complaints about corruption and the poor quality of services.Sony VAIO VPCW117XC/P Battery

Mean wages were $1.11 per manhour in 2009.

Agriculture

Nigeria ranks twenty fifth worldwide and first in Africa in farm output.

Agriculture has suffered from years of mismanagement, inconsistent and poorly conceived government policies, and the lack of basic infrastructure. Sony VAIO VPCW117XC/T Battery

Still, the sector accounts for over 26.8% of GDP and two-thirds of employment. Nigeria is no longer a major exporter of cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees, is stagnant at around 180,000 tons annually; 25 years ago it was 300,000 tons. Sony VAIO VPCW117XC/W Battery

An even more dramatic decline in groundnut and palm oil production also has taken place. Once the biggest poultry producer in Africa, corporate poultry output has been slashed from 40 million birds annually to about 18 million. Import constraints limit the availability of many agricultural and food processing inputs for poultry and other sectors. Sony VAIO VPCW119XJ Battery

Fisheries are poorly managed. Most critical for the country's future, Nigeria's land tenure system does not encourage long-term investment in technology or modern production methods and does not inspire the availability of rural credit.

Agricultural products include cassava (tapioca), corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams.Sony VAIO VPCW119XJ/P Battery

In 2003 livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively. In the same year, the total fishing catch was 505.8 metric tons. Roundwood removals totaled slightly less than 70 million cubic meters, and sawnwood production was estimated at 2 million cubic meters. Sony VAIO VPCW119XJ/W Battery

The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Although overall agricultural production rose by 28 percent during the 1990s, per capita output rose by only 8.5 percent during the same decade.Sony VAIO VPCW11AXJ Battery

Agriculture has failed to keep pace with Nigeria’s rapid population growth, so that the country, which once exported food, now relies on imports to sustain itself.

Industry

Nigeria ranks 44th worldwide and third in Africa in factory output.Sony VAIO VPCW11S1E/P Battery

The oil boom of the 1970s led Nigeria to neglect its strong agricultural and light manufacturing bases in favor of an unhealthy dependence on crude oil. In 2000, oil and gas exports accounted for more than 98% of export earnings and about 83% of federal government revenue.Sony VAIO VPCW11S1E/T Battery

New oil wealth, the concurrent decline of other economic sectors, and a lurch toward a statist economic model fueled massive migration to the cities and led to increasingly widespread poverty, especially in rural areas. A collapse of basic infrastructure and social services since the early 1980s accompanied this trend. Sony VAIO VPCW11S1E/W Battery

By 2000, Nigeria's per capita income had plunged to about one-quarter of its mid-1970s high, below the level at independence. Along with the endemic malaise of Nigeria's non-oil sectors, the economy continues to witness massive growth of "informal sector" economic activities, estimated by some to be as high as 75% of the total economy.Sony VAIO VPCW121AX Battery

Nigeria's proven oil reserves are estimated to be 35 billion barrels (5.6×109 m3); natural gas reserves are well over 100 trillion cubic feet (2,800 km3). Nigeria is a member of the Organization of Petroleum Exporting Countries (OPEC), and in mid-2001, its crude oil production was averaging around 2.2 million barrels per day (350,000 m3/d).Sony VAIO VPCW126AG Battery

The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil and Brass River crude oil. Poor corporate relations with indigenous communities, vandalism of oil infrastructure, severe ecological damage, and personal security problems throughout the Niger Delta oil-producing region continue to plague Nigeria's oil sector. Sony VAIO VPCW127JC/P Battery

Efforts are underway to reverse these troubles. In the absence of government programs, the major multinational oil companies have launched their own community development programs. A new entity, the Niger Delta Development Commission (NDDC), has been created to help catalyze economic and social development in the region.Sony VAIO VPCW127JC/T Battery

Although it has yet to launch its programs, hopes are high that the NDDC can reverse the impoverishment of local communities. The U.S. remains Nigeria's largest customer for crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source for U.S. imported oil.Sony VAIO VPCW127JC/W Battery

The United Kingdom is Nigeria's largest trading partner followed by the United States. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U.S. exports to Nigeria is believed to enter the country outside of the Nigerian government's official statistics, due to importers seeking to avoid Nigeria's excessive tariffs. Sony VAIO VPCW127JC/WZ Battery

To counter smuggling and under-invoicing by importers, in May 2001, the Nigerian government instituted a full inspection program for all imports, and enforcement has been sustained. On the whole, Nigerian high tariffs and non-tariff barriers are gradually being reduced, but much progress remains to be made. Sony VAIO VPCW12AAJ Battery

The government also has been encouraging the expansion of foreign investment, although the country's investment climate remains daunting to all but the most determined. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. Exxon Mobil and Chevron are the two largest U.S. corporations in offshore oil and gas production.Sony VAIO VPCW12AKJ Battery

Significant exports of liquefied natural gas started in late 1999 and are slated to expand as Nigeria seeks to eliminate gas flaring by 2008.

