Abstract
The success of Nigeria’s reforms brings new policy challenges for preserving and building on the reform gains. The immediate challenge is to enshrine a fiscal institution that ensures that fiscal policy is consistent with macroeconomic stability. Nigeria’s integration into the global economy brings new challenges for ensuring financial stability. Monetary policy has strengthened. The balance of payments outlook is consistent with external stability. Non-oil sector growth can only be sustained with supportive macroeconomic policies and a resolution of the infrastructure gap.
I. Developments and Outlook1
Nigeria’s economic performance has been strong since the 2005 Article IV discussions (Figure 1), and the immediate outlook is favorable.
Recent Developments
Citation: IMF Staff Country Reports 2008, 064; 10.5089/9781451829068.002.A001
Sources: Nigerian authorities and IMF staff estimates.
Recent Developments
Citation: IMF Staff Country Reports 2008, 064; 10.5089/9781451829068.002.A001
Sources: Nigerian authorities and IMF staff estimates.Recent Developments
Citation: IMF Staff Country Reports 2008, 064; 10.5089/9781451829068.002.A001
Sources: Nigerian authorities and IMF staff estimates.1. Economic growth has been strong and prospects are good. Non-oil sector growth is expected to stay robust at about 9 percent. Public and private demand has contributed, with the latter supported by credit growth. Risks relate to the large share of agriculture that is weather dependent. In the oil and gas sector, growth is constrained by unrest in the Niger Delta, but will benefit from the recently completed West African gas pipeline. In the medium term, the authorities anticipate a 50 percent increase in oil production from current levels. Box 1 describes revisions to the national accounts.
Nigeria: Selected Economic Indicators
(Percent of GDP, unless otherwise stated)
Nigeria: Selected Economic Indicators
(Percent of GDP, unless otherwise stated)
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |
|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||
| Real GDP growth (percent) | 6.5 | 6.0 | 6.3 | 9.0 | 8.3 | 7.0 | 7.0 | 8.1 |
| Consumer price inflation, annual average (percent) | 17.8 | 8.3 | 5.4 | 7.3 | 8.5 | 8.5 | 8.5 | 8.5 |
| Overall fiscal balance | 9.4 | 7.7 | 0.4 | 6.2 | 4.8 | 4.6 | 3.9 | 4.1 |
| Non-oil primary fiscal balance (percent non-oil GDP) | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | -25.0 | -25.0 |
| Current account balance | 7.1 | 9.4 | 0.8 | 4.7 | 2.4 | 3.1 | 2.9 | 3.4 |
Nigeria: Selected Economic Indicators
(Percent of GDP, unless otherwise stated)
| 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |
|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||
| Real GDP growth (percent) | 6.5 | 6.0 | 6.3 | 9.0 | 8.3 | 7.0 | 7.0 | 8.1 |
| Consumer price inflation, annual average (percent) | 17.8 | 8.3 | 5.4 | 7.3 | 8.5 | 8.5 | 8.5 | 8.5 |
| Overall fiscal balance | 9.4 | 7.7 | 0.4 | 6.2 | 4.8 | 4.6 | 3.9 | 4.1 |
| Non-oil primary fiscal balance (percent non-oil GDP) | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | -25.0 | -25.0 |
| Current account balance | 7.1 | 9.4 | 0.8 | 4.7 | 2.4 | 3.1 | 2.9 | 3.4 |
2. Fiscal spending has been contained during the oil boom to manage demand pressures. Unlike in past oil booms, domestic demand was contained by an oil-price-based fiscal rule and by directing revenue windfalls to an oil savings account at the central bank. Execution of the 2007 budget was mostly as projected at the fourth review of the Policy Support Instrument (PSI). The government’s medium-term fiscal strategy is consistent with macroeconomic objectives.
3. The central bank met its inflation target. Liquidity mop up, effective appreciation of the naira (including through unification of the foreign exchange market), a pick up in money demand, and easing food prices helped bring inflation to about 5½ percent on average at end-2007. Core inflation, while more variable, is also in single digits. Keeping headline inflation in single digits remains the policy goal. Supply-side developments—particularly in agriculture—will impact the headline rate.
4. Challenges in meeting monetary targets are being addressed. The reserve money program was difficult to implement owing to the large infusion of oil revenues and to weak and delayed data. Moreover, available operational instruments were limited. These issues are being addressed, and implementation has improved considerably through a Monetary Policy Implementation Committee. To improve the operation of the short-term interbank market, the central bank is using a standing facility and a daily two-way quote in the market.
5. Fiscal and external sustainability have improved. Oil proceeds were used to build savings and repay most external debt. This was complemented by Paris Club debt relief. External reserves increased steeply, boosting both investor confidence and Nigeria’s sovereign ratings, giving the private sector greater access to international financial markets.
6. Integration into global financial markets, developments in domestic markets, and improved fundamentals have resulted in a growing financial sector. Much improved domestic fundamentals, global liquidity conditions, and investors’ search for yield have drawn investor flows. In addition, remittances have risen as investment opportunities have opened up. The banking sector has taken advantage of investor interest to build further on the increase in capital that was achieved when the 89 banks in the sector were consolidated into 25 banks by end-2005.
7. The authorities’ policy program, supported by the PSI, was in accord with the Board’s conclusions at the 2005 Article IV consultation.2 Directors encouraged the authorities to continue efforts to stabilize the economy; improve public expenditure management, including through passage of fiscal responsibility legislation; restructure and better capitalize the banking system; unify the foreign exchange market; and pursue structural reforms that would improve government operations and the business environment. Significant progress has been made in these areas.
Revised National Accounts
Nigeria published revised national accounts in October 2007 (Table 6). A revised series, for 1981–2006, was made possible by new surveys that resulted in a significant upward revision of nominal non-oil GDP and some revisions to real growth estimates. Nominal GDP in 2006 is 26 percent higher than in the old series (Table 7). This means that compared with previous staff reports, ratios of economic variables, such as fiscal balances to non-oil GDP, are much lower. The share of the oil sector in 2006 GDP declines from 48 to 37 percent.
Efforts to strengthen national accounts statistics are ongoing. The compilation methodologies for sector data, including natural gas and agriculture, and the deflator are being reviewed owing to weaknesses in these areas (see Annex III). The IMF and others are providing technical assistance.
Nigeria: Selected Economic and Financial Indicators, 2004–12
Including the naira-denominated component.
