UNPROFOR, UNTAC, UPU, WCL, WHO, WMO, WTO
Diplomatic representation in US:
chief of mission:
Ambassador Zubair Mahmud KAZAURE
chancery:
1333 16th Street NW, Washington, DC 20036
telephone:
(202) 986-8400
consulate(s) general:
New York
US diplomatic representation:
chief of mission:
Ambassador Walter CARRINGTON
embassy:
2 Eleke Crescent, Lagos
mailing address:
P. O. Box 554, Lagos
telephone:
[234] (1) 610050
FAX:
[234] (1) 610257
consulate(s) general:
Kaduna
Flag:
three equal vertical bands of green (hoist side), white, and green

@Nigeria, Economy

Overview:
The oil-rich Nigerian economy continues to be hobbled by poor
macroeconomic management that has resulted in an average annual
inflation rate of 60%, a growing foreign debt, and a worsening balance
of payments. A deepening political crisis in 1993 has compounded the
government's failure to reign in deficit spending, which prevents it
from reaching an agreement with the IMF and its bilateral creditors on
debt relief. Investment in both oil and non-oil sector industry has
been undermined by corruption and squandered on white elephant
projects that have failed to generate diversification or new
employment.
National product:
GDP - purchasing power equivalent - $95.1 billion (1993 est.)
National product real growth rate:
4.1% (1992)
National product per capita:
$1,000 (1993 est.)
Inflation rate (consumer prices):
60% (1992 est.)
Unemployment rate:
28% (1992 est.)
Budget:
revenues:
$9 billion
expenditures:
$10.8 billion, including capital expenditures of $NA (1992 est.)
Exports:
$11.9 billion (f.o.b., 1992)
commodities:
oil 95%, cocoa, rubber
partners:
US 54%, EC 23%
Imports:
$8.3 billion (c.i.f., 1992)
commodities:
machinery and equipment, manufactured goods, food and animals
partners:
EC 64%, US 10%, Japan 7%
External debt:
$29.5 billion (1992)
Industrial production:
growth rate 7.7% (1991); accounts for 43% of GDP, including petroleum
Electricity:
capacity:
4,740,000 kW
production:
8.3 billion kWh
consumption per capita:
70 kWh (1991)
Industries:
crude oil and mining - coal, tin, columbite; primary processing
industries - palm oil, peanut, cotton, rubber, wood, hides and skins;
manufacturing industries - textiles, cement, building materials, food
products, footwear, chemical, printing, ceramics, steel
Agriculture:
accounts for 35% of GDP