Journal Issue
Share
Article

Nigeria

Author(s):
International Monetary Fund
Published Date:
March 1997
Share
  • ShareShare
Show Summary Details
Table 1.Nigeria: Gross Domestic Product by Sector of Origin at Current Prices, 1989–95
1989199019911992199319941995
(In millions of naira)
Primary sector149,092171,198218,313401,002483,001576,974857,720
Agricultural activities69,71384,34597,464145,225231,333349,245608,970
Agriculture56,57768,41780,002120,720196,134296,967521,000
Livestock7,9709,56210,52915,56624,72436,70763,150
Forestry1,9922,1492,2322,7403,6335,4807,490
Fishing3,1734,2174,7016,1997,34210,09117,330
Mining and quarrying79,37986,854120349255,777251,168227,729248,750
Of which: crude petroleum and gas78,78886,188120,103254,854249,959226,173246,670
Secondary sector16,69619,82525,09033,86348,05172,414132,440
Manufacturing11,77514,29718,89226,34938,43160,347116,320
Utilities1,0671,1781,2971,4051,6011,7431,840
Building and construction3,8544,3514,9006,1108,01910,32513,780
Tertiary sector56,66966,84976,845109,465164,934259,089440,420
Transport4,5675,2555,9398,75214,57431,03256,470
Communication356407449551723738810
Wholesale and retail trade32,36835,83841,79262,296100,349158,395281,390
Hotel and restaurants5225525937561,2171,9892,710
Finance and insurance7,31811,64212,98015,12516,27612,55513,820
Real estate3473974685786969211,090
Housing3,3723,8724,7515,9239,27527,41252,030
Community and other services8329321,0721,3142,1945,43510,760
Government services6,9877,9538,80014,16919,13020,61420,840
Gross domestic product at factor cost222,458257,873320,247544,331695,986908,4761,430,580
Oil78,78886,188120,103254,354249,959226,173246,670
Non—oil143,670171,685200,144289,477446,027682,3041,183,910
Total indirect taxes (net)2,7703,22011,45716,05515,48625,55563,035
Subsidies4314563,5896,1007,80011,00115,000
Gross domestic product at market prices224,797260,637328,115554,285703,672923,0311,478,615
Memorandum items:(In percent of GDP at factor cost)
Agricultural activities31.332.730.426.733.338.442.6
Mining and quarrying35.733.737.747.036.125.117.4
Manufacturing5.35.55.94.85.56.68.2
Building and construction1.71.71.51.11.21.11.0
Sources: Federal Office of Statistics; National Planning Commission; and staff estimates.
Table 2.Nigeria: Gross Domestic Product by Sector of Origin at Constant 1984 Prices, 1989–95(In millions of naira)
1989199019911992199319941995
Primary sector45,13447,18849,51550,61751,16451,74252,940
Agricultural activities33,84515,27736,52337,27337,78138,69039,780
Agriculture26,07327,20728,43129,28430,13331,03732,030
Livestock5,0735,1755,0925,1385,1695,2205,280
Forestry1,1091,1971,2331,2611,2861,3201,340
Fishing1,3901,6991,7671,5901,1931,1151,130
Mining and quarrying11,28911,91112,99213,34413,38313,05213,160
Of which: crude petroleum and gas11,03411,64612,71713,06113,08712,74612,850
Secondary sector8,9359,58910,35210,0799,8819,5869,780
Manufacturing6,8407,3618,0467,6577,3416,9747,110
Utilities450501510556580594600
Building and construction1,6451,7271,7961,8661,9592,0182,070
Tertiary sector29,42533,56534,74836,73638,97139,70940,500
Transport2,7982,8542,9503,0843,2163,2393,280
Communication251256241269279281290
Wholesale and retail trade11,15411,48911,85612,22412,59112,59312,600
Hotel and restaurants473478483492500502510
Finance and insurance5,1867,8858,2008,5248,8459,1099,490
Real estate254259263271282291300
Housing1,9812,0802,1642,2482,3422,4122,490
Community and other services6546686787237959031,050
Government services6,6747,5967,9138,90110,12110,37710,490
Gross domestic product at factor cost83,49590,34294,61597,431100,015101,037103,220
Oil11,03411,64612,71713,06113,08712,74612,850
Non–oil72,46178,69681,89884,37186,92888,29090,370
Total indirect taxes (net)227238269197244244391
Subsidies3534329644
Gross domestic product at market prices83,68790,54694,85297,619100,253101,276103,607
Sources: Federal Office of Statistics; National Planning Commission; and staff estimates.
Table 3.Nigeria: Gross Domestic Product by Expenditure Category at Current Prices, 1989-95
1989199019911992199319941995
(In millions of naira)
External balance16,94638,10919,29725,55724,13821,15535,983
Exports of goods and nonfactor services73,496113,197122,114214,909251,597210,790241,565
Imports of goods and nonfactor services56,55075,088102,817189,353227,459189,635205,582
Domestic demand207,851222,528308,909528,729679,534901,8761,442,632
Consumption168,004184,124231,954369,656543,970732,7651,168,668
Government23,45939,34639,92149,064124,21297,722153,064
Private144,544144,778192,033320,592419,758635,0431,015,604
Gross investment39,84738,40476,955159,072135,565169,111273,964
Stock changes105002003004503150
Gross fixed investment39,83737,90476,755158,772135,115168,796273,964
Government fixed investment21,13528,11837,47845,10094,10579,27090,097
Private fixed investment18,7039,78639,277113,67341,01089,527183,866
Gross domestic product at market prices224,797260,637328,205554,285703,672923,0311,478,615
Sources: Federal Office of Statistics; National Planning Commission; and staff estimates.
1/

National disposable income minus consumption.

2/

Domestic disposable income minus consumption.

Table 4.Nigeria: Gross Domestic Product by Expenditure Category at Constant 1984 Prices, 1989-95
1989199019911992199319941995
(In millions of naira)
External balance7,5548,1198,1778,5079,0318,9339,654
Exports of goods and nonfactor services11,89612,94313,53013,98014,38713,31814,031
Imports of goods and nonfactor services4,3424,8245,3535,4725,3564,3854,377
Domestic demand76,13382,42786,67589,11391,21892,32693,953
Consumption61,65268,18665,08362,26672,99275,01476,111
Government8,70614,44411,2018,26916,67410,0049,968
Private52,94653,74253,88153,99756,31865,01066,142
Gross investment14,48114,24221,59226,84718,22617,31217,842
Stock changes271568789320
Gross fixed investment14,47914,17121,53626,76018,13717,28017,842
Government7,80910,36010,5167,60112,6328,1155,868
Private6,6703,81011,02019,1595,5059,16511,975
Gross domestic product at market prices83,68790,54694,85297,620100,249101,259103,607
Net factor income from abroad–7,316–9,177–8,527–8,633–8,443–6,176–4,371
Gross national product at market prices76,37181,37086,32588,98791,80695,08499,236
Net transfers from abroad2,1373,0063,0042,2311,9011,207904
National disposable income78,50884,37689,32991,21893,70796,290100,140
National savings 1/16,85616,19024,24628,95220,71521,27624,029
Gross domestic savings 2/22,03522,36129,76935,35427,25726,24527,496
Sources: Federal Office of Statistics; National Planning Commission; and staff estimates.

National disposable income minus consumption.

Domestic disposable income minus consumption.

Table 5.Nigeria: Selected Petroleum Statistics, 1989–June 1996
19891990199119921993199419951996
June
(In millions of barrels per day)
Production and exports
Production 1/1.7211.8121.8941.9592.0382.0071.9902.203
Domestic consumption0.2960.2820.3020.2910.3030.2760.2900.305
Stock changes0.0340.0040.016–0.0120.0000.0040.0000.000
Exports 2/1.3911.5261.5761.6781.7351.7271.7001.898
(In U.S. dollars per barrel)
Unit value of exports18.5424.2620.2619.7117.4015.7617.2518.46
U.K. Brent, average price18.1423.6819.9719.3017.0015.8117.1818.32
(In millions of U.S. dollars)
Export values 2/9,64213,51011,65512,02611,0229,30210,6266,377
(In naira per liter, unless otherwise indicated)
Domestic petroleum product prices
Crude oil (naira/barrel)11.7514.8020.0020.0020.00183.00374.00374.00
Premium motor spirits0.600.600.700.703.2511.0011.0011.00
Kerosene0.160.400.500.500.506.006.006.00
Gas oil/diesel0.350.500.550.550.559.009.009.00
Fuel oil 3/0.300.400.500.500.507.007.007.00
Liquefied petroleum gas (naira/kg)0.400.802.002.002.002.002.002.00
Aviation spirits1.001.001.051.051.058.008.008.00
(In thousands of metric tons)
Domestic consumption of petroleum products
Premium motor spirits3,256.44,796.24,445.04,595.05,282.04,231.54,126.42,627.2
Kerosene1,583.52,036.31,658.01,957.01,764.01,231.01,831.3709.3
Gas oil/diesel1,496.63,606.52,285.02,234.02,961.02,170.52,050.91,072.8
Fuel oil (high and low pour)954.0163.2846.01,012.0868.0705.7645.7392.0
Liquefied petroleum gas64.5109.5100.0100.0115.053.483.024.4
Aviation spirits343.0406.0430.0409.5123.9
Sources: Central Bank of Nigeria; Nigerian National Petroleum Corporation; and staff estimates.

Includes condensates.

Balance of payments basis, including exports of condensate.

Average price of high pour and low pour fuel oil.

