World Grain - March 2015 - 24

COUNTRY FOCUS

Focus on Nigeria
West African country is seeing increasing
demand for wheat-based foods
by Chris Lyddon

Nigeria is an important market for grains with a big population. Its government is moving to achieve greater levels of self-

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Key Facts
Capital: Abuja
Population: 177,155,754
Religions: Muslim 50%, Christian 40%, indigenous
beliefs 10%.
Location: Western Africa, bordering the Gulf of Guinea,
between Benin and Cameroon.
Government: Federal republic. Chief of state and head of
government: President Goodluck Jonathan (since May 5, 2010).
Economy: Following an April 2014 statistical "rebasing"
exercise, Nigeria has emerged as Africa's largest economy,
with 2013 GDP estimated at $502 billion. Oil has been a
dominant source of government revenues since the 1970s.
Regulatory constraints and security risks have limited new
investment in oil and natural gas, and Nigeria's oil production
contracted in 2012 and 2013. Nevertheless, the Nigerian
economy has continued to grow at a rapid 6% to 8% per
annum (pre-rebasing), driven by growth in agriculture,
telecommunications, and services, and the medium-term
outlook for Nigeria is good, assuming oil output stabilizes
and oil prices remain strong. Fiscal authorities pursued
countercyclical policies in 2011-13, significantly reducing the
budget deficit. Monetary policy has also been responsive and
effective. Following the 2008-09 global financial crises, the
banking sector was effectively recapitalized and regulation
enhanced. Despite its strong fundamentals, oil-rich Nigeria
has been hobbled by inadequate power supply, lack of
infrastructure, delays in the passage of legislative reforms,
an inefficient property registration system, restrictive trade
policies, an inconsistent regulatory environment, a slow
and ineffective judicial system, unreliable dispute resolution
mechanisms, insecurity, and pervasive corruption. Economic
diversification and strong growth have not translated into a
significant decline in poverty levels - over 62% of Nigeria's
170 million people live in extreme poverty. President
Jonathan has established an economic team that includes
experienced and reputable members and has announced
plans to increase transparency, continue to diversify
production, and further improve fiscal management. The
government is working to develop stronger public-private
partnerships for roads, agriculture, and power.
GDP per capita: $2,800 (2013 est.); inflation: 8.7% (2013
est.); unemployment: 23.9% (2011 est.).
Currency: Nairas (NGN): 199.950 nairas equal 1 U.S. dollar
(Feb. 20, 2015).
Exports: $93.55 billion (2013 est.): petroleum and
petroleum products 95%, cocoa, rubber.
Imports: $55.98 billion (2013 est.): machinery,
chemicals, transport equipment, manufactured goods,
food and live animals.
Major crops/agricultural products: Cocoa, peanuts,
cotton, palm oil, corn, rice, sorghum, millet, cassava (manioc,
tapioca), yams, rubber; cattle, sheep, goats, pigs; timber; fish.
Agriculture: 30.9% of GDP and 70% of the labor force.
Internet: Code: .ng; 1,234 (2012) hosts and 43.989 million
(2009) users.
Source: CIA World Factbook

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