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Economy of Nigeria

Nigeria is considered to be a developing nation. The developmental stage of a nation is determined by a number of factors including, but not limited to, economic prosperity, life expectancy, income equality, and quality of life. As a developing nation, Nigeria may not be able to offer consistent social services to its citizens. These social services may include things like public education, reliable healthcare, and law enforcement. Citizens of developing nations may have lower life expectancies than citizens of developed nations. Each year, Nigeria exports around $93.55 billion and imports roughly $55.98 billion. 7% of population in the country are unemployed. The total number of unemployed people in Nigeria is 13,711,267. In Nigeria, 42.4% of the population lives below the poverty line. The percentage of citizens living below the poverty line in Nigeria is very high when compared with other nations. This situation is indicative of a variety of alarming economic and political factors. It is not advisable to make any investments in countries with this level of poverty. Government expenditure on education is 0.8% of GDP. The Gini Index of the country is 43.7. Nigeria is experiencing poor equality. The gap between the richest and poorest citizens in this country is quite noticeable. Nigeria has a Human Development Index (HDI) of 0.504. Nigeria has an upper medium HDI score. This indicates that the majority of citizens will be able to attain a desirable life, though some citizens will not be able to achieve high living standards. The Global Peace Index (GPI) for Nigeria is 2.91. The strength of legal rights index for Nigeria is 6. Overall, it is considered to be rather adequate - bancrupcy and collateral laws are able to protect the rights of borrowers and lenders at least decently; credit information is msotly sufficient and generally available.

Currency

The currency of Nigeria is Nigerian naira. There are several plural forms of the name 'Nigerian naira'. These are naira, nairas. The symbol used for this currency is ₦, and it is abbreviated as NGN. The Nigerian naira is divided into Kobo; there are 100 in one naira.

Credit rating

The depth of credit information index for Nigeria is 6, which means that information is mostly sufficient and quite detailed; accessibility is not a problem. According to the S&P credit-rating agency, Nigeria has a credit rating score of BB-, and the prospects of this rating are stable. According to the Fitch credit-rating agency, Nigeria has a credit rating score of BB-, and the prospects of this rating are stable.

Central bank

In Nigeria, the institution that manages the state's currency, money supply, and interest rates is called Central Bank of Nigeria. The average deposit interest rate offered by local banks in Nigeria is 9.3%.

Public debt

Nigeria has a government debt of 43.3% of the country's Gross Domestic Product (GDP), as assessed in 2012.

Tax information

The corporate tax in Nigeria is set at 30%. Personal income tax ranges from 7% to 24%, depending on your specific situation and income level. VAT in Nigeria is 5%.

Finances

The total Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) in Nigeria is $1052937 billion. The Gross Domestic Product (GDP) assessed as Purchasing Power Parity (PPP) per capita in Nigeria was last recorded at $5 million. PPP in Nigeria is considered to be below average when compared to other countries. Below average PPP indicates that citizens in this country find it difficult to purchase local goods. Local goods can include food, shelter, clothing, health care, personal care, essential furnishings, transportation and communication, laundry, and various types of insurance. Countries with below average PPP are dangerous locations for investments. The total Gross Domestic Product (GDP) in Nigeria is 514,965 billion. Based on this statistic, Nigeria is considered to have a large economy. Countries with large economies support a wide variety of industries and businesses, providing ample opportunities for investment. Large economies support a substantial financial sector, making it easy to organize investments and financial transactions. It should be very easy to find good opportunities for investment in Nigeria. The Gross Domestic Product (GDP) per capita in Nigeria was last recorded at $3 million. The average citizen in Nigeria has very low wealth. Countries with very low wealth per capita often have lower life expectancies and dramatically lower quality of living among citizens. It can be very difficult to find highly skilled workers in countries with very low wealth, as it is difficult for citizens to obtain the requisite education needed for specialized industries. However, labor can be found for very low rates when compared with countries with higher wealth per capita. GDP Annual Growth Rate in Nigeria averaged 7% in 2014. According to this percentage, Nigeria is currently experiencing significant growth. Countries that are experiencing significant growth offer the best chance for a substantial return on investment, as GDP growth rate is the most important indicator of economic health. As GDP grows, business, jobs, and personal income grow as well. To read more about financial information click on finances of Nigeria.

Industry

Major industries in the country are 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. The total labor force of Nigeria is 58,959,310 people, wherein 7% of population in the country are unemployed. The total number of unemployed people in Nigeria is 13,711,267. The Industrial Production growth rate of Nigeria is 4%.To read more about industrial information within Nigeria click on industry of Nigeria.

Agriculture

There are 300736 km2 of arable land in Nigeria, and it comprises 33% of the country's total territory. There are 329334 km2 of cultivated land in Nigeria. The country's major agricultural crops and products are cocoa, peanuts, cotton, palm oil, corn, rice, sorghum, millet, cassava, yams, rubber, cattle, sheep, goats, pigs, timber, fish.To read more about agriculture click on agriculture of Nigeria.