Table 6.Nigeria: Selected Indicators of Agricultural Production and Prices, 1989–95
1989199019911992199319941995
(In thousands of metric tons)
Food crops
Millet4,7705,1364,1094,5014,6024,7574,952
Sorghum7,2654,1855,3675,9096,0516,1976,494
Maize5,0085,7685,8105,8406,2906,9027,048
Rice (paddy)3,3032,5003,2263,2603,0652,4272,920
Yams9,60913,62416,95619,78121,63223,15323,264
Cassava17,40419,04326,00429,18430,12831,00531,404
Export crops
Cocoa256244268292306323326
Groundnuts1,0171,1661,3611,2971,4161,4531,579
Palm kernels9391,1901,2031,321491503534
Cotton187276309346192218308
Sheanuts252289326331336353384
Rubber132147215220225230255
(In naira per metric ton)
Average prices for food crops
Millet2,0961,7072,3655,6818,6747,83110,380
Sorghum2,0171,7033,6484,6786,6206,83310,660
Maize2,7352,0613,3185,5146,6066,31511,880
Rice6,3226,3007,54412,60618,18421,99932,740
Yams2,4302,3012,7655,94210,4049,10023,410
Cassava1,4341,2401,4302,0014,9606,38811,600
Average prices for export crops
Cocoa10,1008,50010,15812,74525,27861,18063,180
Groundnuts4,7954,3206,2806,84312,95813,50038,940
Palm kernels1,8002,0002,5255,69210,56714,37426,345
Cotton2,4332,6004,1633,77818,00045,00023,000
Sheanuts
Rubber2,0001,3955,30012,52024,09134,40036,200
Sources: Federal Office of Statistics; Federal Ministry of Agriculture; and Central Bank of Nigeria.
Table 7.Nigeria: Index of Industrial Production, 1989 – June 1996
19891990199119921993199419951996
June
(1985 = 100)
Total industrial production125.0130.6138.8136.2129.4122.8128.7131.4
Manufacturing154.3162.9178.1169.5145.5132.8136.3137.8
Sugar confectionary97.493.7129.1176.7134.4104.859.456.9
Soft drinks222.5364.4243.5186.5159.7147.8153.2164.9
Beer and stout101.697.8100.7104.599.095.0103.3104.0
Cotton textiles104.1118.0147.5151.1106.492.189.6100.4
Synthetic fabrics1,309.31,501.61,921.11,891.61,229.01,023.0799.3814.3
Footwear41.545.885.992.088.059.042.653.3
Paints82.762.798.099.7110.694.4118.1123.5
Refined petroleum110.1108.8116.0113.7112.0109.7117.9135.2
Cement126.288.798.7100.5104.195.093.094.8
Roofing sheets149.079.657.941.239.330.837.830.3
Vehicle assembly15.724.117.118.318.917.411.714.6
Soap and detergent157.8153.1153.9154.1164.0153.0151.6164.3
Radio and televisions12.512.211.811.610.18.96.04.8
Mineral production109.2115.1120.1119.9124.9123.2124.4128.5
Petroleum109.9115.0121.0124.3125.7124.8125.4129.8
Gas132.4145.8176.6170.2172.3171.0172.1287.3
Cassiterite23.519.916.26.610.711.012.47.8
Columbite139.369.455.959.725.820.456.230.9
Coal65.8102.761.070.838.544.813.814.2
Limestone40.551.257.12.61.70.80.23.2
Electricity production165.2124.8125.3139.2142.2145.4150.2136.1
(In thousands of megawatts)
Electricity consumption7,556.37,870.08,079.88,716.18,860.010,463.19,435.94,186.3
Industrial1,258.82,034.42,234.52,183.02,203.02,146.72,037.2988.2
Commercial and street lighting1,710.71,887.12,073.62,163.02,207.02,690.02,448.91,082.6
Residential4,586.83,948.53,771.74,370.14,450.05,626.44,949.82,115.2
Source: Central Bank of Nigeria.
Table 8.Nigeria: National Consumer Price Indices, 1989 – June 1996(September 1985 = 100)
All
items
FoodBeverages,
tobacco,
and kola
Clothing
and
footwear
Accommodation,
fuel, and
light
Household
goods
Medical care
and
health
TransportRecreation and
education
services
Other
services
Weights1,000.0690.947.446.9118.735.811.023.513.712.1
1989 average272.7298.1212.1243.2181.0290.9192.5247.4228.2193.9
1990 average292.8308.5267.4305.5211.8328.3240.2291.3263.1231.5
1991 average330.9345.9305.3376.4226.3411.4290.3314.5307.1287.2
March307.0319.2294.2355.9211.4380.2269.3306.6280.1266.2
June336.3355.2303.7375.2221.6408.1283.9311.0307.4285.2
September341.5356.6307.9390.7235.5430.6300.2316.4319.0313.2
December363.1376.8331.5428.3254.0457.5326.2356.5345.4318.2
1992 average478.4506.8460.2498.1298.3617.9443.6440.7405.9412.2
March406.8421.6394.6469.6275.9553.6371.2384.6357.8361.4
Jane499.3537.9460.0505.1287.3631.6457.8431.3406.9404.5
September528.9567.4504.0515.4317.3655.3493.5477.6438.5437.2
December540.3567.7555.5555.7343.9692.3517.7523.5456.9517.7
1993 average751.9800.2746.0723.1474.8938.8662.9706.3654.7628.7
March634.0672.0634.7645.9392.0805.2594.4571.0525.2603.5
June780.6855.6732.9716.5430.4907.8616.1653.4619.9620.4
September837.5894.2813.8780.9547.31,032.6732.9753.4704.4644.9
December871.3892.1933.9873.0633.51,149.5836.61,021.2908.97193
1994 average1,180.71,174.61,195.41,107.41,056.71,583.61,188.51,532.01,236.21,114.9
March955.5975.71,000.2942.0705.41,284.4972.91,101.21,033.2866.9
June1,105.11,115.11,177.71.053.1916.21,401.71,101.21,26751,142.81,156.3
September1,341.51,320.91,321.71,183.31,32231,735.91,285.71,904.91,39.01,243.7
December1,540.11,490.41,531.71,470.41,519.02,361.11,650.02,026.61,623.81,369.1
1995 average2,040.42,017.71,973.21,996.31,844.93,042.12,013.12,374.32,154.31,960.4
March1,73131,668.11,698.51,749.31,684.42,792.51,867.72,153.71,859.41,681.7
June2,094.92,107.32,005.31,947.31,805.53,040.21,949.62,324.32,116.21,941.3
September2,278.92,277.92,114.82,173.72,046.43,295.52,146.92,541.42,332.72,130.5
December2,334.62,306.72,338.12,359.92,091.83,313.62,354.92,784.52,496.92,564.0
1996
March2,458.22,420.42,316.42,583.12,307.63,409.42,494.92,876.82,673.32,312.3
June2,699.22,715.42,387.82,644.32,441.53,475.12,762.13,033.12,859.62,525.2
Sources: Central Bank of Nigeria; and Federal Office of Statistics.
Table 9.Nigeria: Urban Consumer Price Indices, 1989 – June 1996(September 1985 = 100)
All
items
FoodBeverages,
tobacco,
and kola
Clothing
and
footwear
Accommodation,
fuel, and
light
Household
goods
Medical
care and
health
TransportRecreation and
education
services
Other
services
Weights1,000.0654.236.242.8139.633.912.349.519.012.5
1989 average270.2293.8247.0216.8175.6269.7212.0320.3255.5225.7
1990 average291.9303.9297.3289.3203.6316.0265.0381.5299.6249.9
1991 average343.9358.6360.1351.1232.3380.0348.2415.9377.0315.0
March314.8324.2342.1333.8218.4344.2325.8402.5331.1304.0
June351.8372.8359.8353.7225.6373.1351.5409.9368.4319.5
September356.5372.8357.6358.7241.9399.0353.7416.8406.2340.7
December384.4397.1406.3389.6261.6423.9419.5497.1442.2341.2
1992 average514.3546.3570.1487.6302.6569.3622.4624.2542.1431.7
March430.0443.4495.9439.0291.6504.1483.6526.7473.0370.7
June527.2567.0582.6494.4296.9571.6683.4594.5543.9421.0
September566.0606.8628.9524.9309.2630.1709.6692.8591.8445.5
December604.6643.2676.8546.1343.3650.9729.8768.6604.3644.5
1993 average830.2882.5977.9716.3493.9853.7880.21,049.7950.9735.2
March695.7743.4775.7643.4412.1742.3759.6819.6708.5680.3
June846.5921.01,021.3727.8466.2854.1804.6951.8915.8704.1
September916.1976.21,063.07653559.9915.4972.31,143.81,058.1774.7
December989.61,007.91,248.2861.6635.71,020.71,111.91,543.81,347.0848.0
1994 average1,317.11,282.41,492.71,108.81,077.01,371.41,526.02,274.11,792.21,263.0
March1,108.91,108.71,365.8932.9849.61,175.41304.11,630.11,535.1902.5
June1,232.31,218.01,450.21,086.7980.71,288.31,496.51,839.41,658.21,278.6
September1,504.31,427.81,598.81,171.01,462.01,411.71,554.62,802.21,912.71,405.0
December1,617.01,550.21,796.21,417.91,374.21,856.51,974.72,750.22,357.61,470.4
1995 average2,134.92,095.72,424.72,056.81,672.42,656.62,320.43,204.12,968.51,830.1
March1,842.31,789.22,098.21,736.61,454.62,369.92,074.72,917.22,605.41,639.1
June2,156.42,148.12,473.82,010.91,635.92,647.32,337.13,076.82,872.11,879.0
September2,301.42,251.62,541.02,247.41,844.42,916.22,489.53,427.53,198.31,986.4
December2,428.12,358.22,820.62,463.81,880.02,936.42,696.03,944.13,407.02,063.7
1996
March2,604.12,523.02,896.22,618.52,179.72,879.52,991.13,989.73,518.42,873.6
June2,867.72,787.52,991.82,821.92,515.32,939.63,455.54,252.73,900.03,080.8
Sources: Central Bank of Nigeria; and Federal Office of Statistics.
Table 10.Nigeria: Rural Consumer Price Indices, 1989-June 1996(September 1985 = 100)
All
items
FoodBeverages,
tobacco,
and kola
Clothing
and
footwear
Accommodation,
fuel, and
light
Household
goods
Medical care
and
health
TransportRecreation and
education
services
Other
services
Weights1,000.0698.549.647.7114.536.110.818.312.512.0
1989 average273.3299.0206.9248.0182.2294.7188.2207.8219.8187.1
1990 average293.0310.2263.0308.4214.0330.6234.5242.4251.9227.6
1991 average328.3343.5297.2381.0224.8417.2276.8258.9285.8281.5
March305.5315.2287.2359.8209.7387.1256.4254.4264.5258.3
June333.3351.9295.4379.1220.6414.7268.4257.1288.8277.9
September338.5353.5300.5396.5234.0436.5287.9261.8291.3307.4
December358.9373.0320.5435.3251.1464.3304.9280.0315.9313.4
1992 average471.4499.4444.0500.4296.9627.0401.7340.8364.1408.0
March402.3417.5379.7475.2272.0562.9345.5307.2322.6359.5
June493.8531.4442.0507.1284.9643.0406.2341.4364.9401.1
September521.6560.0485.6513.8319.3660.1444.0360.4391.6435.4
December527.8553.5537.6557.4344.0700.1469.2390.1411.8491.0
1993 average736.7784.6711.9724.3470.1954.8613.1519.3564.1606.3
March622.0658.5613.9646.4387.1817.0556.6435.6469.1587.3
June767.7843.2690.4714.5421.6918.0571.9491.0529.4601.8
SeptemberS22.2878.8777.1783.7544.31,054.7678.1540.8596.2617.6
December848.4870.3887.6875.0633.01,173.8773.6736.8774.9692.2
1994 average1,154.21.154.21,151.61,107.21,051.71,623.71,111.21,127.91.066.21.083.8
March925.7950.6946.4943.6669.91,305.0897.0813.3879.7859.4
June1,080.41,095.61,137.51,047.0900.31,423.11,010.7956.1985.21,125.4
September1.309.91,300.71,280.81,185.51,288.01.797.11,224.11,416.41,215.71,209.7
December1,525.11,479.11,479.11,479.91,554.61456.41,575.71,631.71.399.31,347.8
1995 average2,022.02,003.01,906.71,985.41,887.43,114.91,942.81,922.51,905.21,987.8
March1,710.91,645.21,639.61,751.61,740.91872.31,820.31.738.11,631.21,690.7
June2,083.02,099.61,936.31,935.81,847.23,114.41,860.91.914.71,885.11,954.4
September1274.52,282.92,051.01160.31096.13,367.21068.61059.01068.02,160.8
December1316.51297.02,267.11341.11144.03,384.81276.81153.51218.61306.1
1996
March2,429.82,401.12,231.01,576.71,339.03,509.51,381.41,270.91,414.81,194.2
June2,666.42,701.82,298.92,611.12,423.33,576.22,603.42,369.22,541.32,408.2
Sources: Central Bank of Nigeria; and Federal Office of Statistics.
Table 11.Nigeria: National Unemployment Rates, 1986 – June 1994(In percent)
SurveysCompositeUrbanRural
1986
March6.39.15.6
June6.111.04.9
September5.310.04.1
December5.39.14.6
1987
March4.58.73.5
June6.08.64.9
September7.412.26.2
December7.09.86.1
1988
March5.17.34.6
June4.57.23.9
September4.110.03.8
December5.37.84.8
1989
March4.48.73.5
June4.19.23.0
September4.58.13.7
December4.07.53.2
1990
March3.76.93.0
June3.15.32.6
September3.24.82.8
December3.55.93.0
1991
March4.15.93.6
June4.25.53.9
September2.94.42.6
December3.14.92.7
1992
March3.44.73.1
June3.24.23.0
September4.05.82.6
December3.44.63.2
1993
March4.04.24.0
June
September3.44.13.2
December2.73.82.4
1994
March2.22.92.0
June2.12.52.0
Sources: Central Bank of Nigeria; and Federal Office of Statistics.
Table 12.Nigeria: Federal Government Fiscal Operations, 1989–95 1/(In millions of naira)
1989199019911992199319941995
Est.
Federally collected revenue55,40893,655101,248171,243192,274164,011339,816
Petroleum revenue46,74079,82183,883143,534159,007122,735236,599
Federation Account38,76055,36660,316103,785106,05185,12888,009
Other 2/7,98024,45623,56739,74952,95737,607148,390
Island revenue1,9142,8473,8285,4169,40112,27521,061
Customs and excise taxes5,8168,64111,45716,05515,74518,29542,326
Independent revenue 3/9382,3452,0806,2398,1212,10619,121
VAT000008,60020,309
Federation Account revenue46,49066,85475,601125,256131,196115,698151,396
Petroleum38,76055,36660,316103,785106,05185,12888,009
Nonpetroleum7,73011,48815,28521,47125,14630,37063,387
Gross transfers to the Federation Stabilization Account13,83820,23821,67447,45624,3965,0570
Federation Account distributions32,65246,61653,92777,800106,800110,641151,596
Federally retained revenue30,98056,16457,91697,598106,43397,547162,042
Federation Account revenue17,95823,67527,00038,24051,79853,66173,324
Other oil revenue 4/4,47319,86617,98429,79434,68137,60761,954
Independent revenue 3/9382,3452,0806,2398,1212,10619,121
Federation Stabilization Account7,61110,27810,35223,32511,8322,4530
VAT000001,7207,443
Recurrent expenditure32,11941,38747,09280,638123,290123,180148,397
Wages and salaries3,3945,1205,6657,05618,19922,15330,700
Overheads4,3865,3166,6698,36220,30025,48636,194
Interest payments due22,43429,46133,09162,36680,25171,87473,909
Domestic6,0158,46110,50026,33838,70328,47928,000
Foreign16,41921,00022,59136,02841,34843,39545,909
Exchange rate guarantees1,9051,4891,6682,6551,74000
Other00002,6003,6677,394
Capital expenditure and net lending11,01912,85516,77521,11130,32752,31068,355
Domestically financed5,5977,4259,69011,97618,35839,00061,276
Foreign–financed5,4225,4307,0859,13611,96913,3107,279
Net lending to state governments–482–1,174–1,114–5,933–1,400–2,3650
Supplementary and extrabudgetary outlays3,96410,75617,258–58880,0525,7210
Total expenditure46,62063,82380,01195,229232,469178,645216,952
Overall balance–15,640–7,659–22,0952,369–126,037–81,099–54,911
Financing15,6407,65922,095–2,369126,03781,09954,911
Foreign (net)8,230–251–463–54,78419,20418,3829,188
Balance of payments support4,0092,4072970000
Project loans5,4225,4307,0859,13611,96913,3107,279
Amortization due 5/–25,456–33,010–31,057–110,124–58,408–59,383–64,448
Debt relief 6/23,39212,39024,4257,306000
Change in arrears86312,531–1,21338,89865,64364,65566,358
Domestic (net)7,4107,91122,55752,415106,83362,71745,723
Banking system–9,2762,76812,82846,84798,13149,79018,023
Nonbank16,6865,1439,7295,5688,70212,92727,700
Net transfers from state and local governments 7/01,7788,7245,2955,0363,0170
Other16,6863,3651,0052733,6669,91027,700
Sources: Data provided by Nigerian authorities; and staff estimates.