Nigeria: Selected Economic and Financial Indicators, 2004–12
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | |||||||||
| National income and prices (annual percentage change, unless otherwise specified) | |||||||||||
| Real GDP (at 1990 factor cost) | 10.5 | 6.5 | 6.0 | 6.3 | 9.0 | 8.3 | 7.0 | 7.0 | 8.1 | ||
| Oil GDP | 3.3 | 0.5 | -4.5 | -5.6 | 9.0 | 7.5 | 2.5 | 2.0 | 8.2 | ||
| Non-oil GDP | 13.2 | 8.6 | 9.4 | 9.6 | 9.0 | 8.5 | 8.1 | 8.1 | 8.1 | ||
| Production of crude oil (million barrels per day) | 2.50 | 2.51 | 2.36 | 2.16 | 2.36 | 2.54 | 2.60 | 2.65 | 2.87 | ||
| Nominal GDP at market prices (billions of naira) | 11,674 | 14,735 | 18,710 | 20,845 | 24,893 | 27,672 | 31,500 | 36,192 | 42,374 | ||
| Nominal non-oil GDP at factor cost (billions of naira) | 7,163 | 8,907 | 11,582 | 13,438 | 15,669 | 18,419 | 21,597 | 25,380 | 29,833 | ||
| Nominal GDP per capita (U.S. dollars) | 656 | 824 | 1,049 | 1,158 | 1,427 | 1,557 | 1,666 | 1,738 | 1,849 | ||
| GDP deflator | 20.7 | 19.8 | 19.5 | 4.8 | 9.6 | 2.6 | 6.4 | 7.4 | 8.3 | ||
| Non-oil GDP deflator | 10.1 | 14.5 | 18.8 | 5.8 | 7.0 | 8.3 | 8.5 | 8.7 | 8.7 | ||
| Consumer price index (annual average) | 15.0 | 17.8 | 8.3 | 5.4 | 7.3 | 8.5 | 8.5 | 8.5 | 8.5 | ||
| Consumer price index (end of period) | 10.1 | 11.6 | 8.5 | 5.6 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | ||
| Consolidated government operations (consists of federal, state, and local governments; percent of GDP) | |||||||||||
| Total revenues and grants | 35.4 | 38.1 | 34.1 | 28.2 | 31.1 | 30.7 | 30.9 | 30.3 | 30.3 | ||
| Of which: oil and gas revenue | 28.7 | 32.3 | 29.1 | 21.9 | 25.2 | 24.4 | 24.4 | 24.0 | 24.0 | ||
| Total expenditure and net lending (commitment basis) | 29.1 | 30.0 | 26.4 | 27.3 | 24.9 | 25.9 | 26.4 | 26.4 | 26.2 | ||
| Overall balance (commitment basis) | 6.3 | 8.1 | 7.7 | 0.9 | 6.2 | 4.8 | 4.6 | 3.9 | 4.1 | ||
| Non-oil primary balance (percent of non-oil GDP) | -23.9 | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | -25.0 | -25.0 | ||
| Excess crude account (billions of U.S. dollars) 1 | 5.1 | 9.9 | 13.3 | 17.3 | … | … | … | … | … | ||
| Money and credit (change in percent of broad money at the beginning of the period) | |||||||||||
| Broad money | 14.0 | 16.0 | 39.9 | 28.3 | 23.1 | … | … | … | … | ||
| Net foreign assets | 62.3 | 61.8 | 68.6 | 27.1 | 50.1 | … | … | … | … | ||
| Net domestic assets | -49.9 | -45.8 | -28.7 | 1.3 | -27.0 | … | … | … | … | ||
| Credit to consolidated government | -42.1 | -17.4 | -34.5 | -31.2 | -33.2 | … | … | … | … | ||
| Credit to the rest of the economy | 15.7 | 19.5 | 20.0 | 51.6 | 23.4 | … | … | … | … | ||
| Velocity | 3.2 | 3.4 | 3.2 | 2.9 | 2.7 | … | … | … | … | ||
| Treasury bill rate (percent; end of period) | 15.5 | 12.2 | 7.4 | … | … | … | … | … | … | ||
| External sector (annual percentage change, unless otherwise specified) | |||||||||||
| Exports, f.o.b. | 34.0 | 36.1 | 17.8 | 3.6 | 28.8 | 1.8 | 4.8 | 4.4 | 10.0 | ||
| Oil export volume | 2.5 | -3.5 | -2.7 | -9.5 | 5.3 | 8.2 | 2.7 | 2.2 | 9.0 | ||
| Imports, f.o.b. | -6.0 | 32.2 | 21.4 | 24.6 | 14.3 | 12.5 | 5.8 | 5.8 | 6.0 | ||
| Terms of trade | 20.5 | 38.0 | 18.2 | 11.4 | 19.6 | -7.1 | -0.4 | -2.4 | -2.0 | ||
| Price of Nigerian oil (U.S. dollars per barrel) | 38.3 | 55.3 | 65.3 | 73.0 | 88.5 | 83.0 | 83.5 | 83.3 | 83.3 | ||
| Nominal effective exchange rate (end of period) | -2.8 | 10.4 | -6.0 | … | … | … | … | … | … | ||
| Real effective exchange rate (end of period) | 4.0 | 19.7 | -0.5 | … | … | … | … | … | … | ||
| External debt outstanding (billions of U.S. dollars) | 35.9 | 20.5 | 3.5 | 3.3 | 3.4 | 4.2 | 5.2 | 6.2 | 7.2 | ||
| Gross international reserves (billions of U.S. dollars) | 17.0 | 28.3 | 41.8 | 52.1 | 73.2 | 91.0 | 111.8 | 133.4 | 158.0 | ||
| (equivalent months of imports of goods and services) | 5.8 | 8.3 | 10.1 | 11.2 | 14.1 | 16.6 | 19.2 | 21.5 | 23.8 | ||
Including the naira-denominated component.
Nigeria: Selected Economic and Financial Indicators, 2004–12
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | |||||||||
| National income and prices (annual percentage change, unless otherwise specified) | |||||||||||
| Real GDP (at 1990 factor cost) | 10.5 | 6.5 | 6.0 | 6.3 | 9.0 | 8.3 | 7.0 | 7.0 | 8.1 | ||
| Oil GDP | 3.3 | 0.5 | -4.5 | -5.6 | 9.0 | 7.5 | 2.5 | 2.0 | 8.2 | ||
| Non-oil GDP | 13.2 | 8.6 | 9.4 | 9.6 | 9.0 | 8.5 | 8.1 | 8.1 | 8.1 | ||
| Production of crude oil (million barrels per day) | 2.50 | 2.51 | 2.36 | 2.16 | 2.36 | 2.54 | 2.60 | 2.65 | 2.87 | ||
| Nominal GDP at market prices (billions of naira) | 11,674 | 14,735 | 18,710 | 20,845 | 24,893 | 27,672 | 31,500 | 36,192 | 42,374 | ||
| Nominal non-oil GDP at factor cost (billions of naira) | 7,163 | 8,907 | 11,582 | 13,438 | 15,669 | 18,419 | 21,597 | 25,380 | 29,833 | ||
| Nominal GDP per capita (U.S. dollars) | 656 | 824 | 1,049 | 1,158 | 1,427 | 1,557 | 1,666 | 1,738 | 1,849 | ||
| GDP deflator | 20.7 | 19.8 | 19.5 | 4.8 | 9.6 | 2.6 | 6.4 | 7.4 | 8.3 | ||
| Non-oil GDP deflator | 10.1 | 14.5 | 18.8 | 5.8 | 7.0 | 8.3 | 8.5 | 8.7 | 8.7 | ||
| Consumer price index (annual average) | 15.0 | 17.8 | 8.3 | 5.4 | 7.3 | 8.5 | 8.5 | 8.5 | 8.5 | ||
| Consumer price index (end of period) | 10.1 | 11.6 | 8.5 | 5.6 | 8.5 | 8.5 | 8.5 | 8.5 | 8.5 | ||
| Consolidated government operations (consists of federal, state, and local governments; percent of GDP) | |||||||||||
| Total revenues and grants | 35.4 | 38.1 | 34.1 | 28.2 | 31.1 | 30.7 | 30.9 | 30.3 | 30.3 | ||
| Of which: oil and gas revenue | 28.7 | 32.3 | 29.1 | 21.9 | 25.2 | 24.4 | 24.4 | 24.0 | 24.0 | ||
| Total expenditure and net lending (commitment basis) | 29.1 | 30.0 | 26.4 | 27.3 | 24.9 | 25.9 | 26.4 | 26.4 | 26.2 | ||
| Overall balance (commitment basis) | 6.3 | 8.1 | 7.7 | 0.9 | 6.2 | 4.8 | 4.6 | 3.9 | 4.1 | ||
| Non-oil primary balance (percent of non-oil GDP) | -23.9 | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | -25.0 | -25.0 | ||
| Excess crude account (billions of U.S. dollars) 1 | 5.1 | 9.9 | 13.3 | 17.3 | … | … | … | … | … | ||
| Money and credit (change in percent of broad money at the beginning of the period) | |||||||||||
| Broad money | 14.0 | 16.0 | 39.9 | 28.3 | 23.1 | … | … | … | … | ||
| Net foreign assets | 62.3 | 61.8 | 68.6 | 27.1 | 50.1 | … | … | … | … | ||
| Net domestic assets | -49.9 | -45.8 | -28.7 | 1.3 | -27.0 | … | … | … | … | ||
| Credit to consolidated government | -42.1 | -17.4 | -34.5 | -31.2 | -33.2 | … | … | … | … | ||
| Credit to the rest of the economy | 15.7 | 19.5 | 20.0 | 51.6 | 23.4 | … | … | … | … | ||
| Velocity | 3.2 | 3.4 | 3.2 | 2.9 | 2.7 | … | … | … | … | ||
| Treasury bill rate (percent; end of period) | 15.5 | 12.2 | 7.4 | … | … | … | … | … | … | ||
| External sector (annual percentage change, unless otherwise specified) | |||||||||||
| Exports, f.o.b. | 34.0 | 36.1 | 17.8 | 3.6 | 28.8 | 1.8 | 4.8 | 4.4 | 10.0 | ||
| Oil export volume | 2.5 | -3.5 | -2.7 | -9.5 | 5.3 | 8.2 | 2.7 | 2.2 | 9.0 | ||
| Imports, f.o.b. | -6.0 | 32.2 | 21.4 | 24.6 | 14.3 | 12.5 | 5.8 | 5.8 | 6.0 | ||
| Terms of trade | 20.5 | 38.0 | 18.2 | 11.4 | 19.6 | -7.1 | -0.4 | -2.4 | -2.0 | ||
| Price of Nigerian oil (U.S. dollars per barrel) | 38.3 | 55.3 | 65.3 | 73.0 | 88.5 | 83.0 | 83.5 | 83.3 | 83.3 | ||
| Nominal effective exchange rate (end of period) | -2.8 | 10.4 | -6.0 | … | … | … | … | … | … | ||
| Real effective exchange rate (end of period) | 4.0 | 19.7 | -0.5 | … | … | … | … | … | … | ||
| External debt outstanding (billions of U.S. dollars) | 35.9 | 20.5 | 3.5 | 3.3 | 3.4 | 4.2 | 5.2 | 6.2 | 7.2 | ||
| Gross international reserves (billions of U.S. dollars) | 17.0 | 28.3 | 41.8 | 52.1 | 73.2 | 91.0 | 111.8 | 133.4 | 158.0 | ||
| (equivalent months of imports of goods and services) | 5.8 | 8.3 | 10.1 | 11.2 | 14.1 | 16.6 | 19.2 | 21.5 | 23.8 | ||
Including the naira-denominated component.
