Macro-economic Trend
This is a chart of trend of gross domestic product of Nigeria at market prices estimated by the International Monetary Fund with figures in millions of Nigerian Naira.
| Year | Gross Domestic Product | US Dollar Exchange | Inflation Index (2000=100) |
Per Capita Income (as % of USA) |
|---|---|---|---|---|
| 1980 | 50,849 | 0.78 Naira | 1.30 | 7.22 |
| 1985 | 98,619 | 2.83 Naira | 3.20 | 1.87 |
| 1990 | 286,374 | 8.94 Naira | 8.10 | 1.49 |
| 1995 | 1,928,642 | 54.36 Naira | 56 | 1.28 |
| 2000 | 4,676,394 | 102.24 Naira | 100 | 1.11 |
| 2005 | 14,894,454 | 131.01 Naira | 207 | 1.96 |
For purchasing power parity comparisons, the US Dollar is exchanged at 75.75 Nigerian Naira only.
Current GDP per capita] of Nigeria expanded 132% in the Sixties reaching a peak growth of 283% in the Seventies. But this proved unsustainable and it consequently shrank by 66% in the Eighties. In the Nineties, diversification initiatives finally took effect and decadal growth was restored to 10%.
Due to inflation, per capita GDP today remains lower than in 1960 when Nigeria declared independence. About 57% of the population lives on less than US$1 per day. In 2005 the GDP was composed of the following sectors: agriculture, 26.8%; industry, 48.8%; and services, 24.4%.
In 2005 Nigeria's inflation rate was an estimated 15.6%. Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. In 2005 Nigeria's central government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%. Nigerian tax authorities face the challenge of widespread tax evasion, which is motivated by complaints about corruption and the poor quality of services.
Mean wages were $1.11 per manhour in 2009.
Read more about this topic: Economy Of Nigeria