The historical series have been slightly revised and now reflect transactions on a cash basis, with the exception of foreign interest and amortization payments.

Staff estimate. Excludes NNPC cash calls, but includes all dedicated oil revenues and withholdings at source for fertilizer subsidy.

Excludes recoveries at source for debt obligations of state governments.

Staff estimate. Includes, for 1994 only, NNPC dedication account revenues. Excludes NNPC cash calls.

Includes face value of commercial debt equivalent to 32.2 billion naira associated with the 1992 debt reduction operation.

Includes 19.3 billion naira debt reduction through the debt buy–back operation with London Club creditors, and 7.3 billion naira debt rescheduling with bilateral official creditors.

Net transfers from state and local governments and special funds via the Federation Stabilization Account.

Table 13.Nigeria: Federal Government Fiscal Operations, 1989–95 1/(In percent of GDP)
1989199019911992199319941995
Est.
Federally collected revenue24.935.930.830.927.317.823.0
Petroleum revenue21.030.625.625.922.613.316.0
Federation Account17.421.218.418.715.19.26.0
NNPC proceeds10.510.46.910.15.93.60.0
Foreign company proceeds6.910.311.58.69.15.60.0
Penalties and fees0.00.40.00.00.00.00.0
Other 2/3.69.47.27.27.54.110.0
Inland revenue0.91.1121.01.31.31.4
Customs and excise taxes2.63.33.52.92.22.02.9
Independent revenue 3/0.40.90.61.11.20.21.3
VAT0.00.00.00.00.00.91.4
Federation Account revenue20.925.623.022.618.612.510.3
Petroleum17.421.218.418.715.19.26.0
Nonpetroleum3.54.44.73.93.63.34.3
Gross transfer to the Federation Stabilization Account6.27.86.68.63.50.50.0
Federation Account distributions14.717.916.414.015.212.010.3
Federally retained revenue13.921.517.617.615.110.611.0
Federation Account revenue8.19.18.26.97.45.85.0
Other oil revenue 4/2.07.65.55.44.94.14.2
Independent revenue 3/0.40.90.61.11.20.21.3
Federation Stabilization Account3.43.93.34.21.70.30.0
VAT0.00.00.00.00.00.20.5
Recurrent expenditure14.415.914.314.517.513.310.0
Wages and salaries1.52.01.71.32.62.42.1
Overheads2.02.02.01.52.92.82.4
Interest payments due10.111.310.111.311.47.85.0
Domestic2.73.23.24.85.53.11.9
Foreign7.48.06.96.55.94.73.1
Exchange rate guarantees0.90.60.50.50.20.00.0
Other0.00.00.00.00.40.40.5
Capital expenditure and net lending4.94.95.13.84.35.74.6
Domestically financed2.52.83.02.22.64.24.1
Foreign financed2.42.12.21.61.71.40.5
Net lending to state governments–0.2–0.4–0.3–1.1–0.2–0.30.0
Supplementary and extrabudgetary outlays1.84.15.3–0.111.40.60.0
Total expenditure20.924.424.417.233.019.414.7
Overall balance–7.0–2.9–6.70.4–17.9–8.8–3.7
Financing7.02.96.7–0.417.98.83.7
Foreign (net)3.7–0.1–0.1–9.92.72.00.6
Balance of payments support1.80.90.10.00.00.00.0
Project loans2.42.12.21.61.71.40.5
Amortization due 5/–11.4–12.6–9.5–19.9–8.3–6.5–4.4
Debt relief 6/10.54.77.41.30.00.00.0
Change in arrears0.44.8–0.47.09.37.04.5
Domestic (net)3.33.06.99.515.26.83.1
Banking system–4.21.13.98.513.95.41.2
Nonbank7.52.03.01.01.21.41.9
Net transfers from state and local governments 7/0.00.72.71.00.70.30.0
Other7.51.30.30.00.51.11.9
Sources: Data provided by Nigerian authorities; and staff estimates.

The historical series have been slightly revised and now reflect transactions on a cash basis, with the exception of foreign interest and amortization payments.

Staff estimate. Excludes NNPC cash calls, but includes all dedicated oil revenues and withholdings at source for fertilizer subsidy.

Excludes recoveries at source for debt obligations of state governments.

Staff estimate. Includes, for 1994 only, NNPC dedication account revenues. Excludes NNPC cash calls.

Includes face value of commercial debt equivalent to 32.2 billion naira associated with the 1992 debt reduction operation.

Includes 19.3 billion naira debt reduction through the debt buy–back operation with London Club creditors, and naira 7.3 billon debt rescheduling with bilateral official creditors.

Net transfers from state and local governments and special funds via the Federation Stabilization Account.

Table 14.Nigeria: Recurrent Expenditure of the Federal Government by Functional Classification, 1989–95 1/
198919901991199219931994
Est.
1995
Prel.
(In millions of naira)
Administration6,2716,5406,9548,85518,36620,53528,758
General administration3,7183,3693,6103,55310,40911,93416,903
Defense1,6811,7611,8342,7544,6454,2056,598
Internal security8721,4111,5102,5483,3134,3965,257
Economic services1,4191,6141,3033,1404,6563,9105,918
Agriculture1522582094651,0841,1831,510
Construction4916344071,1631,3961,1441,699
Transport and communications2952882395631,2184461,081
Others4814344499499591,1371,628
Social and community services4,2303,3962,6773,6658,80710,08613,821
Education3,0122,4031,2561,9075,3367,3839,746
Health5755016181,3902,3262,0943,321
Others6434938023681,145609754
Transfers24,98031,79735,65466,431137,62777,918109,737
Interest due22,43429,46133,09162,36680,25171,87473,909
Domestic6,0158,46110,50026,33838,70328,47928,000
External16,41921,00022,59136,02841,54843,39545,909
Others 2/2,5462,3362,5634,06657,3766,04435,828
Total39,44645,68449,15186,157169,457112,448158,234
(In percent of total)
Administration15.914.314.110.310.818.318.2
General administration9.47.47.34.16.110.610.7
Defense4.33.93.73.22.73.74.2
Internal security2.23.13.13.02.03.93.3
Economic services3.63.52.73.62.73.53.7
Agriculture and water0.40.60.40.50.61.11.0
Construction1.21.40.81.40.81.01.1
Transport and communications0.70.60.50.70.70.40.7
Others1.20.90.91.10.61.01.0
Social and community services10.77.45.44.35.29.08.7
Education7.65.32.62.23.16.66.2
Health1.51.11.31.61.41.92.1
Others1.61.11.60.40.70.50.5
Transfers63.369.672.577.181.269.369.4
Interest due56.964.567.372.447.463.946.7
Domestic15.218.521.430.622.825.317.7
External41.646.046.041.824.538.629.0
Others 2/6.55.15.24.733.95.422.6
Total100.0100.0100.0100.0100.0100.0100.0
Sources: Central Bank of Nigeria; and staff estimates.

Figures are based on budgetary data and exclude extrabudgetary expenditures, except for 1993 and 1994, which include the authorities estimates of extrabudgetary expenditure.

Includes pensions, gratuities, grants, subventions, and exchange rate losses.

Table 15.Nigeria: Capital Expenditure of the Federal Government by Functional Classification, 1989–95 1/
198919901991199219931994
Est.
1995
Prel.
(In millions of naira)
Administration2,6182,9203,3455,1198,0828,78513,338
General administration1,8682,1522,1071,7245,8075,2199,271
Defense5395258782,0681,7372,4032,763
Internal security2112433601,3275381,1641,304
Economic services3,9063,4863,1452,3374,9757,27643,149
Agriculture and water resources1,7331,5981,2199411,8242,1792,414
Manufacuring, mining, and quarrying8359046285402,2243,3214,164
Transport and communications5334274523498031,0702,511
Special projects48810856526,000
Others3174482825061247078,060
Social and community services1,8452,0961,4922,1333,5754,9949,215
Education3874162975079952,0522,426
Health2223231532442427491,312
Housing1,2061,3059121,1641,9801,8364,818
Others3052129218359357659
Transfers6117051,6781,329312,2992,004
Outstanding domestic liabilities1002581,5151,31104,3542,004
Other5114471631937,945
Total8,9809,2079,66010,91716,63533,35567,706
(In percent of total)
Administration29.131.734.646.948.626.319.7
General administration20.823.421.815.834.915.613.7
Defense6.05.79.118.910.47.24.1
Internal security
Economic services43.537.932.621.429.921.863.7
Agriculture and water resources19.317.412.68.611.06.53.6
Manufacuring, mining, and quarrying9.39.86.54.913.410.06.2
Transport and communications5.94.64.73.24.83.23.7
Special projects5.41.25.80.00.00.038.4
Others3.54.92.94.60.72.111.9
Social and community services20.522.815.419.521.515.013.6
Education4.34.53.14.66.06.23.6
Health2.53.51.62.21.52.21.9
Housing13.414.29.410.711.95.57.1
Others0.30.61.32.02.21.11.0
Transfers6.87.717.412.20.036.93.0
Outstanding domestic liabilities1.12.815.712.00.013.13.0
Other5.74.91.70.20.023.80.0
Total100.0100.0100.0100.0100.0100.0100.0
Sources: Central Bank of Nigeria; and staff estimates.