Oil dependency, and the allure it generated of great wealth through government contracts, spawned other economic distortions.Sony VAIO VPCW12AVJ Battery

The country's high propensity to import means roughly 80% of government expenditures is recycled into foreign exchange. Cheap consumer imports, resulting from a chronically overvalued Naira, coupled with excessively high domestic production costs due in part to erratic electricity and fuel supply, pushed down utilization of industrial capacity to less than 30%. Sony VAIO VPCW12S1E/P Battery

Many more Nigerian factories would have closed except for relatively low labor costs (10%–15%). Domestic manufacturers, especially pharmaceuticals and textiles, have lost their ability to compete in traditional regional markets. However, there are signs that some manufacturers have begun to improve competitiveness.Sony VAIO VPCW12S1E/T Battery

In April 2006, Nigeria became the first African country to fully pay off its debt owed to the Paris Club. However, this was structured as a debt writeoff of approximately $18 billion and a cash payment of approximately $12 billion. Sony VAIO VPCW12S1E/W Battery

In the light of highly expansionary public sector fiscal policies in 2001, the government sought ways to head off higher inflation, leading to the implementation of stronger monetary policies by the Central Bank of Nigeria (CBN) and underspending of budgeted amounts. Sony VAIO VPCW213AG/L Battery

As a result of the CBN's efforts, the official exchange rate for the Naira has stabilized at about 112 Naira to the dollar. The combination of CBN's efforts to prop up the value of the Naira and excess liquidity resulting from government spending led the currency to be discounted by around 20% on the parallel (non-official) market. Sony VAIO VPCW213AG/P Battery

A key condition of the Stand-by Arrangement has been closure of the gap between the official and parallel market exchange rates. The Inter Bank Foreign Exchange Market (IFEM) is closely tied to the official rate. Under IFEM, banks, oil companies, and the CBN can buy or sell their foreign exchange at government influenced rates.Sony VAIO VPCW213AG/T Battery

Much of the informal economy, however, can only access foreign exchange through the parallel market. Companies can hold domiciliary accounts in private banks, and account holders have unfettered use of the funds.

Expanded government spending also has led to upward pressure on consumer prices. Sony VAIO VPCW213AG/W Battery

Inflation which had almost disappeared in April 2000 reached 14.5% by the end of the year and 18.7% in August 2001. In 2000, high oil prices resulted in government revenue of over $16 billion, about double the 1999 level. State and local governments demanded access to this "windfall" revenue,Sony VAIO VPCW215AG/L Battery

creating a tug-of-war between the federal government, which sought to control spending, and state governments desiring augmented budgets, preventing the government from making provision for periods of lower oil prices.

Services

Nigeria ranks 63rd worldwide and fifth in Africa in services' output. Low power and telecom density has crippled the growth of this sector.Sony VAIO VPCW217JC Battery

Since undergoing severe distress in the mid-1990s, Nigeria's banking sector has witnessed significant growth over the last few years as new banks enter the financial market. Harsh monetary policies implemented by the Central Bank of Nigeria to absorb excess Naira liquidity in the economy has made life more difficult for banks, Sony VAIO VPCW217JC/L Battery

some of whom engage in currency arbitrage (round-tripping) activities that generally fall outside legal banking mechanisms. Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the threat of crime and associated need for security counter measures,Sony VAIO VPCW217JC/P Battery

the lack of effective due process, and nontransparent economic decisionmaking, especially in government contracting. As of 2007, 29% of Nigerians in urban areas did not own bank accounts. Sony VAIO VPCW217JC/T Battery

While corrupt practices are endemic, they are generally less flagrant than during military rule, and there are signs of improvement. Meanwhile, since 1999 the Nigerian Stock Exchange has enjoyed strong performance, although equity as a means to foster corporate growth remains underutilized by Nigeria's private sector.Sony VAIO VPCW217JC/W Battery

