Nigeria
Official Country Name
Nigeria
Nigeria Overview
British influence and control over what would become Nigeria 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 president faces the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, the OBASANJO administration must defuse longstanding ethnic and religious tensions, if it is to build a sound foundation for economic growth and political stability. Although the April 2003 elections were marred by some irregularities, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections set for April 2007 would mark the first civilian-to-civilian transfer of power in the country's history.
Nigeria Economy
Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth - Nigeria is Africa's most populous country - and the country, once a large net exporter of food, now must import food. 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. In the last year 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. GDP rose strongly in 2006, based largely on increased oil exports and high global crude prices.
Nigeria Location
Nigeria is located in Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon
Region
Nigeria is located in Africa
Nigeria Population
Nigeria has population of 131,859,731 note: estimates for this country explicitly take into account the effects of excess mortality due to AIDS
Nigeria Climate
Nigeria has varies; equatorial in south, tropical in center, arid in north
Nigeria Terrain
southern lowlands merge into central hills and plateaus; mountains in southeast, plains in north
Nigeria Natural Resources
natural gas, petroleum, tin, iron ore, coal, limestone, niobium, lead, zinc, arable land
Ethnic Groups in Nigeria
Nigeria has the following ethnic groups - Nigeria, Africa's most populous country, is composed of more than 250 ethnic groups; the following are the most populous and politically influential: Hausa and Fulani 29%, Yoruba 21%, Igbo (Ibo) 18%, Ijaw 10%, Kanuri 4%, Ibibio 3.5%, Tiv 2.5%
Nigeria Religions
Muslim 50%, Christian 40%, indigenous beliefs 10%
Nigeria Languages
English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Nigeria Capital
Nigeria capital is Abuja
Nigeria Currency
Nigeria currency is naira
Map of Nigeria