Figures are based on budgetary data and exclude extrabudgetary expenditures.

Table 16.Nigeria: Federal Government Lending to Public Corportations, 1989–95(In millions of naira)
1989199019911992199319941995
Est.
Agriculture and mining8139222311268854
Nigerian Agricultural Cooperative Bank2002000
Nigerian Coal corporation5107966500
Nigerian Mining Corporation132381254
Nigerian Iron Ore Mining Corporation00010297250300
Manufacturing1901664318,2181,6812,1375,869
Savannah Sugar Company001344121185300
Sunti Sugar Company Ltd.4015175775
Nigerian Sugar Company Ltd.00071119165220
Lafiagi Sugar Company Ltd.0117192450
National Paper Company00000
Nigerian National Paper Company00024492400900
Nigerian Newsprint Manufacturing Company00002933526
Nigerian Paper Mill0033
Delta Steel903443453001482,530
Ajaokuta Steel Company678635111102300560
Katsina Steel Rolling Mill20001240100
Oshogbo Steel Rolling Mill20061240100
Jos Steel Rolling Mill71541241150
Nigerian Machine Tool Company17405042542125150
National Fertilizer Company001450000
Federal Superphospate Fertilizer Company03175757301175
Aluminium Smelter Company Ltd.0007,58582278500
Others2416571159331,5647742,635
Nigerian Electric Power Authority15157443832631,500
Nigerian Railways Corporation754604712816560106
Nigerian Ports Authority0000000
Nigerian Airways Ltd.000568186130
Nigerian Airport Authority103042192160438529
Nigerian Post and Telecommunications583219200496
Federal Mortgage Bank000000
Nigerian Bank for Commerce and Industry000000
Nigerian Industrial Development Bank000000
Federal Savings Bank0400000
Nigerian National Shipping Line000066000
Export Processing Zones0000100
Other83800004
Total4398355559,3733,5553,1799,358
Source: Federal Ministry of Finance.
Table 17.Nigeria: Federal Government Debt Outstanding, 1989–95
1989199019911992199319941995
Est.
(In millions of naira)
Domestic debt57,05184,093116,200161,900261,094341,814387,537
Treasury bills34,12625,47657,763103,327103,327103,327103,327
Treasury bonds11,35020,00020,00019,007117,140197,79520,000
Treasury certificates6,94534,21534,21535,24136,58437,34337,343
Development stock4,6294,4014,2213,9613,7323,3503,350
Other2223653110243,518
(In millions of U.S. dollars)
Total external public and publicly guaranteed debt31,13433,38833,55028,73929,79131,69432,788
Paris Club15,80117,71317,78817,80518,71420,36021,752
London Club5,8495,8785,9632,1182,0552,0492,048
Multilateral3,1713,8534,0084,0904,2164,4764,304
Other6,3135,9445,7914,7274,8074,8114,684
(In percent of GDP)
Internal debt25.632.235.429.237.137.026.2
External debt 1/136.1128.1113.989.788.691.490.2
Memorandum items:
Effective rate of interest on domestic debt11.612.010.518.918.39.47.7
LIBOR9.38.46.13.93.45.16.1
Sources: Central Bank of Nigeria; and staff estimates.

Dollar GDP calculated on the basis of changes in real GDP, adjusted for the U.S. GDP deflator (base year=1992).

Table 18.Nigeria: Gross Statutory Allocations of the Federation Account, 1989-95(In percent of total)
1989199019911992 1/199319941995
Total Federation Account100.0100.0100.0100.0100.0100.0100.0
Federal government55.050.050.048.548.548.548.5
State governments32.530.030.024.024.024.024.0
Local governments10.015.015.020.020.020.020.0
Special funds and residual balance2.55.05.07.57.57.57.5
Federal Capital Territory0.01.01.01.01.01.01.0
General ecology1.01.01.02.02.02.02.0
Stabilization0.00.50.50.50.50.50.5
Derivation 2/0.01.01.01.01.01.01.0
Development of Mineral Producing Areas 2/1.51.51.53.03.03.03.0
Source: Central Bank of Nigeria.

Change in allocation became effective on June 1, 1992.

Share of petroleum revenue only.

Table 19.Nigeria: Summary of Budgetary Operations of State and Local Governments and Special Funds, 1989-95 1/(In millions of naira)
1989199019911992199319941995
Est.
Revenue22,52335,62740,89668,90275,19376,487106,920
Statutory share of Federation Account (gross)14,69322,94126,92739,56055,00256,98078,072
Statutory share of Federation6,2279,96010,82224,13012,5642,6040
Stabilization Account (gross)6,2279,96010,82224,13012,5642,6040
Independent and VAT revenue 2/1,6022,7263,1475,2127,62716,90228,848
Expenditure and net lending22,80634,08932,14663,95570,43873,887107,712
Recurrent14,00623,17918,95833,74045,48747,22286,170
Capital8,3179,73712,07324,28223,55124,09921,542
Net lending to federal government4821,1741,1145,9331,4002,5650
Balance (deficit -)–2831,5378,7504,9484,7552,600–792
Financing283–1,537–8,750–4,948–4,755–2,600792
Foreign (net)0000000
Domestic (net)283–1,537–8,750–4,948–4,755–2,600792
Banking system283241–26348281417792
Nonbank 3/0–1,778–8,724–5,295–5,036–3,0170
Sources: Data provided by Nigerian authorities; and staff estimates.

These data, which are based on limited budgetary information and staff estimates, should be viewed only as illustrative of general budgetary trends.

State government only.

Lending to the federal government via the Federal Stabilization Account.

Table 20.Nigeria: Consolidated Government Fiscal Operations, 1989-95 1/(In millions of naira)
1989199019911992199319941995
Est.
Revenue 2/53,50391,79198,813166,500181,626174,033268,962
Federation Account 3/46,49066,85475,601125,256131,196115,698151,596
Other7,01324,93723,21241,24550,42958,335117,366
Federal government5,41122,21120,06536,03342,80241,43388,517
Other petroleum revenue 2/4,47319,86617,98429,79434,68137,60761,954
Independent revenue9382,3452,0806,2398,1213,82626,564
State governments1,6022,7263,1475,2127,62716,90228,848
Expenditure69,42697,913112,157159,184302,908252,532317,386
Recurrent48,10769,94374,680114,084208,803173,262234,567
Capital21,31827,97037,47845,10094,10579,27082,819
Overall balance (deficit -)–15,923–6,122–13,3457,316–121,282–78,499–48,424
Financing15,9236,12213,345–7,316121,28278,49979,626
Foreign8,230–251–463–54,78419,20418,3829,188
Domestic7,6936,37313,80747,468102,07860,11770,438
Banking system–8,9933,00912,80247,19598,41250,20742,738
Nonbank16,6863,3651,0052733,6669,91027,700
Sources: Data provided by Nigerian authorities; and staff estimates.

These data, which are based on limited budgetary information and staff estimates, should be viewed only as illustrative of general budgetary trends.

Excludes NNPC dedicated oil revenues and cash calls and, beginning in 1995, NNPC-related first charges.

Includes transfers to the Federation Stabilization Account.

Table 21.Nigeria: Fixed Capital Formation under the Rolling Plan by Source of Financing, 1993–95 and 1994–96
1993–951994–96
In billions of nairaIn percentIn billions of nairaIn percent
Public sector330.876.4361.682.8
Federal Government75.717.597.622.4
State governments26.36.145.110.3
Local governments20.44.735.18.0
Subtotal122.428.3177.840.7
Special funds12.83.025.05.7
Parastatals68.115.728.16.4
Joint ventures90.620.990.420.7
External loans36.98.540.39.2
Contingency0.00.00.00.0
Subtotal208.448.1183.842.1
Private Sector102.423.674.917.2
Total433.2100.0436.5100.0
Source: Ministry of National Planning.
Table 22.Nigeria: Fixed Capital Formation by Sector under the Rolling Plan 1/, 1992–94,1993–95 and 1994–96(In millions of naira)
Federal GovernmentState governmentsLocal governmentsTotal
1992–941993–951994–961992–941993–951994–961992–941993–951994–961992–941993–951994–96
Economic sector11,93424,15722,8072,7208,0989,571146387014,80032,64232,378
Agriculture5,8688,3238,1988132,7351,492676,68111,1259,690
Manufacturing1,7562,8983,4412421,04313571462,1433,9414,798
Transport2,8224,7193,5971,0193,6765,7843,8408,3959,381
Others1,4908,2177,5726466449383212,1369,1818,510
Social sector3,2257,99415,5471,8434,6908,4863,4986101,3508,56613,29424,034
Education9456,0487,2877742,7774,2982,7346104,4539,43511,584
Health7431454,6265621,4453,7055501,8541,5908,331
Others1,5371,8013,6345084684842142,2592,2694,119
Regional and environmental developement1,9672,4743,5151,4724,3604,028744901513,5127,3247,694
Water supply102231213503,0693,249333961513923,6883,520
Urban and regional planning1,6981,3413,11423381923051,9352,1603,344
Others26091028088947255036951,1851,477830
Adminsitration7,83520,04720,9901,0248,85820,04720,990
Defense and security4,2179,91812,5244,2179,91812,524
General administration3,61810,1298,4661,0244,64210,1298,466
Total24,96154,67262,8597,05817,14822,0863,7181,4881,50135,73673,30885,096
Source: Ministry of National Planning.

Figures relate only to the treasury component of the government investment program; the project loan component, parastatal investment and joint venture cash calls are not included.

Table 23.Nigeria: Monetary Survey, 1990–June 1996 1/
1990199119921993199419951996
June
(In millions of naira; end of period)
Net foreign assets44,79058,75338,81557,22457,291104,936118,894
Central Bank of Nigeria (net)34,92844,22313,23827,62334,70231,53448,862
Foreign assets34,97044,26614,00929,11036,30531,53748,897
Foreign liabilities–42–43–771–1,487–1,603–4–35
Commercial and merchant banks (net)9,86214,52925,57629,60222,58973,40270,032
Foreign assets10,36115,61927,96931,35425,44976,39175,548
Foreign liabilities–499–1,090–2,393–1,753–2,859–2,988–5,516
Net domestic assets22,21930,007131,896136,310200,900202,590227,614
Net domestic credit56,43677,505140,445268,647347,729455,961514,237
Federal government (net)21,04433,87380,720178,850228,640270,586319,175
Claims58,35190,813131,446229,739299,933365,006425,272
Deposits–27,966–26,604–39,075–50,889–71,293–94,420–106,097
State governments (gross)1,0118931,1551,3911,8602,6564,216
Local governments (gross)87178264309257254427
Claims on private sector 2/34,29442,56158,30688,096116,972182,466190,419
Other items (net)–34,216–47,498–8,549–132,337–146,829–253,370–286,622
Of which:
net profits on AFBM interventions–50,552–19,573
revaluation (commercial and merchant banks)–44,9860
Broad money65,29686,380130,722193,493258,192307,865346,386
Narrow money37,57749,40377,606117,424162,437193,645207,611
Quasi–money27,71936,97753,11576,06995,755114,220138,775
Valuation account 3/1,7142,38039,98941–1–1–1
Memorandum items:(Annual percentage change, unless otherwise indicated)
Net domestic assets–2.535.0339.53.347.40.839.8
Net domestic credit18.537.381.291.329.431.140.2
Of which:
Net credit to the Federal government(15.1)(61.0)(138.3)(121.6)(27.8)(18.3)(45.5)
Claims on private sector(20.3)(24.1)(37.0)(51.1)(32.8)(56.0)(31.3)
Broad money42.332.351.348.033.419.223.6
Narrow money47.831.557.151.338.319.220.6
Quasi–money35.433.443.643.225.919.328.4
Velocity (non–oil GDP/broad money)3.22.72.72.72.93.83.4
Contribution to the growth of M2
Net foreign assets47.221.4–23.114.10.018.523.9
Net domestic assets–1.211.9118.03.433.40.710.3
Net domestic credit19.232.372.998.140.941.964.5
Net credit to the Federal government6.019.654.275.125.716.235.1
Valuation account–3.7–1.0–43.530.60.00.00.0
Sources: Central Bank of Nigeria; and staff estimates.