Nigeria: Consolidated Government (Cash Basis), 2004–10
(Billions of naira)
Includes capital contributions to joint venture projects with oil companies for power plants.
Actual cash spending
Nigeria: Consolidated Government (Cash Basis), 2004–10
(Billions of naira)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||||||
| Total revenue | 4,127 | 5,621 | 6,376 | 5,886 | 7,741 | 8,510 | 9,752 | |||||
| Oil and gas revenue | 3,355 | 4,759 | 5,445 | 4,555 | 6,262 | 6,762 | 7,681 | |||||
| Government crude receipts | 1,440 | 1,938 | 1,994 | 1,452 | 2,474 | 2,674 | 2,870 | |||||
| Petroleum profit tax and royalty | 1,184 | 1,905 | 2,038 | 1,766 | 2,377 | 2,455 | 2,683 | |||||
| Petroleum profit tax | 826 | 1,312 | 1,442 | 1,203 | 1,721 | 1,846 | 2,043 | |||||
| Royalty | 358 | 593 | 597 | 562 | 656 | 609 | 640 | |||||
| Gas sales | 91 | 139 | 190 | 234 | 256 | 387 | 500 | |||||
| Other oil revenue (gas flared; pipeline fees) | 5 | 5 | 3 | 2 | 1 | 3 | 0 | |||||
| Domestic crude | 635 | 771 | 1,062 | 1,020 | 1,126 | 1,243 | 1,628 | |||||
| Signature bonus | 0 | 0 | 158 | 83 | 28 | 0 | 0 | |||||
| Non-oil revenue | 773 | 863 | 931 | 1,331 | 1,479 | 1,747 | 2,071 | |||||
| Import and excise duties | 217 | 233 | 178 | 246 | 291 | 349 | 445 | |||||
| Companies income tax | 130 | 162 | 245 | 335 | 391 | 469 | 566 | |||||
| Value-added tax | 157 | 184 | 227 | 300 | 364 | 449 | 527 | |||||
| Education tax | 17 | 22 | 30 | 43 | 50 | 59 | 72 | |||||
| Federal government independent revenue | 59 | 55 | 33 | 168 | 120 | 130 | 135 | |||||
| State and local governments’ internal revenue | 157 | 175 | 190 | 200 | 217 | 236 | 256 | |||||
| Customs levies | 35 | 32 | 29 | 40 | 47 | 56 | 72 | |||||
| Total consolidated expenditure | 3,177 | 4,234 | 4,933 | 5,795 | 6,190 | 7,170 | 8,315 | |||||
| Total federal government and extrabudgetary expenditure | 1,654 | 2,223 | 2,428 | 3,022 | 3,384 | 3,853 | 4,404 | |||||
| Recurrent expenditure | 1,393 | 1,879 | 1,866 | 2,246 | 2,468 | 2,703 | 2,939 | |||||
| Goods and services | 571 | 730 | 888 | 1,139 | 1,210 | 1,354 | 1,468 | |||||
| Personnel and pensions | 443 | 527 | 665 | 864 | 943 | 1,023 | 1,115 | |||||
| Personnel | 370 | 443 | 528 | 700 | 780 | 859 | 936 | |||||
| Pensions | 72 | 84 | 137 | 164 | 163 | 164 | 178 | |||||
| Overhead cost | 128 | 203 | 223 | 275 | 267 | 332 | 353 | |||||
| Interest payments | 231 | 382 | 187 | 208 | 203 | 233 | 246 | |||||
| Transfers | 591 | 767 | 791 | 899 | 1,055 | 1,116 | 1,225 | |||||
| Of which: NNPC cash calls 1 | 455 | 532 | 528 | 563 | 586 | 581 | 602 | |||||
| Federal government capital expenditure | 261 | 344 | 562 | 776 | 916 | 1,150 | 1,465 | |||||
| Domestically financed 2 | 231 | 254 | 495 | 705 | 850 | 1,081 | 1,388 | |||||
| Foreign financed | 30 | 90 | 67 | 71 | 65 | 69 | 78 | |||||
| State and local governments | 1,523 | 1,961 | 2,308 | 2,498 | 2,595 | 3,043 | 3,617 | |||||
| Primary expenditure | 1,515 | 1,928 | 2,301 | 2,491 | 2,591 | 3,039 | 3,613 | |||||
| External interest payment, cash | 8 | 33 | 7 | 7 | 4 | 3 | 4 | |||||
| Explicit fuel subsidy | 0 | 0 | 4 | 40 | 0 | 0 | 0 | |||||
| Large-scale infrastructure projects | 0 | 50 | 194 | 235 | 211 | 275 | 294 | |||||
| Overall balance (cash basis) | 951 | 1,387 | 1,443 | 92 | 1,552 | 1,340 | 1,438 | |||||
| Financing | -925 | -1,183 | -1,637 | -1,096 | -1,552 | -1,340 | -1,438 | |||||
| External | -155 | -868 | -761 | -52 | 14 | 119 | 132 | |||||
| Borrowing | 30 | 90 | 67 | 71 | 65 | 127 | 138 | |||||
| Amortization, cash | -185 | -958 | -60 | -124 | -52 | -9 | -6 | |||||
| Debt buyback | 0 | 0 | -767 | 0 | 0 | 0 | 1 | |||||
| Domestic financing | -777 | -393 | -905 | -1,145 | -1,565 | -1,459 | -1,569 | |||||
| Central bank (net, consolidated government) | -975 | -503 | -1,306 | -1,227 | -1,765 | -1,759 | -1,669 | |||||
| Commercial banks (net, federal government) | 193 | 95 | 398 | 82 | 200 | 300 | 100 | |||||
| Commercial banks (net, states and local governments) | 4 | 15 | 4 | 0 | 0 | 0 | 0 | |||||
| Privatization proceeds | 0 | 20 | 30 | 102 | 0 | 0 | 0 | |||||
| Recovered funds | 7 | 59 | 0 | 0 | 0 | 0 | 0 | |||||
| Statistical discrepancy | 26 | 204 | -194 | -1,004 | 0 | 0 | 0 | |||||
| Non-oil primary balance, federation (incl. explicit fuels subsidy) | -1,710 | -2,424 | -3,280 | -3,686 | -3,917 | -4,605 | -5,392 | |||||
| Non-oil primary balance, state and local government | -1,060 | -1,424 | -1,809 | -1,801 | -1,766 | -2,064 | -2,467 | |||||
| Nominal GDP (billions of naira) | 11,674 | 14,735 | 18,710 | 20,845 | 24,893 | 27,672 | 31,500 | |||||
| Non-oil GDP (billions of naira) | 7,163 | 8,907 | 11,582 | 13,438 | 15,669 | 18,419 | 21,597 | |||||
Includes capital contributions to joint venture projects with oil companies for power plants.