Transport

Nigeria's publicly owned transportation infrastructure is a major constraint to economic development. Principal ports are at Lagos (Apapa and Tin Can Island), Port Harcourt, and Calabar. Docking fees for freighters are among the highest in the world. Sony VAIO VPCW218JC Battery

Of the 80,500 kilometers (50,000 mi.) of roads, more than 15,000 kilometers (10,000 mi.) are officially paved, but many remain in poor shape. Extensive road repairs and new construction activities are gradually being implemented as state governments, in particular, spend their portions of enhanced government revenue allocations. Sony VAIO VPCW218JC/L Battery

The government implementation of 100% destination inspection of all goods entering Nigeria has resulted in long delays in clearing goods for importers and created new sources of corruption, since the ports lack adequate facilities to carry out the inspection. Four of Nigeria's airports—Lagos, Kano, Port Harcourt and Abuja--currently receive international flights. Sony VAIO VPCW218JC/P Battery

Government-owned Nigeria Airways ceased operations in December 2002. Virgin Nigeria Airways started operations in 2005 as a replacement and serves domestic and international routes. There are several domestic private Nigerian carriers, and air service among Nigeria's cities is generally dependable.Sony VAIO VPCW218JC/T Battery

The maintenance culture of Nigeria's domestic airlines is not up to internationally accepted standards.

Labour force

In 2005, Nigeria had a labour force of 57.2 million. In 2003, the unemployment rate was 10.8 percent overall; urban unemployment of 12.3 percent exceeded rural unemployment of 7.4 percent. Sony VAIO VPCW218JC/W Battery

According to the latest available information from 1999, labor force employment by sector was as follows: 70 percent in agriculture, 20 percent in services, and 10 percent in industry. Labor unions, which have undergone periods of militancy and quiescence, reemerged as a force in 1998 when they regained independence from the government.Sony VAIO VPCW219AJ/L Battery

Since 1999, the Nigerian Labor Congress (NLC), a union umbrella organization, has called six general strikes to protest domestic fuel price increases. However, in March 2005 the government introduced legislation ending the NLC’s monopoly over union organizing. In December 2005, the NLC was lobbying for an increase in the minimum wage for federal workers. Sony VAIO VPCW219AJ/P Battery

The existing minimum wage, which was introduced six years earlier but has not been adjusted since, has been whittled away by inflation to only US$42.80 per month.

According to the International Organization for Migration, the number of immigrants residing in Nigeria has more than doubled in recent decades – from 477,135 in 1991 to 971,450 in 2005. Sony VAIO VPCW219AJ/W Battery

The majority of immigrants in Nigeria (74 per cent) are from neighbouring Economic Community of West African States (ECOWAS), and that this number has increased considerably over the last decade, from 63 per cent in 2001 to 97 per cent in 2005.Sony VAIO VPCW21AAJ Battery

In spite of Nigeria's importance as a destination for migrants in the region, more people are emigrating from, than immigrating to, Nigeria with the negative net migration rate (per 1,000 people) steadily increasing in recent years, from -0.2 in 2000 to -0.3 in 2005, and this trend is expected to continue. Sony VAIO VPCW21AKJ Battery

According to recent estimates, the net migration rate could reach -0.4 in 2010.

Gradual reform

The Obasanjo government supports "private-sector" led, "market oriented" economic growth and has begun extensive economic reform efforts. Sony VAIO VPCW21AVJ Battery

Although the government's anti-corruption campaign has so far been disappointing, progress in injecting transparency and accountability into economic decisionmaking is notable. The dual exchange rate mechanism formally abolished in the 1999 budget remains in place in actuality. Sony VAIO VPCY115FGS Battery

During 2000 the government's privatization program showed signs of life and real promise with successful turnover to the private sector of state-owned banks, fuel distribution companies, and cement plants. However, the privatization process has slowed somewhat as the government confronts key parastatals such as the state telephone company NITEL and Nigerian Airways. Sony VAIO VPCY115FX/BI Battery

The successful auction of GSM telecommunications licenses in January 2001 has encouraged investment in this vital sector.