Consolidated accounts of the Central Bank of Nigeria, commercial banks, and merchant banks.

Claims on the private sector for December 1993 have been revised upwards by the Central Bank of Nigeria.

Refers to the revaluation account of the Central Bank of Nigeria.

Table 24.Nigeria: Consolidated Accounts of the Central Bank, 1990–June 1996(In millions of naira; end of period)
1990199119921993199419951996
June
Net foreign assets34,92844,22313,23827,62334,70231,53448,862
Short term foreign assets34,97044,26614,00929,11036,30531,53748,897
Short term foreign liabilities–42–43–771–1,487–1,603–4–35
Net domestic credit13,87328,44682,206149,367187,877280,236291,118
Federal government (net)13,65327,30878,556140,940182,483251,473269,427
Claims48,87983,102124,538189,773251,843342,112370,670
Deposits–35,226–55,794–45,982–48,834–69,359–90,639–101,243
State governments (net)–1,712–1,349–2,125–1,656–1,974–85–3,117
Local governments (net)–47–23–75–12–50–117
Private sector (gross)1,7702,5305,6165,6935,30713,6765,162
Claims on commercial banks96791023,5101,19313,06017,183
Claims on merchant banks1131011328928722,1122,580
Claims on NDIC 1/0000000
Liabilities to commercial banks4,80213,36727,93038,25532,72536,25336,446
Currency in vault1,2612,2112,9464,7075,5477,0536,745
Bankers deposits2,1284,07710,0069,6015,041–790753
Loan shortfall deposits104691041213996600
Excess credit pen deps27644715778181818
Stabilization securities1,0326,56314,71823,75021,72029,31228,930
Liabilities to merchant banks6051,9944,5676,2033,7582,8152,765
Currency in vault10122313184535
Bankers deposits3934641,4363,022520–1,331–1,165
Loan shortfall deposits08569520000
Excess credit penalty deposits1382247939900
Stabilization securities631,2862,9723,0343,0104,1013,895
Currency and deposit liabilities21,74926,67845,52866,04295,109114,092107,743
Currency outside banks14,94123,10836,76656,26190,492106,768101,502
Private sector demand deposits6,8093,5708,7639,7814,6177,3236,241
Other items (net)21,64630,63117,41866,49090,987158,611193,026
Source: Central Bank of Nigeria.

Nigeria Deposit Insurance Corporation.

Table 25.Nigeria: Consolidated Accounts of the Commercial Banks, 1990–June 1996(In millions of naira; end of period)
1990199119921993199419951996
June
Net foreign assets6,3029,53818,13522,45017,25456,63453,210
Foreign assets6,55010,57019,38723,11217,86557,25853,964
Foreign liabilities–248–832–1,252–662–610–624–754
Reserves3,7357,17312,42516,23816,95524,75331,216
Currency1,2612,2112,9464,7075,5477,0536,745
Deposits at central bank2,4744,9639,47911,53111,40817,70024,470
Loan shortfall deposits10469104121399660210
Excess credit penalty deposits27644715778181818
Net domestic credit33,19837,19944,02493,618131,239160,122200,174
Federal government7,0265,5841,47028,45837,88617,36544,005
Claims9,1077,0305,88130,41239,44620,78948,550
Deposits–2,081–1,147–4,411–1,954–1,560–3,424–4,545
State governments (gross)8558091,0731,2051,6312,4033,950
Local governments (gross)80128180296252247418
Claims on private sector25,23630,37841,30063,65891,469140,107151,802
Stabilization securities1,0326,56314,71823,75021,72029,31228,930
Deposit liabilities 1/36,69551,26271,662109,135140,839171,570205,417
Demand deposit14,06921,35429,87849,71565,34979,46996,634
Quasi–monetary deposits22,62529,90941,78459,42075,49092,100108,783
Other items (net)7,9529,72717,90047,11946,74699,929108,341
Central bank borrowing96791023,5101,19313,06017,183
Deposits for private external arrears512301,3111,3111,31100
Valuation account4,1464,55913,05215,10015,11814,86314,863
Capital and reserves3,7134,3018,1577,6476,66911,77714,200
Other–53559–4,72319,55122,45560,22962,095
Source: Central Bank of Nigeria.

Includes deposits of state and local governments.

Table 26.Consolidated Accounts of Merchant Banks, 1990–June 1996(In millions of naira; end of period)
1990199119921993199419951996
June
Net foreign assets3,5604,9927,4417,1525,33516,76816,822
Foreign assets3,8115,2508,5828,2427,58419,13321,584
Foreign liabilities–251–258–1,140–1,091–2,249–2,365–4,762
Reserves7141,0592,0261,9663,2952,1153,182
Currency10122313184535
Deposits at central bank7031,0472,0031,9533,2762,0703,147
Loan shortfall deposits085695200330105
Excess credit penalty deposits1382247939999
Net domestic credit7,81510,66812,24928,39628,70030,69039,473
Federal government3656816939,4528,2711,7485,744
Claims3656811,0279,5538,6452,1056,053
Deposits00–334–101–374–357–309
State governments (gross)1568481186229253265
Local governments (gross)6508413569
Private sector (gross)7,2889,85311,59018,74520,19528,68333,455
Stabilization securities631,2862,9723,0343,0104,1013,895
Deposit liabilities 1/5,0937,06811,33116,64920,26522,11929,992
Demand deposits0000000
Quasi–monetary deposits5,0937,06811,33116,64920,26522,11929,992
0000
Other items (net)7,19711,16913,49324,03220,28431,89333,495
Central bank borrowing1131011328928722,1122,580
Deposits for private external arrears226736736736736736736
Valuation account2,4202,7486,9887,6317,6317,5657,565
Capital and reserves1,5192,2893,6523,5812,8702,9204,473
Other2,9205,2951,98611,1928,17518,56118,141
Source: Central Bank of Nigeria.

Includes deposits of state and local governments.

Table 27.Nigeria: Liquidity of Commercial Banks, 1990–June 1996
1990199119921993199419951996
June
(In millions of naira; end of period)
Total liquid assets18,53121,21325,25250,28167,25153,16591,162
Cash in vault1,2612,2112,9464,7075,5477,0536,745
Balances with central bank 1/2,4744,9639,47911,53111,40817,70024,470
Of which:
Excess credit growth penalty depos(276)(447)(157)(78)(18)18(18)
Loan shortfall deposits(104)(69)(104)(121)(399)660(210)
Cash reserve requirement(1,112)(1,497)(3,350)(7,112)(8,504)10,864(13,763)
Net interbank balances plus net call money5,5637,1107,3213,98011,13310,41913350
Treasury bills7,6666,2545,18129,73838,28717,71246,596
Treasury certificates1,0365593253256142810
Other liquid assets 2/73111600000
Total liquid assets less penalty and cash reserve requirements17,03919,20121,64142,97058,02941,62377,171
Total deposit liabilities38,77652,40976,074120,278147,007186,574221,579
Of which:
demand deposits(15,587)(22,049)(33,640)(51,303)(66,571)81,665(100,076)
(In percent)
Liquidity reserve ratios 3/
Actual443728363922584,625
Required30303030303030
Cash reserves (deposits at the CBN)
In percent of demand deposits16232822172224
In percent of total deposit liabilities6912108911
Required 4/366666
Source: Central Bank of Nigeria.

As reported by the commercial banks.

Comprising certificates of deposit, eligible development stocks, and bills discounted.

Total liquid assets less penalty and cash reserve requirements as a percent of total deposit liabilities.

Range depending on size of banks’s total deposit liabilities. Requirement was changed to 3 percent of total deposit liabilities effective 1991. This was raised to 6 percent effective September 1992. Prior to January 1991, the ratio was defined with respect to demand deposits only.

Table 28.Nigeria: Liquidity of Merchant Banks, 1990 – June 1996
1990199119921993199419951996
June
(In millions of naira; end of period)
Total liquid assets1,4592,7284,60211,98313,4446,14015,365
Cash in vault10122313184535
Balances with Central Bank 1/7031,0472,0031,9533,2762,0703,147
Of which:
Excess credit growth penalty deposits(138)(224)(79)(39)(9)9(9)
Loan shortfall deposits(0)(8)(56)(95)(200)330(105)
Cash reserve requirement(136)(249)(711)(1,385)(1,398)1,306(1,28)
Net interbank balances plus net call money3929961,5014901,5121,9196,169
Treasury bills3466731,0059,4778,6372,1056,014
Treasury certificates40051000
Other liquid assets 2/40700000
Total liquid assets less penalty and cash reserve requirements1,1842,2473,75610,46511,8374,49613,623
Total deposit liabilities5,9669,37115,23918,09121,47923,15534,781
Of which:
demand deposits(989)(2,022)(3,303)(5,335)(9,049)6,400(9,708)
(In percent)
Liquidity ratios 3/
Actual19.924.024.657.855.11939.2
Required30.030.030.030.030.030.030.0
Cash reserves (deposits at the CBN)
In percent of demand deposits71.151.860.636.636.23232.4
In percent of total deposits11.811.213.110.815.399.0
Required 4/5.03.06.06.06.066.0
Source: Central Bank of Nigeria.

As reported by the merchant banks.

Includes excess certificates of deposit issued and excess money at call held by other banks.

Total liquid assets less penalty deposits and cash reserve requirements as a percent of total deposit liabilities.

Prior to January 1990, a cash reserve requirement was not in effect for merchant banks. During 1990 the the ratio was 5 percent of demand deposits, and effective January 1991, it was changed to 3 percent of total demand deposit liabilities. Effective 1992 the ratio was increased to 6 percent.

Table 29.Nigeria: Sectoral Distribution of Bank Credit, 1990–June 1996(In percent of total)
1990199119921993199419951996
June
Commercial banks
Agriculture15.915.714.916.416.917.517.6
Manufacturing30.332.932.536.837.840.240.1
Other53.851.452.646.845.342.342.3
Merchant banks
Agriculture14.514.715.114.713.913.313.3
Manufacturing42.843.446.245.043.144.643.1
Other42.741.938.740.343.042.143.6
Source: Central Bank of Nigeria.
Table 30.Nigeria: Selected Interest Rates, 1990–95(In percent; end of period)
199019911992199319941995
Rediscount rate (minimum)18.515.517.526.013.513.5
Treasury bill rate17.514.521.020.012.512.5
Treasury certificate rate (two–year maturity)18.515.522.528.313.513.5
Savings deposit rate 1/17.814.016.116.712.312.6
Prime lending rate 2/26.020.229.836.120.220.2
Source: Central Bank of Nigeria.

Savings deposit rate at commercial banks.

Prime lending rate at commercial banks.

