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Economy of Nigeria

Nigeria or Federal Republic of Nigeria is a federal constitutional state that has 36 states. It is situated in West Africa and connected with Republic of Benin in the western region and to Cameroon in the eastern region and to Niger in the northern region. Abuja is the capital of the nation, while Lagos is its largest city. The estimated GDP of Nigeria in terms of purchasing power parity (PPP) is $478.5 billion as of 2013, which is the 31st largest when compared to the economies of other countries. It has arisen as Africa's largest economy courtesy of its strong administrative policies. The revenues of the nation mainly rely on the oil reserves. Monitoring constrictions and security perils have limited new investment in oil and natural gas. However, the Nigerian economy has continued to grow up at a decent pace. The economic condition of Nigeria is mainly driven by the agriculture and telecommunication sector. The industrial sector of Nigeria heavily rely on crude oil, rubber, wood, textiles, cement, construction materials, food products, printing, ceramics, steel and so many others. Some of the agricultural products that are grown in Nigeria include cocoa, peanuts, cotton and rice. Nigeria has the calendar year system for handling the annual fiscal affairs of the country.

Imports of Nigeria

The estimated import value of Nigeria is $55.98 billion as of 2013, which is the fifty-second largest when compared to the imports of other countries. The major import commodities of Nigeria include construction machinery, transport equipment, manufactured goods and food. China, United States of America and India are the major import partners of Nigeria.

Exports of Nigeria

Nigeria believes to have minimal restrictions when it comes to exporting for the betterment of their overall economic condition. The estimated export value of Nigeria is $93.55 billion as of 2013, which is the thirty-eight largest. The predominant export partners of Nigeria include United States of America, Netherlands, Spain, Brazil, UK, Germany and France. Petroleum products, cocoa and rubber are the main export commodities of Nigeria.

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Capital
Abuja
Dialing Code
+234
Fiscal Year
01 January - 31 December
Currency
Naira (NGN)
GDP
$335,400,000,000
Exports
$101.1 billion (2011 est.) | Petroleum And Petroleum Products 95%, Cocoa, Rubber
Imports
$67.36 billion (2011 est.) | Machinery, Chemicals, Transport Equipment, Manufactured Goods, Food And Live Animals
Industries
Crude Oil, Coal, Tin, Columbite; Rubber Products, Wood; Hides And Skins, Textiles, Cement And Other Construction Materials, Food Products, Footwear, Chemicals, Fertilizer, Printing, Ceramics, Steel