Actual cash spending
Nigeria: Consolidated Government (Cash Basis), 2004–10
(Billions of naira)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||||||
| Total revenue | 4,127 | 5,621 | 6,376 | 5,886 | 7,741 | 8,510 | 9,752 | |||||
| Oil and gas revenue | 3,355 | 4,759 | 5,445 | 4,555 | 6,262 | 6,762 | 7,681 | |||||
| Government crude receipts | 1,440 | 1,938 | 1,994 | 1,452 | 2,474 | 2,674 | 2,870 | |||||
| Petroleum profit tax and royalty | 1,184 | 1,905 | 2,038 | 1,766 | 2,377 | 2,455 | 2,683 | |||||
| Petroleum profit tax | 826 | 1,312 | 1,442 | 1,203 | 1,721 | 1,846 | 2,043 | |||||
| Royalty | 358 | 593 | 597 | 562 | 656 | 609 | 640 | |||||
| Gas sales | 91 | 139 | 190 | 234 | 256 | 387 | 500 | |||||
| Other oil revenue (gas flared; pipeline fees) | 5 | 5 | 3 | 2 | 1 | 3 | 0 | |||||
| Domestic crude | 635 | 771 | 1,062 | 1,020 | 1,126 | 1,243 | 1,628 | |||||
| Signature bonus | 0 | 0 | 158 | 83 | 28 | 0 | 0 | |||||
| Non-oil revenue | 773 | 863 | 931 | 1,331 | 1,479 | 1,747 | 2,071 | |||||
| Import and excise duties | 217 | 233 | 178 | 246 | 291 | 349 | 445 | |||||
| Companies income tax | 130 | 162 | 245 | 335 | 391 | 469 | 566 | |||||
| Value-added tax | 157 | 184 | 227 | 300 | 364 | 449 | 527 | |||||
| Education tax | 17 | 22 | 30 | 43 | 50 | 59 | 72 | |||||
| Federal government independent revenue | 59 | 55 | 33 | 168 | 120 | 130 | 135 | |||||
| State and local governments’ internal revenue | 157 | 175 | 190 | 200 | 217 | 236 | 256 | |||||
| Customs levies | 35 | 32 | 29 | 40 | 47 | 56 | 72 | |||||
| Total consolidated expenditure | 3,177 | 4,234 | 4,933 | 5,795 | 6,190 | 7,170 | 8,315 | |||||
| Total federal government and extrabudgetary expenditure | 1,654 | 2,223 | 2,428 | 3,022 | 3,384 | 3,853 | 4,404 | |||||
| Recurrent expenditure | 1,393 | 1,879 | 1,866 | 2,246 | 2,468 | 2,703 | 2,939 | |||||
| Goods and services | 571 | 730 | 888 | 1,139 | 1,210 | 1,354 | 1,468 | |||||
| Personnel and pensions | 443 | 527 | 665 | 864 | 943 | 1,023 | 1,115 | |||||
| Personnel | 370 | 443 | 528 | 700 | 780 | 859 | 936 | |||||
| Pensions | 72 | 84 | 137 | 164 | 163 | 164 | 178 | |||||
| Overhead cost | 128 | 203 | 223 | 275 | 267 | 332 | 353 | |||||
| Interest payments | 231 | 382 | 187 | 208 | 203 | 233 | 246 | |||||
| Transfers | 591 | 767 | 791 | 899 | 1,055 | 1,116 | 1,225 | |||||
| Of which: NNPC cash calls 1 | 455 | 532 | 528 | 563 | 586 | 581 | 602 | |||||
| Federal government capital expenditure | 261 | 344 | 562 | 776 | 916 | 1,150 | 1,465 | |||||
| Domestically financed 2 | 231 | 254 | 495 | 705 | 850 | 1,081 | 1,388 | |||||
| Foreign financed | 30 | 90 | 67 | 71 | 65 | 69 | 78 | |||||
| State and local governments | 1,523 | 1,961 | 2,308 | 2,498 | 2,595 | 3,043 | 3,617 | |||||
| Primary expenditure | 1,515 | 1,928 | 2,301 | 2,491 | 2,591 | 3,039 | 3,613 | |||||
| External interest payment, cash | 8 | 33 | 7 | 7 | 4 | 3 | 4 | |||||
| Explicit fuel subsidy | 0 | 0 | 4 | 40 | 0 | 0 | 0 | |||||
| Large-scale infrastructure projects | 0 | 50 | 194 | 235 | 211 | 275 | 294 | |||||
| Overall balance (cash basis) | 951 | 1,387 | 1,443 | 92 | 1,552 | 1,340 | 1,438 | |||||
| Financing | -925 | -1,183 | -1,637 | -1,096 | -1,552 | -1,340 | -1,438 | |||||
| External | -155 | -868 | -761 | -52 | 14 | 119 | 132 | |||||
| Borrowing | 30 | 90 | 67 | 71 | 65 | 127 | 138 | |||||
| Amortization, cash | -185 | -958 | -60 | -124 | -52 | -9 | -6 | |||||
| Debt buyback | 0 | 0 | -767 | 0 | 0 | 0 | 1 | |||||
| Domestic financing | -777 | -393 | -905 | -1,145 | -1,565 | -1,459 | -1,569 | |||||
| Central bank (net, consolidated government) | -975 | -503 | -1,306 | -1,227 | -1,765 | -1,759 | -1,669 | |||||
| Commercial banks (net, federal government) | 193 | 95 | 398 | 82 | 200 | 300 | 100 | |||||
| Commercial banks (net, states and local governments) | 4 | 15 | 4 | 0 | 0 | 0 | 0 | |||||
| Privatization proceeds | 0 | 20 | 30 | 102 | 0 | 0 | 0 | |||||
| Recovered funds | 7 | 59 | 0 | 0 | 0 | 0 | 0 | |||||
| Statistical discrepancy | 26 | 204 | -194 | -1,004 | 0 | 0 | 0 | |||||
| Non-oil primary balance, federation (incl. explicit fuels subsidy) | -1,710 | -2,424 | -3,280 | -3,686 | -3,917 | -4,605 | -5,392 | |||||
| Non-oil primary balance, state and local government | -1,060 | -1,424 | -1,809 | -1,801 | -1,766 | -2,064 | -2,467 | |||||
| Nominal GDP (billions of naira) | 11,674 | 14,735 | 18,710 | 20,845 | 24,893 | 27,672 | 31,500 | |||||
| Non-oil GDP (billions of naira) | 7,163 | 8,907 | 11,582 | 13,438 | 15,669 | 18,419 | 21,597 | |||||
Includes capital contributions to joint venture projects with oil companies for power plants.
Actual cash spending
Nigeria: Federal Government Budget, 2004–08
(Billions of naira)
Oil revenue net of cash call payments.