Table 31.Nigeria: Selected Financial Institutions, 1990–June 1996
1990199119921993199419951996
June
Total deposit banks1091865219991,0871,1971,177
Commercial deposit banks58656565656444
Merchant banks4954545451
Community banks1664018799701,1321,132
People’s Bank of Nigeria1111111
Foreign exchange bureaus88102132144183
Finance companies48666310292
Deposit insurance corporation1111111
Unit trusts1111111111111
Stock brokers80110140140140140140
Federal mortgage bank1111111
Secondary mortgage banks1111111
Discount houses0033344
Memorandum items:
Total number of deposit bank branches 1/2,1822,3072,6192,7942,8162,7812,781
Commercial bank branches1,9392,0232,2752,3972,3972,3622,362
Rural branches(765)(765)(774)(763)(763)(701)(701)
Urban branches(1,174)(1,258)(1,501)(1,634)(1,634)(1,661)(1,661)
Merchant bank branches7484116126144144144
People’s Bank of Nigeria169200228271275275275
Insurance companies103107132132187187187
Source: Central Bank of Nigeria.

Excluding community banks.

Table 32.Nigeria: Balance of Payments, 1989–1995
1989199019911992199319941995
Est.
(In millions of US. dollars)
Trade balance3,9006,8434,2343,5703,1682,8603,786
Exports, f.o.b.9,81213,91412,12712,30711,2979,53410,916
Petroleum9,41113,50811,65512,02611,0229,30210,626
Other401406472281275233290
Imports, f.o.d.–5,912–7,070–7,892–8,737–8,129–6,675–7,131
Oil–related–1,092–1,762–1,919–2,210–1,948–1,804–2,044
Other–4,820–5,309–5,974–6,527–6,181–4,871–5,087
Services (net)–4,268–5,391–5,265–4,927–4,761–4,465–4,992
Of which: total interest due(-2,357)(-2,741)(-2,424)(-2,185)(-2,000)(-2,014)(-2,124)
nonfactor services (net)(-1,599)(-2,102)(-2,287)(-2,093)(-2,073)(-1,893)(-2,141)
Private unrequited transfers (net)6511,0291,027790552550656
Official unrequited transfers (net)1284822–5754–48–66
Current account balance4122,52919–624–987–1,103–616
Official borrowing (net)–2,484–3,094–2,566–6,068–2,477–2,123–2,635
Disbursements1,217927715528543608331
Amortization due 1/–3,701–4,021–3,281–6,596–3,020–2,731–2,966
Private capital (net)2,425584615898641577706
Direct investment2,443602588836614582756
of which: from debt conversion(159)(110)(58)(65)(15)(9)(37)
Other (net)–18–18276227–5–50
Short–term capital (net)–2,419–1,109–116–1,817–354–160–41
Capital account balance–2,478–3,620–2,067–6,987–2,190–1,706–1,970
Errors and omssions522496–252–236–10210019
Overall balance–1,544–594–2,301–7,847–3,279–2,709–2,567
Financing1,5445942,3017,8473,2792,7092,567
Net reserves (increase –)–1,272–2,098–2873,838–57–127–597
Net nonreserves foreign assets (increase –) 2/000–352000
Accumulation of arrears (decrease –) 3/–3612,4237512,0513,2772,7463,046
Rescheduling of arrears–4,555–725–833–208000
Exceptional financing7,7319942,6702,5125990118
Debt relief 4/7,7312,2663,298794000
Remaining gap0001,7185990118
Memorandum items:(In units indicated)
Current account balance/GDP (in percent) 5/1.39.70.1–1.9–2.9–3.2–1.7
Gross official reserves (end of period)
(in months of imports of goods and nonfactor services)2.55.04.80.80.81.31.8
Debt service ratio
Before rescheduling 6/59.147.245.870.243.949.245.8
After rescheduling 7/27.336.325.865.443.949.245.8
Sources: Data provided by the Nigerian authorities and staff estimates.

Amortization in 1992 includes US$3.4 billion to London Club creditors, which was brought back at the beginning of the year.

The cost of purchasing in 1992, the collateral for par exchange of about US$2 billion debt to London Club creditors.

Estimates for 1993 include US$0.3 billion overdue balances in the open accounts.

Includes in 1992 US$2 billion debt reduction through debt buy–back operation with London Club creditors, and US$ 0.8 billion debt rescheduling with bilateral official creditors. Includes rescheduling of arrears.

Dollar GDP calculated on the basis of changes in real GDP and US.GDP deflator (base year=1992).

In percent of exports of goods and nonfactor services. Includes the face value of commercial debt equivalent to 27.3 percent of exports of goods and nonfactor services purchased via 1992 debt reduction operation. Excludes amortization via debt conversion program.

In percent of exports of goods and nonfactor services. Includes commercial bank debt cancellation equivalent to 16.4 percent of exports of goods and nonfactor services associated with 1992 debt reduction operation.

Table 33.Nigeria: Foreign Trade Indices, 1989–95 1/(1985=100)
1989199019911992199319941995
Import value index71.385.395.2105.498.080.4105.1
Import unit value index135.1148.0148.1152.9147.2151.0157.8
Import volume index52.857.664.369.066.653.366.6
Export value index77.9110.496.397.789.775.784.8
Oil77.0110.595.398.490.276.184.9
Non–oil110.6111.8130.277.675.964.278.8
Export unit value index69.189.675.073.265.459.662.5
Oil69.190.575.673.165.058.862.7
Non–oil90.989.287.386.389.3103.5108.7
Export volume index112.8123.3128.4133.5137.2127.1135.7
Oil111.4122.2126.2134.7138.9129.4135.5
Non–oil121.7125.4149.289.884.962.072.5
Terms of trade51.160.650.647.944.439.439.6
Sources: Central Bank of Nigeria; and staff estimates.

Value and price indices measured in U.S. dollars.

Table 34.Nigeria: Composition of Exports, 1989–1995(Value in millions of U.S. dollars; indices 1985=100)
1989199019911992199319941995
Oil
Value9,411.013,508.011,655.012,026.011,022.09,302.010,350.1
Value index77.0110.595.398.390.176.184.9
Volume index111.4122.2126.2134.5138.7129.3135.5
Unit value index69.190.575.673.165.058.862.7
Cocoa
Value142.0150.0176.281.576.083.076.7
Value index55.058.368.431.629.532.237.6
Volume index141.3161.7143.372.166.557.649.8
Unit value index38.936.147.643.944.455.975.5
Cocoa butter
Value15.016.07.05.06.05.04.6
Value index28.231.713.59.611.69.68.8
Volume index35.638.728.021.625.616.911.6
Unit value index79.381.948.544.745.257.075.9
Rubber
Value69.041.078.058.740.032.035.2
Value index297.6176.8336.2253.1172.4137.9151.7
Volume index361.8231.9339.4258.2182.5107.7118.5
Unit value index82.276.2100.098.094.5128.0128.0
Palm kernels
Value16.011.86.110.26.06.06.5
Value index176.8132.768.5114.267.467.473.0
Volume index355.3203.380.7147.390.264.469.8
Unit value index49.766.766.777.574.7104.6104.6
Other non–oil
Value159.0187.2204.7125.7147.0120.0162.7
Value index757.1891.4974.8598.3700.0571.4774.7
Sources: Central Bank of Nigeria; and staff estimates.
Table 35.Nigeria: Composition of Imports by End Use, 1989–1995
1989199019911992199319941995
(In percent, unless otherwise indicated)
Import group
Consumer goods27.326.724.833.834.935.833.1
Durable4.03.24.23.24.23.53.1
Nondurable23.323.520.630.630.732.330.0
Capital goods44.740.538.031.726.424.821.5
Raw materials27.932.836.833.938.639.145.3
Miscellaneous0.10.00.40.60.10.30.1
Total100.0100.0100.0100.0100.0100.0100.0
(Composition of imports by SITC categories)1/
Import group
Food and live animals6.58.27.48.28.410.311.7
Beverages and tobacco0.50.40.20.20.30.50.4
Crude material2.93.52.42.52.63.54.2
Mineral fuels0.70.70.70.50.51.21.3
Animal and vegetable oils and fats0.30.30.70.70.81.01.1
Chemicals21.620.018.018.117.125.226.3
Manufactured goods20.622.023.023.024.022.323.2
Machinery and transport equipment42.840.743.041.842.431.227.5
Miscellaneous manufactured goods4.14.14.64.93.84.54.1
Other0.00.10.00.10.10.30.2
Total100.0100.0100.0100.0100.0100.0100.0
Memorandum item:(In millions of U.S. dollars)
Imports, f.o.b.5,9127,0707,8938,7378,1296,6758,220
Sources: Central Bank of Nigeria, Federal Office of Statistics, and staff estimates.

Standard International Trade Classification.

Table 36.Nigeria: Direction of Trade, 1989–1995(In percent)
1989199019911992199319941995
Total100.0100.0100.0100.0100.0100.0100.0
European Community37.334.836.246.932.735.121.1
Belgium–Luxembourg0.00.00.00.00.00.603
Denmark0.00.00.00.00.00.00.0
France5.02.94.43.96.412.86.9
Germany, Federal Republic2.95.64.819.81.90.66.0
Italy4.82.73.16.12.32.12.3
Netherlands10.09.09.86.05.66.13.4
United Kingdom0.32.21.20.40.40.62.2
United States53.856.054.239.046.445.743.3
Other8.99.29.614.120.919.235.6
Total100.0100.0100.0100.0100.0100.0100.0
European Community75.675.059.2
Belgium–Luxembourg2.01.54.1
Denmark4.03.20.1
France0.00.03.3
Germany, Federal Republic15.012.04.5
Ireland0.10.10.5
Italy3.54.05.0
Netherlands30.430.018.8
United Kingdom20.624.214.6
Eastern Europe2.32.03.6
United States11.311.016.5
Japan2.02.50.5
Other8.89.520.2
Total100.0100.0100.0100.0100.0100.0100.0
European Community64.667.061.151.5
Belgium–Luxembourg3.03.22.82.5
Denmark0.50.50.00.6
France11.011.28.19.4
Germany, Federal Republic19.019.016.212.3
Ireland0.90.70.60.7
Italy5.55.75.56.0
Netherlands4.64.65.54.8
United Kingdom20.122.113.813.2
Eastern Europe4.03.51.51.1
United States8.012.010.412.0
Japan10.010.07.46.4
Other13.47.519.729.0
Sources: Central Bank of Nigeria, Federal Office of Statistics, and staff estimates.
Table 37.Nigeria: External Public and Publicly Guaranteed Debt, 1989–1995 1/
1989199019911992199319941995
Est.
(In millions of U.S. dollars)
Paris Club15,80117,71317,78817,80518,71420,36021,752
Medium– and long–term debt 2/12,74014,7141535416,05817,55819,81021,255
Other 3/3,0612,9992,4341,7471,156550497
Multilateral organizations3,1713,8534,0084,0904,2164,4764,304
Other official debt 1/1,3321,3741,4531,5061,6471,7621,800
London Club5,8495,8785,9632,1182,0552,0492,048
Medium– and long–term 2/2,8662,8802,9032,0482,0482,0482,048
Other 3/2,9832,9983,06070700
Promissory Notes4,5634,5084,3163,2203,1603,0482,883
Suppliers’ credits41861220000
Sub total31,13433,38833,55028,73929,79231,69532,787
Pre–SFEM and dedication account arrears 4/29333519597000
Cumulative financing gap 1/2/0000000
Total31,42733,72233,74528,83629,79231,69532,787
Memorandum items:(In percent, unless otherwise indicated)
Debt/GDP 5/136.1128.1113.989.788.691.590.2
Debt service/GDP 5/6/26.226.119.527.514.913.714.0
Share in total debt
Paris Club50.352.552.761.762.864.266.3
London Club18.617.417.77.36.96.56.2
Multilateral organizations10.111.411.914.214.214.113.1
Other creditors21.018.617.716.716.115.214.3
Stock of arrears (in millions of U.S. dollars) 7/1,2922,1781,3253,3236,1839,21912,655
Sources: Central Bank of Nigeria; and staff estimates.

Based on the balance of payments projections in Table 32.

