Nigeria - Income
The US Central Intelligence Agency (CIA) reports that in 2001 Nigeria's gross domestic product (GDP) was estimated at $105.9 billion. The per capita GDP was estimated at $840. The annual growth rate of GDP was estimated at 3.5%. The average inflation rate in 2001 was 14.9%. The CIA defines GDP as the value of all final goods and services produced within a nation in a given year and computed on the basis of purchasing power parity (PPP) rather than value as measured on the basis of the rate of exchange. It was estimated that agriculture accounted for 39% of GDP, industry 33%, and services 28%.
According to the United Nations, in 2000 remittances from citizens working abroad totaled $1.301 million or about $11 per capita and accounted for approximately 5% of GDP. Foreign aid receipts amounted to about $1 per capita.
The World Bank reports that in 1998 per capita household consumption (in constant 1995 US dollars) was $194. Household consumption includes expenditures of individuals, households, and nongovernmental organizations on goods and services, excluding purchases of dwellings. Approximately 51% of household consumption was spent on food, 31% on fuel, 2% on health care, and 8% on education. The richest 10% of the population accounted for approximately 40.8% of household consumption and the poorest 10% approximately 1.6%. It was estimated that in 2000 about 45% of the population had incomes below the poverty line.