Thursday, May 30, 2024

Nigeria Economy 5-30-24

Nigeria has low very Labor force participation rate and a very high population. 

Nominal GDP $390.002B, Per capita GDP $1755.32, Population 223,804,632, Debt to GDP 38.8%. Inflation 69.18% 2021-2024, Unemployment 6%, Labor force 24.4%, Average Salary $2280/yr to $4260/yr, Exports $46.93B, Imports $4.04B, Trade surplus $42.89B, Population is 53% Urban and 47% rural. Land area 356,669 sq miles. 80% of land is Desert. 40% is Wildlife habitat. Arable land is 5.34M sq miles.

Homelessness in Nigeria is an issue affecting some 25 million people in the country.

Main industries are cementoil refiningconstruction and construction materialsfood processing and food productsbeverages and tobaccotextilesapparel and footwear

pharmaceutical productswood productspulp paper productschemicalsceramic productsplastic and rubber products

electrical and electronic productsbase metalsiron and steelinformation technologyautomobile manufacturing, and other manufacturing.


Exports include petroleum
 and petroleumproductschemicalsvehiclesaircraft parts, vessels

vegetable products, processed foodbeveragesspirits and vinegarcashew nuts, processed leather,

 cocoatobaccoaluminum alloys.


Imports industry
 supplies, machineryappliancesvehiclesaircraft parts, chemicals, base metals

https://en.wikipedia.org/wiki/Economy_of_Nigeria

87% of the population lack access to clean water and sanitation.

Onsite septic tank is the primary method of disposing sewage in Nigeria. It is usually located within an average of 5 m to a shallow well which is the major source of domestic water supply.

The one water treatment plant can serve up to 700,000 people in Abuja Nigeria.

50% of Nigeria’s population live in villages. There are no water treatment plants and they need to add chlorine to the water they get from their wells. UNICEF says 117,000 children die in Nigeria each year due to water-related illnesses - the highest number of any nation. There are 128,000 villages in Nigeria.

Nigeria’s land mass is 356,669 square miles. Texas is 268,597 square miles. The population of Nigeria is 223,804,632. The population of Texas is 30,976,754.

Norb Leahy, Dunwoody GA Tea Party Leader

 

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