Gross Domestic Product 2012
GDP (purchasing power parity)[1]: $450.5 billion
GDP real growth rate: 7.1%
GDP per capita (PPP): $2,700
GDP composition by sector 2012[2]
Agriculture: 30.9%
Industry: 43%
Services: 26%
Inflation[3]: 8.7% in July of 2013
Currency: naira (NGN)
Business Languages
The commercial languages include the following;
- English
- Hausa
- Yoruba
Transport
The key means of transport in Nigeria include; Railways in Nigeria covers 3,557 kilometres and it is operated by the Nigerian Railway Corporation, the country has the largest road network in West Africa and the second largest south of the Sahara with roughly 194,394 kilometres, 8,600 kilometres of inland waterways and air transport with principal airports which are Murtala Muhammad Airport in Lagos and Mallam Aminu International in the northern state of Kano.
Energy
The main sources of energy if Nigeria include; oil reserves about 35 billion barrels, gas originates in the Niger Delta area and biomass is the most commonly used source of rural energy in Nigeria because fuel wood is the cheapest and most accessible source of fuel even in urban households
Challenges in Nigeria
- Insecurity is the biggest challenge in Nigeria
- Inadequate funding by federal, state and local governments in education sector
- High level of corruption
- Poor management of funds
- Political instability
- Poor governance