Excluding transfer to the NNPC for cash call payments. Includes fuel subsidy payments to independent marketers
Nigeria: Federal Government Budget, 2004–08
(Billions of naira)
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||||
| Total revenue 1 | 1,486 | 2,058 | 2,424 | 2,211 | 2,895 | |||||
| Petroleum revenue | 1,236 | 1,794 | 2,166 | 1,734 | 2,411 | |||||
| Crude receipts, net of cash calls and derivation | 603 | 800 | 926 | 683 | 1,105 | |||||
| Petroleum profit tax and royalty | 574 | 924 | 989 | 851 | 1,153 | |||||
| Petroleum profit tax | 401 | 636 | 699 | 580 | 835 | |||||
| Royalty | 173 | 288 | 289 | 271 | 318 | |||||
| Upstream gas sales and NLNG | 44 | 67 | 92 | 117 | 124 | |||||
| Other oil revenue (gas flared; pipeline fees) | 2 | 2 | 2 | 1 | 0 | |||||
| Signature bonus | 0 | 158 | 83 | 28 | ||||||
| Nonpetroleum revenue | 250 | 264 | 258 | 476 | 484 | |||||
| Import and excise duties | 105 | 108 | 80 | 111 | 131 | |||||
| Companies’ income tax | 63 | 76 | 114 | 156 | 182 | |||||
| Value-added tax | 23 | 25 | 31 | 42 | 51 | |||||
| Federal government independent revenue | 59 | 55 | 33 | 168 | 120 | |||||
| Total expenditure | 1,075 | 1,445 | 1,664 | 2,176 | 2,451 | |||||
| Recurrent expenditure | 844 | 1,192 | 1,169 | 1,471 | 1,600 | |||||
| Goods and services | 571 | 730 | 888 | 1,139 | 1,210 | |||||
| Personnel and pension | 443 | 527 | 665 | 864 | 943 | |||||
| Personnel | 370 | 443 | 528 | 700 | 780 | |||||
| Pensions | 72 | 84 | 137 | 164 | 163 | |||||
| Overhead cost | 128 | 203 | 223 | 275 | 267 | |||||
| Interest payments | 231 | 382 | 187 | 208 | 203 | |||||
| Domestic | 189 | 200 | 167 | 184 | 191 | |||||
| External, cash | 42 | 182 | 20 | 24 | 12 | |||||
| Transfers 2 | 42 | 79 | 94 | 141 | 188 | |||||
| Nigerian National Petroleum Corporation (NNPC) | 0 | 0 | 4 | 40 | 0 | |||||
| National Judicial Council | 28 | 33 | 35 | 42 | 78 | |||||
| Transfer to Niger Delta Development Commission | 14 | 22 | 26 | 24 | 70 | |||||
| Customs levies | 35 | … | … | … | … | |||||
| Education Fund | 17 | … | … | … | … | |||||
| Universal Basic Education Commission | … | 24 | 30 | 35 | 40 | |||||
| Capital expenditure | 231 | 254 | 495 | 705 | 850 | |||||
| Overall balance (cash basis) | 411 | 612 | 760 | 35 | 444 | |||||
| Financing | -517 | -963 | -1,433 | -614 | -444 | |||||
| External | -155 | -716 | -621 | -93 | -39 | |||||
| Borrowing | 30 | 0 | 0 | 0 | 0 | |||||
| Amortization, cash | -155 | -716 | -45 | -93 | -39 | |||||
| Debt buyback | 0 | 0 | -576 | 0 | 0 | |||||
| Domestic financing | -369 | -326 | -841 | -623 | -406 | |||||
| Central bank (net) | -612 | -421 | -1,239 | -705 | -606 | |||||
| Commercial banks (net) | 193 | 95 | 398 | 82 | 200 | |||||
| Nonbank financing | 50 | 0 | 0 | 0 | 0 | |||||
| Privatization proceeds | 0 | 20 | 30 | 102 | 0 | |||||
| Of which: sales of real estate assets | 15 | 15 | 15 | 0 | ||||||
| Recovered funds | 7 | 59 | 0 | 0 | 0 | |||||
| Statistical discrepancy | -106 | -350 | -673 | -578 | 0 | |||||
| Memorandum items: | ||||||||||
| Primary spending | 844 | 1,063 | 1,477 | 1,967 | 2,247 | |||||
| Non-oil primary balance (including explicit fuels subsidy) | -594 | -799 | -1,219 | -1,491 | -1,764 | |||||
| Budgetary revenue | 1,486 | 2,058 | 2,424 | 2,211 | 2,895 | |||||
| Budgetary spending (including explicit fuels subsidy) | 1,230 | 1,396 | 1,710 | 2,268 | 2,489 | |||||
| Balance on the budget (BOF definition, debt service above the line) | 256 | 661 | 714 | -57 | 406 | |||||
Oil revenue net of cash call payments.
Excluding transfer to the NNPC for cash call payments. Includes fuel subsidy payments to independent marketers
Nigeria: Federal Government Budget, 2004–08
(Billions of naira)
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||
|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | ||||||||
| Total revenue 1 | 1,486 | 2,058 | 2,424 | 2,211 | 2,895 | |||||
| Petroleum revenue | 1,236 | 1,794 | 2,166 | 1,734 | 2,411 | |||||
| Crude receipts, net of cash calls and derivation | 603 | 800 | 926 | 683 | 1,105 | |||||
| Petroleum profit tax and royalty | 574 | 924 | 989 | 851 | 1,153 | |||||
| Petroleum profit tax | 401 | 636 | 699 | 580 | 835 | |||||
| Royalty | 173 | 288 | 289 | 271 | 318 | |||||
| Upstream gas sales and NLNG | 44 | 67 | 92 | 117 | 124 | |||||
| Other oil revenue (gas flared; pipeline fees) | 2 | 2 | 2 | 1 | 0 | |||||
| Signature bonus | 0 | 158 | 83 | 28 | ||||||
| Nonpetroleum revenue | 250 | 264 | 258 | 476 | 484 | |||||
| Import and excise duties | 105 | 108 | 80 | 111 | 131 | |||||
| Companies’ income tax | 63 | 76 | 114 | 156 | 182 | |||||
| Value-added tax | 23 | 25 | 31 | 42 | 51 | |||||
| Federal government independent revenue | 59 | 55 | 33 | 168 | 120 | |||||
| Total expenditure | 1,075 | 1,445 | 1,664 | 2,176 | 2,451 | |||||
| Recurrent expenditure | 844 | 1,192 | 1,169 | 1,471 | 1,600 | |||||
| Goods and services | 571 | 730 | 888 | 1,139 | 1,210 | |||||
| Personnel and pension | 443 | 527 | 665 | 864 | 943 | |||||
| Personnel | 370 | 443 | 528 | 700 | 780 | |||||
| Pensions | 72 | 84 | 137 | 164 | 163 | |||||
| Overhead cost | 128 | 203 | 223 | 275 | 267 | |||||
| Interest payments | 231 | 382 | 187 | 208 | 203 | |||||
| Domestic | 189 | 200 | 167 | 184 | 191 | |||||
| External, cash | 42 | 182 | 20 | 24 | 12 | |||||
| Transfers 2 | 42 | 79 | 94 | 141 | 188 | |||||
| Nigerian National Petroleum Corporation (NNPC) | 0 | 0 | 4 | 40 | 0 | |||||
| National Judicial Council | 28 | 33 | 35 | 42 | 78 | |||||
| Transfer to Niger Delta Development Commission | 14 | 22 | 26 | 24 | 70 | |||||
| Customs levies | 35 | … | … | … | … | |||||
| Education Fund | 17 | … | … | … | … | |||||
| Universal Basic Education Commission | … | 24 | 30 | 35 | 40 | |||||
| Capital expenditure | 231 | 254 | 495 | 705 | 850 | |||||
| Overall balance (cash basis) | 411 | 612 | 760 | 35 | 444 | |||||
| Financing | -517 | -963 | -1,433 | -614 | -444 | |||||
| External | -155 | -716 | -621 | -93 | -39 | |||||
| Borrowing | 30 | 0 | 0 | 0 | 0 | |||||
| Amortization, cash | -155 | -716 | -45 | -93 | -39 | |||||
| Debt buyback | 0 | 0 | -576 | 0 | 0 | |||||
| Domestic financing | -369 | -326 | -841 | -623 | -406 | |||||
| Central bank (net) | -612 | -421 | -1,239 | -705 | -606 | |||||
| Commercial banks (net) | 193 | 95 | 398 | 82 | 200 | |||||
| Nonbank financing | 50 | 0 | 0 | 0 | 0 | |||||
| Privatization proceeds | 0 | 20 | 30 | 102 | 0 | |||||
| Of which: sales of real estate assets | 15 | 15 | 15 | 0 | ||||||
| Recovered funds | 7 | 59 | 0 | 0 | 0 | |||||
| Statistical discrepancy | -106 | -350 | -673 | -578 | 0 | |||||
| Memorandum items: | ||||||||||
| Primary spending | 844 | 1,063 | 1,477 | 1,967 | 2,247 | |||||
| Non-oil primary balance (including explicit fuels subsidy) | -594 | -799 | -1,219 | -1,491 | -1,764 | |||||
| Budgetary revenue | 1,486 | 2,058 | 2,424 | 2,211 | 2,895 | |||||
| Budgetary spending (including explicit fuels subsidy) | 1,230 | 1,396 | 1,710 | 2,268 | 2,489 | |||||
| Balance on the budget (BOF definition, debt service above the line) | 256 | 661 | 714 | -57 | 406 | |||||
Oil revenue net of cash call payments.