Includes arrears, rescheduled medium– and long–term debt, and new disbursments.

Includes short–term arrears, rescheduled short–term claims, and payable debt.

Arrears arising from dedication accounts and exchange rate guarantees provided at the time of the introduction of the second–tier foreign exchange market.

Dollar GDP calculated on the basis of changes in real GDP and U.S. GDP deflator (base year=1992).

On a commitment basis; includes the cost of debt reduction operation in 1992.

End of period, excludes pre–SFEM and dedication account arrears.

Table 38.Nigeria: External Debt Service Obligations, 1989–1995
1989199019911992199319941995
Est.
(In millions of U.S. dollars)
Schedulded amortization3,7014,0213,2816,5963,0202,7312,966
Paris Club creditors1,2121,8951,7462,0971,9822,0402,128
Multilateral creditors278275292347381420553
London Club banks 1/1,4901,3054183,408274123
Other official creditors132130393400179140143
Other 2/59041643134445190119
Scheduled interest23572,7412,4242,1852,0002,0142,124
Paris Club creditors1,0631,4301,3801,2811,2021,2291,270
Multilateral creditors252301333340311290313
London Club banks610501335187117113128
Other official creditors96917572788590
Other 2/336418300305292297323
Total debt service 1/6,0586,7625,7058,7815,0204,7455,090
Accumulation of new arrears426886–8531,9982,8603,0363,436
Rescheduling of current maturities of medium–and long–term debt1,8964701,766425000
Rescheduling of current maturities of short–term debt1,2811,072698161000
Cash payments 1/3/1,9262,7392,3433,0061,7901,8681,539
Memorandum items:(In percent, unless otherwise indicated)
Debt service/GDP 4/26.226.119.527.615.113.714.0
Interest/GDP 4/10.210.68.36.96.05.85.8
Debt service ratio 5/
Before rescheduling59.147.245.870.243.949.345.8
After rescheduling27.336.325.865.443.949.345.8
Net resource transfers 6/
(In millions of U.S. dollars)
On a commitment basis–4,841–5,835–4,990–8,253–4,477–4,137–4,759
On a cash basis 7/–1,535–2,716–2,601–3,508–1,398–1,260–1,208
(In percent of exports of goods and nonfactor services)
On a commitment basis–48.5–41.4–40.5–66.4–39.2–43.0–42.8
On a cash basis 7/–15.4–19.3–21.1–28.2–12.3–13.1–10.9
Sources: Data provided by the Nigerian authorities; and staff estimates.

Figures for 1992 include the impact of the DROP (debt reduction operation with London Club creditors).

Includes payments associated with pre–SFEM liabilities and the debt conversion scheme.

Excludes cash payments of arrears.

On a commitment basis. Dollar GDP calculated on the basis of changes in real GDP and U.S. GDP deflator (base year=1992).

In percent of exports of goods and nonfactor services; In 1992 includes the impact of the debt reduction operation with London Club creditors.

Defined as disbursements of project loans and balance of payments support minus amortization and interest due.

Includes cash payments of arrears.

Table 39.Nigeria: Composition of Authorized Dealer Sales of Foreign Exchange, QI 1993– QII 1996
1993199419951996
Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2Q3Q4Q1Q2
(In millions of U.S. dollars)
Industrial sector513.5646.5585.3653.1398.7524.0364.9325.3481.4324.9405.8682.4277.2344.0
Raw material281.8377.2357.1386.3235.8349.6220.9230.0337.0227.4284.1477.7212.5262.1
Machinery and spare parts211.7269.8228.2266.8162.9174.4144.095.3144.097.5121.7204.764.781.9
Agricultural sector14.23.827.613.121.761.719.123.213.621.431.023.68.311.0
Finished goods266.5282.7297.1299.2126.9138.699.187.3103.046.9150.3193.695.8116.5
Food73.390.2124.3107.436.845.218.520.724.016.021.034.147.354.9
General merchandise193.2192.5172.8191.890.193.480.666.679.030.9129.3159.548.561.6
Drugs and Pharmaceuticals0.00.026.228.910.623.020.29.814.010.012.121.013.617.3
Books and educational materials0.00.011.54.25.12.63.712.115.211.514.125.012.115.4
Other0.00.0135.1158.774.467.856.744.749.89.4103.1113.522.828.9
Capital goods–aircraft Shipping vessels0.10.90.01.40.00.00.00.00.00.00.00.00.00.0
Payments for invisibles122.885.385.9136.348.339.356.559.232.736.036.148.010.919.1
Profits and dividends4.011.58.918.49.43.71.32.52.70.72.12.03.15.4
Other9.813.177.0117.938.935.655.256.730.035.334.146.07.813.7
Other sales1.31.722.631.616.613.64.78.87.010.012.121.07.8175
Total918.31020.01018.51133.3612.2777.2544.3503.8637.7439.2635.3968.6400.0508.1
(In percent of total use excluding interbank sales to the central bank)
Industrial sector56.360.357.557.665.167.467.064.675.574.063.970.569.367.7
Raw material30.935.235.134.138.545.040.645.752.851.844.749.353.151.6
Machinery and spare parts23.225.222.423.526.622.426.518.922.622.219.221.116.216.1
Agricultural sector1.60.42.71.23.57.93.54.62.14.94.92.42.12.2
Finished goods28.531.229.226.420.717.818.217.316.210.73.620.024.022.9
Food8.08.412.29.56.05.83.44.13.823.73.33.511.810.8
General merchandise21.218.017.016.914.712.014.813.212.47.020.416.512.112.1
Drags and Pharmaceuticals2.62.61.73.03.71.92.22.31.92.23.43.4
Books and educational materials1.10.40.80.30.72.42.42.62.22.63.03.0
Other13.314.012.28.710.48.97.82.116.211.75.75.7
Capital goods–aircraft Shipping vessels0.00.10.00.10.00.00.00.00.00.00.00.00.00.0
Payments for invisibles13.58.08.412.07.95.110.411.85.18.20.25.02.73.8
Profits and dividends0.41.10.91.61.50.50.20.50.45.70.30.20.81.1
Other1.11.27.610.46.44.610.111.34.78.05.44.72.02.7
Other sales0.10.22.22.82.71.70.91.71.12.31.92.22.03.4
Total100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0100.0
Source: Data provided by the Central Bank of Nigeria
Table 40.Nigeria: Commercial and Merchant Banks’ Sources of Foreign Exchange, January 1992–June 1996(In millions of U.S. dollars, unless otherwise indicated)
TotalCBN
Auction
Non–oil
exports
InvisiblesOtherCBN
Auction
(In percent
of total)
19925,658.03,978.2281.1690.6708.170.3
January383.3237.831.045.069.562.0
February363.4233.828.649.951.164.3
March704.3569.331.746.956.480.8
April346.8210.120.455.161.260.4
May366.1221.017.155.372.760.4
June442.2265.218.456.5102.160.0
July475.6336.6267.754.957.470.8
August482.4357.225.248.751.374.0
September666.6551.017.960.936.882.7
October485.8340.821.976.846.370.2
November594.8437.325.178.154.373.5
December346.7218.117.162.549.062.9
19934,670.02,943.8231.11,052.8442.363.0
January495.2322.333.671.268.165.1
February227.980.822.359.165.735.5
March458.3330.321.962.643.572.1
April424.6304.213.259.547.771.6
May370.1248.818.265.237.967.2
June355.1242.515.369.727.668.3
July437.0291.615.584.245.766.7
August354.0227.716.075.434.964.3
September426.3296.215.077.437.769.5
October424.7238.315.8146.024.656.1
November328.6180.816.8126.84.255.0
December368.2180.327.5155.74.749.0
19942,369.91,653.7111.8230.1374.369.8
January191.40.715.6107.468.10.4
February297.2194.58.146.648.065.4
March365.2326.35.414.319.289.3
April330.9292.90.78.029.388.5
May204.5161.75.78.828.379.1
June131.386.58.011.025.865.9
July119.275.92.67.033.763.7
August107.882.02.66.616.676.1
September132.396.48.15.522.372.9
October122.291.66.47.716.575.0
November139.990.220.93.325.364.5
December227.6155.027.73.941.068.1
19952,223.61,319.4179.8576.5148.359.3
January70.30.023.710.436.20.0
February473.8392.314.136.433.082.8
March94.60.024.356.913.40.0
April346.9268.016.747.115.577.3
May101.30.017.871.112.40.0
June482.8379.922.974.95.178.7
July110.10.032.469.08.70.0
August94.90.07.171.016.80.0
September509.9436.59.257.36.985.6
October67.10.014.211.041.90.0
November295.1199.117.868.110.167.5
December120.935.917.450.117.529.7
19961,510.7913.9137.1424.135.5349.1
January122.542.336.741.61.934.5
February278.3169.728.273.27.261.0
March298.3204.010.477.36.668.4
April290.0187.26.288.08.564.6
May285.4149.738.491.06.352.5
June236.2161.017.253.05.068.2
Source: Central Bank of Nigeria.
Table 41.Nigeria: Exchange Rates, January 1992–June 1996
Period averageEnd period
Central
rate 1/
Parallel
rate 2/
Spread
(percent)
Central
rate 1/
Parallel
rate 2/
Spread
(percent)
(In naira per U.S. dollar)
1992
January9.562716.629573.99.725817.300077.9
February10.226118.231378.310.556419.400083.4
March17.610720.278615.118.507020.25009.4
April18.507019.62316.018.507019.62316.0
May18.459819.40005.118.457319.40005.1
June18.456319.46005.418.437419.60006.3
July18.437919.40447.418.440019.97508.3
August18.481420.29649.818.521721.225014.0
September19.349722.329815.419.566023.375019.5
October19.389022.988118.619.370423.325020.4
November19.439623.280019.819.660922.920016.6
December19.660922.243013.119.660923.650020.3
1993
January20.116624.388821.220.455224.450021.5
February21.847827.420025.524.565133.200035.2
March24.865132.757231.724.465139.250057.9
April22.646737.766366421.996034.8000582
May21.996032.787549.121.996031.800044.6
June21.996034.033354.721.996036.150064.3
Jury21.886136.903868.621.886136.750067.9
August21.886137.295070.421.886136.950068.8
September21.886138.753477.121.486140.175083.6
October21.486142.442593.921.486142.400093.7
November21.886143.350698.121.486144.4000102.9
December21486146.0452110.421.886146.4000112.0
1994
January21.886143.665099.521.486158.5000167.3
February21.8861474800118.421.886150.2750129.7
March21.886160.9900178.721.886148.3000120.7
April21.886148.6650122.421.886148.6650122.4
May21.886149.5100126.221.886149.4500125.9
June21.886150.2100129.421.886150.7500131.9
July21.886152.7000140.421.886152.7500141.0
August21.886154.0650147.021.886157.0000160.4
September21.886166.3600204.121.886170.0000219.4
October21.886181.6050272.921.886189.7500310.1
November21.886193.2050325.921.886188.5000304.4
December21.886180.0750265.921.886183.7500282.7
1995
January21.886180.3600267221.886178.0000256.4
February21.886180.6400268.521.886185.0000288.4
March21.886183.4700281.421.886181.5010272.4
April21.886182.2400275.821.886182.5000277.0
May21.886182.5880277.421.886183.0000279.2
June21.886182.4921278.721.886183.3500280.4
July21.886182.5048278.821.886183.5000281.5
August21.886183.5682281.821.886184.4500287.7
September21.886186.2047293.921.886187.5000299.8
October21.886186.2750294.221.886186.6500295.9
November21.886188.5250304.521.886190.0000311.2
December21.886186.5737295.621.886186.0000292.9
1996
January21.886185.4300290.321.886185.0000288.4
February21.886185.5500290.921.886184.7500287.2
March21.886184.6750286.921.886184.0000283.8
April21.886183.3550280.921.886184.0000283.8
May21.886184.6000286.521.886184.0000283.8
June21.886184.1450284.521.886184.8000287.5
Source: Central Bank of Nigeria.

