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Country Report Nigeria February 2011
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HTMLData and charts: Annual data and forecast
| 2006a | 2007a | 2008a | 2009b | 2010b | 2011c | 2012c | |
| GDP | |||||||
| Nominal GDP (US$ bn) | 145.4 | 165.9 | 214.5 | 195.5 | 249.0 | 285.5 | 300.2 |
| Nominal GDP (N bn) | 18,708 | 20,872 | 25,423 | 29,111 | 37,349 | 44,161 | 48,031 |
| Real GDP growth (%) | 6.0 | 6.4 | 6.0 | 6.7d | 7.9 | 5.7 | 6.6 |
| Expenditure on GDP (% real change) | |||||||
| Private consumption | -18.7 | 16.7 | 12.5 | -10.6 | 9.2 | 6.8 | 7.9 |
| Government consumption | 35.7 | 21.4 | 15.4 | 10.1 | 12.0 | 10.0 | 7.0 |
| Gross fixed investment | 59.4 | 40.5 | -5.4 | 109.1 | 12.0 | 6.5 | 10.0 |
| Exports of goods & services | 60.2 | -0.8 | 5.5 | 18.4 | 16.8 | 9.6 | 10.1 |
| Imports of goods & services | 10.8 | 39.5 | -2.4 | 26.6 | 30.2 | 14.2 | 13.4 |
| Origin of GDP (% real change) | |||||||
| Agriculture | 7.4 | 7.2 | 6.3 | 5.9 | 6.0 | 5.5 | 5.8 |
| Industry | -2.5 | -2.2 | -3.4 | 0.7 | 4.4 | 2.2 | 2.4 |
| Services | 12.1 | 12.5 | 12.2 | 11.1 | 11.8 | 7.8 | 9.5 |
| Population and income | |||||||
| Population (m) | 140.4b | 143.3b | 146.3b | 149.3 | 152.2 | 155.2 | 158.1 |
| GDP per head (US$ at PPP) | 1,908b | 2,048b | 2,173b | 2,292 | 2,439 | 2,566 | 2,743 |
| Fiscal indicators (% of GDP) | |||||||
| Public-sector revenue | 13.0 | 11.0 | 11.8 | 7.0 | 8.2 | 7.2 | 6.9 |
| Public-sector expenditure | 8.9 | 11.2 | 10.3 | 11.2 | 13.5 | 11.7 | 11.3 |
| Public-sector balance | 4.0 | -0.2 | 1.5 | -4.2 | -5.3 | -4.6 | -4.4 |
| Net public debt | 11.9b | 12.4b | 9.1b | 11.1 | 12.6 | 14.6 | 17.2 |
| Prices and financial indicators | |||||||
| Exchange rate N:US$ (av) | 128.65 | 125.81 | 118.55 | 148.90a | 149.97 | 154.67 | 160.00 |
| Exchange rate N:US$ (end-period) | 128.27 | 117.97 | 132.56 | 149.58a | 152.32 | 157.33 | 162.50 |
| Consumer prices (av, %) | 8.2 | 5.4 | 11.6 | 11.5a | 13.7 | 12.7 | 11.4 |
| Stock of money M1 (% change) | 19.7 | 73.6 | 47.9 | -3.7a | 28.3c | 21.7 | 8.8 |
| Stock of money M2 (% change) | 36.4 | 64.2 | 52.6 | 14.4a | 36.7c | 25.5 | 14.6 |
| Lending interest rate (av; %) | 16.9 | 16.9 | 15.5 | 18.4a | 17.5 | 16.0 | 14.0 |
| Current account (US$ m) | |||||||
| Trade balance | 34,947 | 37,748 | 43,743 | 29,042a | 40,959 | 48,648 | 40,059 |
| Goods: exports fob | 56,935 | 66,040 | 83,587 | 59,318a | 83,127 | 98,804 | 95,175 |
| Goods: imports fob | -21,988 | -28,291 | -39,844 | -30,276a | -42,168 | -50,156 | -55,116 |
| Services balance | -10,473 | -16,220 | -21,491 | -15,339a | -19,804 | -22,503 | -23,435 |
| Income balance | -4,602 | -11,747 | -12,350 | -10,019a | -12,781 | -14,771 | -15,554 |
| Current transfers balance | 16,943 | 17,863 | 18,744 | 17,976a | 18,416 | 21,114 | 22,799 |
| Current-account balance | 36,815 | 27,644 | 28,646 | 21,659a | 26,789 | 32,488 | 23,870 |
| External debt (US$ m) | |||||||
| Debt stock | 7,634 | 8,696 | 11,221 | 10,629 | 12,960 | 14,578 | 16,011 |
| Debt service paid | 6,814 | 1,188 | 609 | 548 | 640 | 782 | 950 |
| Principal repayments | 6,441 | 851 | 359 | 388 | 396 | 425 | 475 |
| Interest | 373 | 336 | 250 | 160 | 244 | 357 | 475 |
| International reserves (US$ m) | |||||||
| Total international reserves | 42,299 | 51,334 | 53,002 | 44,763a | 41,944 | 48,590 | 52,389 |
| a Actual. b Economist Intelligence Unit estimates. c Economist Intelligence Unit forecasts. d Official estimate. | |||||||
| Source: IMF, International Financial Statistics. | |||||||
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