Excluding transfer to the NNPC for cash call payments. Includes fuel subsidy payments to independent marketers
Nigeria: Consolidated and Federal Government, 2004–10
(Percent of GDP, unless otherwise specified)
Excluding oil revenue, cash call payments, and cash interest payments. Projections from 2007 reflect revised nominal GDP.
Estimates domestic demand impact of fiscal stance. Defined as non-oil balance (excluding fuel subsidy) less estimated foreign content of large infrastructure projects and foreign interest.
Excluding the transfers to NNPC for cash call payments.
Nigeria: Consolidated and Federal Government, 2004–10
(Percent of GDP, unless otherwise specified)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | |||||||
| Consolidated Government | |||||||||
| Total revenue | 35.4 | 38.1 | 34.1 | 28.2 | 31.1 | 30.8 | 31.0 | ||
| Oil and gas revenue | 28.7 | 32.3 | 29.1 | 21.9 | 25.2 | 24.4 | 24.4 | ||
| Non-oil revenue | 6.6 | 5.9 | 5.0 | 6.4 | 5.9 | 6.3 | 6.6 | ||
| Total consolidated expenditure | 27.2 | 28.7 | 26.4 | 27.8 | 24.9 | 25.9 | 26.4 | ||
| Total federal government and extrabudgetary expenditure | 14.2 | 15.1 | 13.0 | 14.5 | 13.6 | 13.9 | 14.0 | ||
| of which: Capital expenditure | 2.2 | 2.3 | 3.0 | 3.7 | 3.7 | 4.2 | 4.7 | ||
| State and local governments (recurrent and capital) | 13.0 | 13.3 | 12.3 | 12.0 | 10.4 | 11.0 | 11.5 | ||
| Large-scale infrastructure projects | … | 0.3 | 1.0 | 1.1 | 0.8 | 1.0 | 0.9 | ||
| Overall balance (cash basis) | 8.1 | 9.4 | 7.7 | 0.4 | 6.2 | 4.8 | 4.6 | ||
| Non-oil primary balance (excl. fuel subsidy, percent of non-oil GDP)1 | -23.9 | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | ||
| Proxy domestic balance (percent of non-oil GDP)2 | -26.5 | -29.0 | -28.4 | -26.5 | -25.1 | -25.0 | -25.0 | ||
| Federal Government | |||||||||
| Total revenue | 12.7 | 14.0 | 13.0 | 10.6 | 11.6 | … | … | ||
| Petroleum revenue | 10.6 | 12.2 | 11.6 | 8.3 | 9.7 | … | … | ||
| Nonpetroleum revenue | 2.1 | 1.8 | 1.4 | 2.3 | 1.9 | … | … | ||
| Total expenditure | 9.2 | 9.8 | 8.9 | 10.4 | 9.8 | … | … | ||
| Recurrent expenditure | 7.2 | 8.1 | 6.2 | 7.1 | 6.4 | … | … | ||
| Goods and services | 4.9 | 5.0 | 4.7 | 5.5 | 4.9 | … | … | ||
| Interest payments | 2.0 | 2.6 | 1.0 | 1.0 | 0.8 | … | … | ||
| Transfers 3 | 0.4 | 0.5 | 0.5 | 0.7 | 0.8 | … | … | ||
| Capital expenditure | 2.0 | 1.7 | 2.6 | 3.4 | 3.4 | … | … | ||
| Overall balance (cash basis) | 3.5 | 4.2 | 4.1 | 0.2 | 1.8 | … | … | ||
| Financing | -4.4 | -6.5 | -7.7 | -2.9 | -1.8 | … | … | ||
| External | -1.3 | -4.9 | -3.3 | -0.4 | -0.2 | … | … | ||
| Domestic financing | -3.2 | -2.2 | -4.5 | -3.0 | -1.6 | … | … | ||
| Privatization proceeds | 0.0 | 0.1 | 0.2 | 0.5 | 0.0 | … | … | ||
| Recovered funds | 0.1 | 0.4 | 0.0 | 0.0 | 0.0 | … | … | ||
| Non-oil primary balance (includes explicit fuel subsidy, percent of non-oil GDP) | -8.3 | -9.0 | -10.5 | -11.1 | -11.3 | … | … | ||
| Non-oil revenue (percent of non-oil GDP) | 3.5 | 3.0 | 2.2 | 3.5 | 3.1 | … | … | ||
Excluding oil revenue, cash call payments, and cash interest payments. Projections from 2007 reflect revised nominal GDP.
Estimates domestic demand impact of fiscal stance. Defined as non-oil balance (excluding fuel subsidy) less estimated foreign content of large infrastructure projects and foreign interest.
Excluding the transfers to NNPC for cash call payments.
Nigeria: Consolidated and Federal Government, 2004–10
(Percent of GDP, unless otherwise specified)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | |||
|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | |||||||
| Consolidated Government | |||||||||
| Total revenue | 35.4 | 38.1 | 34.1 | 28.2 | 31.1 | 30.8 | 31.0 | ||
| Oil and gas revenue | 28.7 | 32.3 | 29.1 | 21.9 | 25.2 | 24.4 | 24.4 | ||
| Non-oil revenue | 6.6 | 5.9 | 5.0 | 6.4 | 5.9 | 6.3 | 6.6 | ||
| Total consolidated expenditure | 27.2 | 28.7 | 26.4 | 27.8 | 24.9 | 25.9 | 26.4 | ||
| Total federal government and extrabudgetary expenditure | 14.2 | 15.1 | 13.0 | 14.5 | 13.6 | 13.9 | 14.0 | ||
| of which: Capital expenditure | 2.2 | 2.3 | 3.0 | 3.7 | 3.7 | 4.2 | 4.7 | ||
| State and local governments (recurrent and capital) | 13.0 | 13.3 | 12.3 | 12.0 | 10.4 | 11.0 | 11.5 | ||
| Large-scale infrastructure projects | … | 0.3 | 1.0 | 1.1 | 0.8 | 1.0 | 0.9 | ||
| Overall balance (cash basis) | 8.1 | 9.4 | 7.7 | 0.4 | 6.2 | 4.8 | 4.6 | ||
| Non-oil primary balance (excl. fuel subsidy, percent of non-oil GDP)1 | -23.9 | -27.2 | -28.3 | -27.1 | -25.0 | -25.0 | -25.0 | ||
| Proxy domestic balance (percent of non-oil GDP)2 | -26.5 | -29.0 | -28.4 | -26.5 | -25.1 | -25.0 | -25.0 | ||
| Federal Government | |||||||||
| Total revenue | 12.7 | 14.0 | 13.0 | 10.6 | 11.6 | … | … | ||
| Petroleum revenue | 10.6 | 12.2 | 11.6 | 8.3 | 9.7 | … | … | ||
| Nonpetroleum revenue | 2.1 | 1.8 | 1.4 | 2.3 | 1.9 | … | … | ||
| Total expenditure | 9.2 | 9.8 | 8.9 | 10.4 | 9.8 | … | … | ||
| Recurrent expenditure | 7.2 | 8.1 | 6.2 | 7.1 | 6.4 | … | … | ||
| Goods and services | 4.9 | 5.0 | 4.7 | 5.5 | 4.9 | … | … | ||
| Interest payments | 2.0 | 2.6 | 1.0 | 1.0 | 0.8 | … | … | ||
| Transfers 3 | 0.4 | 0.5 | 0.5 | 0.7 | 0.8 | … | … | ||
| Capital expenditure | 2.0 | 1.7 | 2.6 | 3.4 | 3.4 | … | … | ||
| Overall balance (cash basis) | 3.5 | 4.2 | 4.1 | 0.2 | 1.8 | … | … | ||
| Financing | -4.4 | -6.5 | -7.7 | -2.9 | -1.8 | … | … | ||
| External | -1.3 | -4.9 | -3.3 | -0.4 | -0.2 | … | … | ||
| Domestic financing | -3.2 | -2.2 | -4.5 | -3.0 | -1.6 | … | … | ||
| Privatization proceeds | 0.0 | 0.1 | 0.2 | 0.5 | 0.0 | … | … | ||
| Recovered funds | 0.1 | 0.4 | 0.0 | 0.0 | 0.0 | … | … | ||
| Non-oil primary balance (includes explicit fuel subsidy, percent of non-oil GDP) | -8.3 | -9.0 | -10.5 | -11.1 | -11.3 | … | … | ||
| Non-oil revenue (percent of non-oil GDP) | 3.5 | 3.0 | 2.2 | 3.5 | 3.1 | … | … | ||
Excluding oil revenue, cash call payments, and cash interest payments. Projections from 2007 reflect revised nominal GDP.
