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| Real GDP Growth Rate |
| GDP Growth Rate (%) v.s. Year |
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| Year |
Growth (%) |
| 2008 |
7.4 |
| 2007 |
6.2 |
| 2006 |
6.58 |
| 2005 |
6.51 |
| 2004 |
6.90 |
| 2003 |
5.3 |
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| To attain the MDGs, Nigeria needs to grow at double digits over the next years as targeted by the government. But attainment of this is in doubt because of disruption to oil production in the Niger Delta Area by activities of the militant youths. However, Nigeria is growing its non-oil sectors (at 7.50% - 2004 and 8.59% 2005, Agric and service sectors leading growth drivers) and price outlook for crude oil in the international market remains positive. Sources: NBS, CBN, CIA Fact Sheet |
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| Oil Reserve |
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| Year |
Barrels |
| by 2015 |
2 Billion barrels |
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| NNPC – Nigeria’s formal state owned oil company |
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| OPEC Quota |
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| Year |
Barrels |
| 2006 |
25,000,000 million per day |
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| Budget |
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| Year |
Budget (trillion) |
| 2007 |
2.3 |
| 2006 |
1.8 |
| 2005 |
1.6 |
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| 2007 Budget has a deficit of N0.5 trillion or 2.9% of GDP. Deficit to be financed from the proceeds of sale of government properties and domestic borrowings. Crude oil price benchmark at US$40.00 |
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| Key Sectors Contrbuting to GDP |
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| Prime Commodities |
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| Year |
Commodities |
| 2007 |
Oil & Gas; Cocoa; Cotton; Palm; Cassava; Grains; Rubber |
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| Financialnigeria.com compilation |
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| Inflation Rate |
| Inflation Rate (%) v.s. Year |
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| Year |
rate (%) |
| 2007 |
6.6 |
| 2006 |
9.0 |
| 2005 |
8.8 |
| 2004 |
15.5 |
| 2003 |
27.2 |
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Source: Nigeria Bureau of Statistics. (NBS) – 12 months average.
Note: There are indication that fluctuating upward trend in inflation rate between 1999 and 2005 is no longer driven by food component but by non-farm produce. It is an interesting development as the emerging middle class seems to put significant pressure on household goods, services and recreation. Industry and the productive sector should take good advantage of this development to expand production and engage more human and material resources. 2006 figure - CBN |
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| Monetary Policy Rate(MPR) |
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| Period |
rate(%) |
| October, 2007 |
9.0 |
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CBN :
The MPR which replaced Minimum Rediscount Rate (MRR) on Dec. 11, 2005 is targeted to encourage more trading among money market operators while trading with the CBN is seen as a last resort. This should redress high inter-bank interest rates, which stifle growth in the economy and fuel inflationary pressure.
The MPR was set at 10% in Dec. 2005. |
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| Prime Interest Rate |
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| Period |
rate(%) |
| August, 2007 |
16% |
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Commercial Bank Prime Lending Rate
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| Foriegn Reserves |
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| Period |
Value |
| April, 2007 |
43 Billion |
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