The central rate refers to the interbank market rate after March 1992.

Prior to 1995, the parallel rate refers to the bureau de change exchange rate, except in 1994 when the parallel rate is reported; from 1995 onwards it refers to the autonomous foreign exchange market rate.

APPENDIX: Summary of the Tax System as of June 1996

(All amounts in naira)

Those earning annual income below N 10,000 are tax exempt.
With effect from January 1, 1987, an advanced payment of 25 percent of the assessed duty is required.
TaxNature of TaxExemption and DeductionsRates
1. Tax on net income and profits
1.1 Company income tax (Companies Income Tax Act of 1979 as amended to date).Annual tax on profits of companies, except those engaged in exploration, drilling, and extraction of petroleum and natural gas. Total profits are defined as assessable profits from all sources after adjusting for balancing charges, losses, investment, and capital allowances. Losses may be carried forward against future profits for four years.Exempt are:
- nonprofit organizations, including religious and educational institutions;
- companies with pioneer status have a tax holiday of between three to five years;
- interest on public loans;
- dividends paid out by companies with pioneer status.
Deductions include expenditure incurred in the earning of income. Apart from the usual expenses, those include: contributions to pension funds, Industrial Training Fund contributions, royalty payments up to a maximum of 1 percent of sales, donations out of profits to a maximum of 10 percent of total profits, and reserves made out of profits for research and development, up to a maximum of 10 percent of total profits.
Dividends received from investments in export-oriented companies are exempt.
Dividends from small companies in the manufacturing sectors in the first five years of operation are exempt.
30 percent of taxable income; 20 percent if engaged in manufacturing and the turnover is N 1 million or less for the first five years of operation. There is, however, a minimum tax base of:
- 0.5 percent of gross profits, or
- 0.5 percent of net assets, or
- 0.25 percent of paid up capital, or
- 0.25 percent of turnover, whichever is the highest, for turnover of N 500,000 or less. For turnover of more than N 500,000, the minimum tax on turnover up to N 500,000 plus 0.125 percent of the turnover in excess of N 500,000.
Instead of a depreciation provision, there is a system of capital allowances for prescribed assets. These allowances consist of a straight-line method of spreading annual allowances over the specified period of write-off. The annual claim for capital allowances by companies (except manufacturing, agro-allied and agricultural trade or business) are limited to 62 2/3 percent of prescribed assets. An additional 5 percent initial allowance is granted for certain expenditure items. Agro-allied companies receive in addition an investment allowance of 10 percent.
Export processing in bonded export zone will be entitled to 100 percent first-year capital allowance on their qualifying expenditure.
–All new industrial undertakings in any export processing zone in Nigeria are provided with full tax holidays for three consecutive assessment years, provided that exports of the company or person are not less than 75 percent of the total turnover.
1.2 Petroleum profit tax (Petroleum Profit Tax Act of 1959 as amended in 1979 and 1986).Annual tax on profits of companies engaged in exploration, drilling, and extraction of petroleum and natural gas. Income generated by a petroleum company not related to its petroleum operations is subject to the company income tax. Tax payments are spread over 12 monthly installments. In determining profits, exports of crude oil are valued at a posted price, which is determined by the Government, while domestic sales are valued at the actual price.Deductions include any current expenditure incurred in the earning of income, and royalties and duties to the Federal Government or local authorities. All capital expenditure can be amortized in five equal annual installments; 1 percent of the initial cost of each asset has to be retained on the books.

An investment tax credit in the year of such expenditure is provided in the following cases: - operations on land, 5 percent;
- operations on offshore areas of water depth up to 100 meters, 10 percent;
- operations on offshore areas of water depth between 100-200 meters, 15 percent;
- operations on offshore areas of water depth beyond 200 meters, 20 percent.

Profits in the form of dividends derived from manufacturing companies in petrochemical and liquefied natural gas subsection are tax exempt.
68.75 percent for the first five accounting years, and 85 percent thereafter. The rate is never less than 15 percent of profits before capital allowances. In practice, the posted price is adjusted to guarantee producers a profit margin ranging between US$2 per barrel when oil prices are US$23 per barrel and below, and US$3 per barrel for oil priced at US$30 per barrel or above.

The royalty rate, which is levied only on exports, is graduated as follows:
- operations on land, 20 percent,
- operations on offshore areas up to 100-meter water depth, 18 1/2 percent
- beyond 100 meters, 16 2/3 percent.
1.3 Personal income tax (Income Tax Management Act of 1961 as amended to date).Progressive tax on chargeable income arrived at after deducting personal allowances, and exempted categories of income. Taxes on rents, dividends, royalties, and interest are withheld at source at a rate of 10 percent. For nonresidents, the withholding is the final tax.Exempted income:
- investment income of any pension fund;
- death gratuity and compensation for death, or injuries:
- the value of transport and rent subsidy paid by an employer to an employee up to N 2,436 and 28 percent of annual basic salary subject to a maximum of N 10,000 per annum, respectively,
- all retirement gratuities;
- compensation for loss of office;
- concessional tax rates also apply to proceeds of foreign earnings that are repatriated into Nigeria in convertible currencies;
- all salaries, dividends, interest, rent, royalties, fees, commissions, etc., earned from abroad and brought into Nigeria by Nigerian residents are free of taxes, provided the income is received in convertible currency, which is paid into a domiciliary account in a bank approved by the government.

Deductions and allowances:
- personal allowance of N 3,000 plus 15 percent of earned income; - child allowance of N 1,500 per child, with a maximum of four children under 16 years of age. Full-time students over 16 years remain eligible for allowance; wife allowance is no longer applicable;
- dependent relative allowance of N 1,000; disabled person additional earned income of N 2,000 or 10 percent of his/her earned income, whichever is lower,
- all life insurance premiums;
- interest on loans for owner-occupied house;
- contributions to pension, provident, or other retirement benefit funds;
- losses incurred in trade or business, profession, or vocations;
- equity shareholding in company floated exclusively for research and development on 25 percent of chargeable income in year of assessment;
- tax exempt dividends for three years, if:
• company incorporated in Nigeria;
• equity participation imported into country between January 1, 1987 and December 11, 1992;
• recipient’s equity in company constitutes at least 10 percent of the company’s share capital;
- tax exemption extended to five years, if company is engaged in agricultural production, petrochemical, or liquefied natural gas production.
Taxable incomeRate
(percent)
First N 10,0005
Next N 10,00010
Next N 20,00015
Next N 20,00020
Next N 60,00025
1.4 Capital gains tax (Capital Gains Tax Act of 1967).A tax levied on capital gains by individuals or companies accruing and derived from the sale, lease, or transfer of property rights in chargeable assets in or outside Nigeria. Capital losses cannot be offset against capital gains. Chargeable assets consist of loans, buildings, movable assets (such as motor vehicles), stocks, and shares in Nigerian companies.Exempted institutions include charitable, religious, and educational organizations, pension funds, and trade unions, provided that the gain is not derived in connection with trade or business carried out by the institution. Exempted items include the main private residence of an individual, life insurance policies, Nigerian government securities, gifts, and Nigerian currency10 percent
2. Taxes on property
2.1 Capital transfer tax (Capital Transfer Tax Act of 1979).A progressive inheritance tax, and tax on gifts during lifetime.Exemptions:
- the family house:
- the first N 100.000 of the transfer:
- property outside Nigeria;
- works of art donated to specified institutions; and
- scientific collections bequeathed to a museum.
Net value of the taxable propertyRate (in percent)
First N 100,000--
Next N 150,00010
Next N 150,00020
Next N 250,00030
Next N 500,00040
Next N 1,000,00050
Thereafter,60
3. Payroll tax
3.1 Industrial Training Fund levyAn obligatory contribution to the Industrial Training Fund by employers in industry and commerce.Exemptions:
Employers with fewer than 25 employees.
1 percent of annual payroll.
3.2 National Provident Fund levyAn obligatory contribution to the National Provident Fund.Exemptions:
Employers with fewer than 10 employees.
Employers contribute 6 percent of employees salary to the National Provident Fund. Theoretically, employees make a similar contribution. However, in practice, the maximum monthly contribution per employee is N 4.
3.3 Education levyAn obligatory contribution for primary and secondary education.Exemptions:2 percent of annual salary
4. Taxes on goods and services
4.1 Value-added tax (Decree 102 of 1993).VAT replaces the sales tax and covers all items not on the exclusion list. Effective January 1, 1994.Exempted items include:

Goods
(a) medical and pharmaceutical products;
(b) basic food items: beans, yam tubers, cassava, maize, millet, rice, milk, meat, fish, and infant food;
(c) books and educational materials, including exercise books, laboratory equipment, school fees, PTA levies, etc.;
(d) newspapers and magazines;
(e) baby products, including feeding bottles, carriages, clothes, napkins, baby cream and powder, soap, toys, and baby dresses;
(f) commercial vehicles and their spare parts; and
(g) agricultural equipment and products, fertilizer, and veterinary medicine.

Services
(a) medical services;
(b) services by community banks, peoples banks, and mortgage institutions; and
(c) plays and performances conducted by educational institutions as part of learning.

Educational goods and services incidental to education by an educational institution are also exempt.
The tax carries a flat rate of 5 percent. However, exports are zero rated.
4.2 Excise tax (Excise Tariff Consolidation Decree of 1973, as amended in 1974, 1989, 1993, 1994, and 1995).Excise duties are levied at ad valorem rates on selected goods manufactured or produced in Nigeria.Exempt from excise duties are all goods other than alcohol, tobacco, refined petroleum products, liquefied gas, structures and other products fabricated from metal, soft drinks, aerated water, sweets, cosmetics, soaps, plastics, fabrics, footwear, enamel wares, jewelry and imitation jewelry, air-conditioners, and refrigerators and freezers.Various rates, ranging from 5 to 40 percent.
5. Taxes on international transactions
5.1 Import duties (Customs Tariff Consolidation Act of 1973, as amended in 1984, 1989, 1993, 1994 and 1995).A tax on merchandise imports.Exemptions include: Aircraft equipment used by foreign airlines; films for educational, scientific or cultural character imported by the United Nations or its agencies or an approved educational or scientific organization; fuel, lubricants, etc., used exclusively for operation of military equipment or aircraft; government imports by internationally recognized nonprofit organizations or by the Head of State, consular offices, or under diplomatic privilege, or for other technical assistance purposes; and life-saving appliances.A new tariff structure, which includes a narrower and lower range of customs duty rates, was effected in March 1995. The dispersion in import duty rates was reduced from 0-300 percent to 5-100 percent, with most rates clustering between 10-40 percent compared to the previous structure of 25-75 percent.
Rate 1/
(in percent)
Raw materials5-25
Components5-50
Clothing55
Luxury consumer goods (except automobiles)30-50
Paper products10-45
Vehicles5-50
Soya meal, soya cake and groundnut cake35
Refined petroleum products10
Wheat60
5.2 Import surchargesA tax on merchandise imports.Same as above.Three import duty surcharges apply: - a 5 percent Port Development Surcharge;
- a 1 percent Raw Materials and Development Council Surcharge; and
- a 0.02 percent Freight Rate Stabilization Surcharge earmarked for the Nigerian Shippers Council.
6. Other taxes
6.1 Stamp dutiesA tax imposed on most legal documents.The rates vary with the type of document. The highest rates of duty relate to transfers of real estate (0.75 percent), leases (4 to 6 percent), and share capital (1.25 percent).
6.2 Company pre-operation levyA tax on registered companies which after six months of incorporation fail to commence business. The tax is imposed on an annual basis for as long as the company remains dormant, and before a tax clearance certificate is issued to such company.N 500 for the first year of obtaining a tax clearance certificate; N 400 in each of the subsequent years.

These rates apply to the 1995 tariff regime.

Other Resources Citing This Publication