Estimates domestic demand impact of fiscal stance. Defined as non-oil balance (excluding fuel subsidy) less estimated foreign content of large infrastructure projects and foreign interest.
Excluding the transfers to NNPC for cash call payments.
Nigeria: Central Bank of Nigeria (CBN) Analytical Quarterly Balance Sheet, 2004–08
CBN presents long-term liabilities in other items net.
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
Nigeria: Central Bank of Nigeria (CBN) Analytical Quarterly Balance Sheet, 2004–08
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | ||||
| Act. | Est. | Proj. | ||||||||||||
| (Billions of naira) | ||||||||||||||
| Net foreign assets1 | 2,250 | 3,671 | 4,573 | 4,926 | 4,902 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Foreign assets | 2,479 | 3,715 | 4,645 | 5,133 | 5,670 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Short-term foreign liabilities | -229 | -44 | -73 | -207 | -768 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Net domestic assets | -1,518 | -2,909 | -3,844 | -4,128 | -4,097 | -4,401 | -4,573 | -4,419 | -5,003 | -5,118 | -7,270 | |||
| Domestic credit | -718 | -1,135 | -1,707 | -2,313 | -1,994 | -2,451 | -2,246 | -2,049 | -3,489 | -3,712 | -5,477 | |||
| Net claims on consolidated government2 | -681 | -1,185 | -1,785 | -2,437 | -2,252 | -2,491 | -2,329 | -2,095 | -3,495 | -3,718 | -5,483 | |||
| Net claims on federal government | -238 | -660 | -844 | -1,363 | -1,510 | -1,887 | -1,785 | -1,486 | -2,588 | -2,592 | -3,197 | |||
| Statutory funds | -80 | -62 | -90 | -101 | -110 | -92 | -76 | -95 | -101 | -110 | -197 | |||
| Net claims on state and local goverments | -363 | -463 | -851 | -974 | -632 | -511 | -467 | -514 | -807 | -1,016 | -2,089 | |||
| Net claims on nonfinancial public enterprises | -141 | -20 | -20 | -47 | -33 | -100 | -9 | -3 | -3 | -3 | -3 | |||
| Net claims on nonfinancial private sector | 2 | -2 | -16 | -3 | -3 | 3 | 3 | 0 | 0 | 0 | 0 | |||
| Claims on deposit money banks | 92 | 61 | 103 | 113 | 233 | 130 | 89 | 3 | 0 | 0 | 0 | |||
| Net claims on other financial institutions | 11 | 11 | 11 | 62 | 60 | 7 | -1 | 46 | 9 | 9 | 9 | |||
| Other itema net | -800 | -1,774 | -2,137 | -1,815 | -2,103 | -1,950 | -2,327 | -2,370 | -1,514 | -1,406 | -1,793 | |||
| Reserve money | 732 | 763 | 729 | 798 | 806 | 911 | 841 | 882 | 945 | 1,084 | 1,294 | |||
| Currency in circulation | 546 | 642 | 564 | 603 | 615 | 779 | 727 | 715 | 722 | … | … | |||
| Banks reserves with the CBN | 187 | 120 | 165 | 195 | 191 | 132 | 114 | 167 | 223 | … | … | |||
| Memorandum items: | (Percent) | |||||||||||||
| Reserve money y/y growth rate | 6.3 | 4.2 | -1.1 | 6.6 | -0.4 | 19.5 | 15.4 | 10.6 | 17.3 | 19.0 | 19.4 | |||
| Money multiplier | 3.09 | 3.44 | 3.90 | 4.42 | 4.56 | 4.03 | 4.75 | 4.63 | 4.72 | 4.35 | 4.49 | |||
| Seasonally adjusted currency ratio | 0.21 | 0.22 | 0.20 | 0.19 | 0.18 | 0.19 | 0.18 | 0.16 | 0.15 | 0.15 | 0.14 | |||
| Excess reserves ratio | 0.06 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.04 | 0.07 | 0.07 | 0.07 | 0.06 | |||
CBN presents long-term liabilities in other items net.
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
Nigeria: Central Bank of Nigeria (CBN) Analytical Quarterly Balance Sheet, 2004–08
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | ||||
| Act. | Est. | Proj. | ||||||||||||
| (Billions of naira) | ||||||||||||||
| Net foreign assets1 | 2,250 | 3,671 | 4,573 | 4,926 | 4,902 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Foreign assets | 2,479 | 3,715 | 4,645 | 5,133 | 5,670 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Short-term foreign liabilities | -229 | -44 | -73 | -207 | -768 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Net domestic assets | -1,518 | -2,909 | -3,844 | -4,128 | -4,097 | -4,401 | -4,573 | -4,419 | -5,003 | -5,118 | -7,270 | |||
| Domestic credit | -718 | -1,135 | -1,707 | -2,313 | -1,994 | -2,451 | -2,246 | -2,049 | -3,489 | -3,712 | -5,477 | |||
| Net claims on consolidated government2 | -681 | -1,185 | -1,785 | -2,437 | -2,252 | -2,491 | -2,329 | -2,095 | -3,495 | -3,718 | -5,483 | |||
| Net claims on federal government | -238 | -660 | -844 | -1,363 | -1,510 | -1,887 | -1,785 | -1,486 | -2,588 | -2,592 | -3,197 | |||
| Statutory funds | -80 | -62 | -90 | -101 | -110 | -92 | -76 | -95 | -101 | -110 | -197 | |||
| Net claims on state and local goverments | -363 | -463 | -851 | -974 | -632 | -511 | -467 | -514 | -807 | -1,016 | -2,089 | |||
| Net claims on nonfinancial public enterprises | -141 | -20 | -20 | -47 | -33 | -100 | -9 | -3 | -3 | -3 | -3 | |||
| Net claims on nonfinancial private sector | 2 | -2 | -16 | -3 | -3 | 3 | 3 | 0 | 0 | 0 | 0 | |||
| Claims on deposit money banks | 92 | 61 | 103 | 113 | 233 | 130 | 89 | 3 | 0 | 0 | 0 | |||
| Net claims on other financial institutions | 11 | 11 | 11 | 62 | 60 | 7 | -1 | 46 | 9 | 9 | 9 | |||
| Other itema net | -800 | -1,774 | -2,137 | -1,815 | -2,103 | -1,950 | -2,327 | -2,370 | -1,514 | -1,406 | -1,793 | |||
| Reserve money | 732 | 763 | 729 | 798 | 806 | 911 | 841 | 882 | 945 | 1,084 | 1,294 | |||
| Currency in circulation | 546 | 642 | 564 | 603 | 615 | 779 | 727 | 715 | 722 | … | … | |||
| Banks reserves with the CBN | 187 | 120 | 165 | 195 | 191 | 132 | 114 | 167 | 223 | … | … | |||
| Memorandum items: | (Percent) | |||||||||||||
| Reserve money y/y growth rate | 6.3 | 4.2 | -1.1 | 6.6 | -0.4 | 19.5 | 15.4 | 10.6 | 17.3 | 19.0 | 19.4 | |||
| Money multiplier | 3.09 | 3.44 | 3.90 | 4.42 | 4.56 | 4.03 | 4.75 | 4.63 | 4.72 | 4.35 | 4.49 | |||
| Seasonally adjusted currency ratio | 0.21 | 0.22 | 0.20 | 0.19 | 0.18 | 0.19 | 0.18 | 0.16 | 0.15 | 0.15 | 0.14 | |||
| Excess reserves ratio | 0.06 | 0.05 | 0.05 | 0.04 | 0.03 | 0.04 | 0.04 | 0.07 | 0.07 | 0.07 | 0.06 | |||
CBN presents long-term liabilities in other items net.