Although the government has been stymied so far in its desire to deregulate downstream petroleum prices, state refineries, almost paralyzed in 2000, are producing at much higher capacities. Sony VAIO VPCY115FXBI Battery

By August 2001, gasoline lines disappeared throughout much of the country. The government still intends to pursue deregulation despite significant internal opposition, particularly from the Nigeria Labour Congress. To meet market demand the government incurs large losses importing gasoline to sell at subsidized prices.Sony VAIO VPCY118EC Battery

Investment

Although Nigeria must grapple with its decaying infrastructure and a poor regulatory environment, the country possesses many positive attributes for carefully targeted investment and will expand as both a regional and international market player.Sony VAIO VPCY118GX/BI Battery

Profitable niche markets outside the energy sector, like specialized telecommunication providers, have developed under the government's reform program. There is a growing Nigerian consensus that foreign investment is essential to realizing Nigeria's vast but squandered potential. Sony VAIO VPCY119FJ/S Battery

European investments are increasing, especially since Belgian consultancy companies such as Genco are exploring the Nigerian market.

Companies interested in long-term investment and joint ventures, especially those that use locally available raw materials, will find opportunities in the large national market. Sony VAIO VPCY11AFJ Battery

However, to improve prospects for success, potential investors must educate themselves extensively on local conditions and business practices, establish a local presence, and choose their partners carefully. The Nigerian Government is keenly aware that sustaining democratic principles, Sony VAIO VPCY11AGJ Battery

enhancing security for life and property, and rebuilding and maintaining infrastructure are necessary for the country to attract foreign investment.

The stock market capitalisation of listed companies in Nigeria was valued at $97.75 billion on February 15, 2008 by the Nigerian Stock Exchange. Sony VAIO VPCY11AHJ Battery

Foreign economic relations

Nigeria’s foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment. Sony VAIO VPCY11AVJ Battery

In October 2005, Nigeria implemented the ECOWAS common external tariff, which reduced the number of tariff bands. Prior to this revision, tariffs constituted Nigeria’s second largest source of revenue after oil exports. Sony VAIO VPCY11M1E/S Battery

In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks. Nigeria joined the Organization of the Petroleum Exporting Countries in July 1971 and the World Trade Organization in January 1995.Sony VAIO VPCY11S1E Battery

External trade

In 2005, Nigeria imported about US$26 billion of goods. In 2004 the leading sources of imports were China (9.4 percent), the United States (8.4 percent), the United Kingdom (7.8 percent), the Netherlands (5.9 percent), France (5.4 percent), Germany (4.8 percent), and Italy (4 percent).Sony VAIO VPCY11V9E/S Battery

Principal imports were manufactured goods, machinery and transport equipment, chemicals, and food and live animals.

In 2005, Nigeria exported about US$52 billion of goods. In 2004, the leading destinations for exports were the United States (47.4 percent), Brazil (10.7 percent), and Spain (7.1 percent).Sony VAIO VPCY218EC/BI Battery

In 2004 oil accounted for 95 percent of merchandise exports, and cocoa and rubber accounted for almost 60 percent of the remainder.

In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20 percent of gross domestic product. Sony VAIO VPCY218EC/G Battery

In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency

is the naira (NGN). As of mid-June 2006, the exchange rate was about US$1=NGN128.4.

In recent years, Nigeria has expanded its trade relations with other developing countries such as India.Sony VAIO VPCY218EC/L Battery

Nigeria is the largest African crude oil supplier to India — it annually exports 400,000 barrels per day (64,000 m3/d) to India valued at US$10 billion annually.India is the second largest purchaser of Nigeria's oil which fulfills 20 to 25 percent of India's domestic oil demand.Sony VAIO VPCY218EC/P Battery

Indian oil companies are also involved in oil drilling operations in Nigeria and have plans to set up refineries there.

Remittances

According to the International Organization for Migration, Nigeria witnessed a dramatic increase from USD 2.3 billion in 2004 to 17.9 billion in 2007, representing 6.7 per cent of GDP.Sony VAIO VPCY21S1E/L Battery

The United States accounts for the largest portion of official remittances, followed by the United Kingdom, Italy, Canada, Spain and France. On the African continent, Egypt, Equatorial Guinea, Chad, the Libyan Arab Jamahiriya and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia.Sony VAIO VPCY21S1E/P Battery

Debt

In 2008, Nigeria’s external debt was an estimated US$3.3 billion.

