Oil Revenue

}--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,

}--To put oil revenues in perspective: at an estimated export rate of 1.9mbd, with a projected sales price of $65 per barrel in 2011, Nigeria's anticipated revenue from petroleum is about $52.2 billion.

 

Courtesy of Worldfactbook.cia

Trade Partners and Their Impact

Total Exports: $45.43 billion (2009 est.)

◦United States 42%, China 9.5%, Brazil 9%, Spain 7.3%, France 5.1% (2009)

}Total Imports: $42.1 billion (2009 est.)

◦Main import partners: China16.1%, Netherlands 11.3%, United States 9.8%, United Kingdom 6.2%, South Korea 6.1%, France 5.1%, Germany 4.4% (2008)

 

Courtesy of worldfactbook.cia

 Additional Nigerian Statistics

}--Annual GDP growth rate: 7.8% (2010 est.)

}--Labor force: 47.33 million (2009 est.)

◦-Median age nearing 26

--Labor force by occupation:

 agriculture: 50%; industry: 30%; services: 20% (2009 est.)

Primarily the relationship Nigeria holds with other nations is based upon crucial relations with highly developed nations such as china and the US for technology, where it then exports raw materials and bulk commodities almost always having to do with petroleum derivitaves.

High Points:

 

}--The population of Nigeria is nearing 155 million people, which comes to 25% of the continents total population.

}--This has experienced a dramatic increase since the 1960's

}-- Fertility rate is nearing 5.6 births per woman (2010)

 Nigerian Background

Colonialism is a major feature of the economic history of Nigeria. Britain eventually gained control of Nigerian administration. After independence, the Nigerian economy seemed very promising due to a large population , with 25% of Africa's population, and growing economic activity. (Population typically plays a key role in a nations economic development, an example of this being china). However, this potential never materialized. A series of unfortunate political and economic events have stalled Nigerian growth. Particularly the extreme levels of corruption that affected the lucrative oil industry of the nation, frequently taking hostages and stealing oil reserves. The country still plays an important economic role in the world, especially as a major producer of fossil fuels