Foreign investment

In 2007, Nigeria received a net inflow of US$5.2 billion of foreign direct investment (FDI), much of which came from Nigerians in the diaspora. Most FDI is directed toward the energy and banking sectors.Sony VAIO VPCY21S1E/SI Battery

Swiss Banks to return Abacha Funds

The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland. The authorities were responding to allegations that $200 million (SFr240 million) of $700 million handed back by the Swiss Banks to Nigeria had been misappropriated. Sony VAIO VPCZ110 Battery

Economic assistance

As of October 2005, World Bank assistance to Nigeria involved 19 active projects with a total commitment value of about US$1.87 billion. Since Nigeria joined the World Bank in 1961, the World Bank has assisted it on 120 projects.Sony VAIO VPCZ110GB/BI Battery

In October 2005, the International Monetary Fund approved a two-year “policy support instrument” designed to promote the growth of the non-oil sector and to reduce poverty.

The United States assisted with Nigeria's economic development from 1954 through June 1974, when concessional assistance was phased out because of a substantial increase in Nigeria's per capita income resulting from rising oil revenue. Sony VAIO VPCZ112GD/S Battery

By 1974, the United States had provided Nigeria with approximately $360 million in assistance, which included grants for technical assistance, development assistance, relief and rehabilitation, and food aid. Disbursements continued into the late 1970s, bringing total bilateral economic assistance to roughly $445 million.Sony VAIO VPCZ112GX/S Battery

The sharp decline in oil prices, economic mismanagement, and continued military rule characterized Nigeria in the 1980s. In 1983, USAID began providing assistance to the Nigerian Federal and State Ministries of Health to develop and implement programs in family planning and child survival. Sony VAIO VPCZ114GX/S Battery

In 1992, an HIV/AIDS prevention and control program was added to existing health activities. USAIDcommitted $135 million to bilateral assistance programs for the period of 1986 to 1996 as Nigeria undertook an initially successful Structural Adjustment Program, but later abandoned it. Sony VAIO VPCZ115 Battery

Plans to commit $150 million in assistance from 1993 to 2000 were interrupted by strains in U.S.-Nigerian relations over human rights abuses, the failed transition to democracy, and a lack of cooperation from the Nigerian Government on anti-narcotics trafficking issues.Sony VAIO VPCZ115FC/B Battery

By the mid-1990s, these problems resulted in the curtailment of USAID activities that might benefit the military Government. Existing health programs were re-designed to focus on working through grassroots Nigerian non-governmental organizations and community groups. Sony VAIO VPCZ115FC/S Battery

As a response to the Nigerian military government's plans for delayed transition to civilian rule, the Peace Corps closed its program in Nigeria in 1994.

In response to the increasingly repressive political situation, USAID established a Democracy and Governance (DG) program in 1996. Sony VAIO VPCZ116 Battery

This program integrates themes focusing on basic participatory democracy, human rights and civil rights, women's empowerment, accountability, and transparency with other health activities to reach Nigerians at the grassroots level in 14 of Nigeria's 36 states.Sony VAIO VPCZ116GX/S Battery

The sudden death of General Sani Abacha and the assumption of power by General Abdulsalami Abubakar in June 1998, marked a turning point in U.S.-Nigerian relations. USAID provided significant support to the electoral process by providing some $4 million in funding for international election observation, Sony VAIO VPCZ117 Battery

the training of Nigerian election observers and political party polling agents, as well as voter education activities. A Vital National Interest Certification was submitted to Congress in February 1999 by President Clinton to lift restrictions on U.S. Government interaction with and support to the Government of Nigeria.Sony VAIO VPCZ117FC/B Battery

Since that time, USAID has supported Nigeria to sustain democracy and to improve governance by providing training on the roles and responsibilities of elected officials in a representative democracy for newly elected officials at the federal, state, and local levels prior to their installation in May 1999 and assisting with conflict prevention and resolution in the Niger Delta,Sony VAIO VPCZ118 Battery

civil military relations, civil society, and political party development. In the economic area USAID supports programs in strengthening economic management and coordination, encouraging private sector development and economic reform, Sony VAIO VPCZ118GC/B Battery

helping Nigeria reap the benefits of AGOA, improved agricultural technology and marketing and smallscale and microenterprise development. In addition, health assistance, focusing on HIV/AIDS, nutrition, and immunization, education, transportation and energy infrastructure, are priorities for bilateral assistance.Sony VAIO VPCZ118GX/S Battery,Sony VAIO VPCZ119 Battery,Sony VAIO VPCZ119FJ/S Battery,Sony VAIO VPCZ119GC/X Battery,Sony VAIO VPCZ119L Battery

Partager cet article

Repost 0
Published by batterys - dans Laptop Battery
commenter cet article

commentaires