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
Nigeria: Monetary Survey, 2004–08
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
y/y: year-on-year; q/q: quarter-on-quarter; s.a.: seasonally adjusted.
Nigeria: Monetary Survey, 2004–08
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | ||||
| Act. | Est. | Proj. | ||||||||||||
| (Billions of naira) | ||||||||||||||
| Net foreign assets | 2,712 | 4,111 | 5,109 | 5,569 | 5,576 | 5,914 | 6,042 | 6,160 | 6,634 | 6,909 | 9,271 | |||
| Central Bank of Nigeria (net) | 2,250 | 3,671 | 4,573 | 4,926 | 4,902 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Foreign assets | 2,479 | 3,715 | 4,645 | 5,133 | 5,670 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Short-term foreign liabilities | -229 | -44 | -73 | -207 | -768 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Commercial and merchant banks (net) | 462 | 440 | 536 | 643 | 673 | 602 | 628 | 859 | 707 | 707 | 707 | |||
| Foreign assets | 481 | 463 | 557 | 667 | 718 | 638 | 713 | 954 | 838 | 838 | 838 | |||
| Foreign liabilities | -19 | -23 | -21 | -24 | -44 | -36 | -86 | -96 | -131 | -131 | -131 | |||
| Net domestic assets | -448 | -1,485 | -2,268 | -2,043 | -1,901 | -2,240 | -2,044 | -2,080 | -2,175 | -2,193 | -3,468 | |||
| Net domestic credit | 1,285 | 1,335 | 745 | 840 | 1,205 | 963 | 1,128 | 1,710 | 1,527 | 1,701 | 1,237 | |||
| Consolidated government1 | -224 | -618 | -1,161 | -1,429 | -1,300 | -1,523 | -1,793 | -1,689 | -2,528 | -2,668 | -4,233 | |||
| Federal government | 253 | -73 | -194 | -330 | -540 | -903 | -1,203 | -1,006 | -1,522 | -1,526 | -1,932 | |||
| States and local governments | -398 | -482 | -877 | -999 | -649 | -527 | -514 | -588 | -905 | -1,032 | -2,104 | |||
| Satutory funds | -80 | -62 | -90 | -101 | -110 | -92 | -76 | -95 | -101 | -110 | -197 | |||
| Claims on nonfinancial public enterprises | 2 | 2 | 5 | 4 | 6 | 13 | 13 | 0 | 0 | 0 | 0 | |||
| Other financial institutions | 11 | 11 | 11 | 62 | 60 | 7 | -1 | 46 | 9 | 9 | 9 | |||
| Claims on private sector | 1,497 | 1,939 | 1,889 | 2,203 | 2,438 | 2,465 | 2,908 | 3,353 | 4,046 | 4,360 | 5,461 | |||
| (y/y growth rate)2 | 26.3 | 29.5 | 15.8 | 22.0 | 26.6 | 27.1 | 53.9 | 52.2 | 66.0 | 76.9 | 35.0 | |||
| Other items (net) | -1,734 | -2,820 | -3,014 | -2,883 | -3,106 | -3,203 | -3,172 | -3,791 | -3,702 | -3,894 | -4,705 | |||
| Broad money | 2,264 | 2,626 | 2,841 | 3,526 | 3,674 | 3,675 | 3,998 | 4,080 | 4,459 | 4,715 | 5,803 | |||
| (q/q s.a. growth rate)2 | … | … | 2.4 | 21.8 | 5.7 | 6.1 | 3.3 | -0.2 | 10.7 | 12.5 | … | |||
| (y/y growth rate)2 | 14.0 | 16.0 | 10.3 | 31.0 | 32.5 | 39.9 | 40.8 | 15.7 | 21.3 | 28.3 | 23.1 | |||
| Memorandum items: | (Contribution to broad money growth, unless otherwise specified) | |||||||||||||
| Net foreign assets | 62.3 | 61.8 | 38.0 | 55.5 | 55.8 | 68.6 | 3.5 | 6.7 | 19.6 | 27.1 | 50.1 | |||
| Central Bank of Nigeria (net) | 60.0 | 62.8 | 34.3 | 47.8 | 46.9 | 62.5 | 2.8 | -0.3 | 16.7 | 24.2 | 50.1 | |||
| Commercial and merchant banks (net) | 2.3 | -1.0 | 3.7 | 7.7 | 8.9 | 6.2 | 0.7 | 7.0 | 2.9 | 2.9 | 0.0 | |||
| Net domestic assets | -49.9 | -45.8 | -29.8 | -21.2 | -15.9 | -28.7 | 5.3 | 4.3 | 1.8 | 1.3 | -27.0 | |||
| Net domestic credit | -26.1 | 2.2 | -22.4 | -18.8 | -4.9 | -14.2 | 4.5 | 20.3 | 15.4 | 20.1 | -9.8 | |||
| Net credit to the consolidated government | -42.1 | -17.4 | -20.7 | -30.9 | -26.0 | -34.5 | -7.4 | -4.5 | -27.4 | -31.2 | -33.2 | |||
| Net credit to the federal government | 12.8 | -14.4 | -4.6 | -9.8 | -17.8 | -31.6 | -8.2 | -2.8 | -16.8 | -16.9 | -8.6 | |||
| Claims on private sector | 15.7 | 19.5 | -1.9 | 10.1 | 19.0 | 20.0 | 12.1 | 24.2 | 43.0 | 51.6 | 23.4 | |||
| Other items (net) | -23.7 | -48.0 | -7.4 | -2.4 | -10.9 | -14.6 | 0.8 | -16.0 | -13.6 | -18.8 | -17.2 | |||
| Broad money (percent change since year’s end) | 14.0 | 16.0 | 8.2 | 34.3 | 39.9 | 39.9 | 8.8 | 11.0 | 21.3 | 28.3 | 23.1 | |||
| Velocity (non-oil GDP/broad money) | 3.16 | 3.39 | … | … | … | 3.15 | … | … | … | 2.85 | 2.70 | |||
| Gross international reserves (billions of US$) | 17.0 | 28.3 | 36.2 | 36.5 | 40.5 | 41.8 | 42.6 | 42.6 | 47.9 | 52.1 | 73.2 | |||
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
y/y: year-on-year; q/q: quarter-on-quarter; s.a.: seasonally adjusted.
Nigeria: Monetary Survey, 2004–08
| 2004 | 2005 | 2006 | 2007 | 2008 | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dec. | Dec. | Mar. | Jun. | Sep. | Dec. | Mar. | Jun. | Sep. | Dec. | Dec. | ||||
| Act. | Est. | Proj. | ||||||||||||
| (Billions of naira) | ||||||||||||||
| Net foreign assets | 2,712 | 4,111 | 5,109 | 5,569 | 5,576 | 5,914 | 6,042 | 6,160 | 6,634 | 6,909 | 9,271 | |||
| Central Bank of Nigeria (net) | 2,250 | 3,671 | 4,573 | 4,926 | 4,902 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Foreign assets | 2,479 | 3,715 | 4,645 | 5,133 | 5,670 | 5,312 | 5,415 | 5,301 | 5,927 | 6,202 | 8,564 | |||
| Short-term foreign liabilities | -229 | -44 | -73 | -207 | -768 | 0 | 0 | 0 | 0 | 0 | 0 | |||
| Commercial and merchant banks (net) | 462 | 440 | 536 | 643 | 673 | 602 | 628 | 859 | 707 | 707 | 707 | |||
| Foreign assets | 481 | 463 | 557 | 667 | 718 | 638 | 713 | 954 | 838 | 838 | 838 | |||
| Foreign liabilities | -19 | -23 | -21 | -24 | -44 | -36 | -86 | -96 | -131 | -131 | -131 | |||
| Net domestic assets | -448 | -1,485 | -2,268 | -2,043 | -1,901 | -2,240 | -2,044 | -2,080 | -2,175 | -2,193 | -3,468 | |||
| Net domestic credit | 1,285 | 1,335 | 745 | 840 | 1,205 | 963 | 1,128 | 1,710 | 1,527 | 1,701 | 1,237 | |||
| Consolidated government1 | -224 | -618 | -1,161 | -1,429 | -1,300 | -1,523 | -1,793 | -1,689 | -2,528 | -2,668 | -4,233 | |||
| Federal government | 253 | -73 | -194 | -330 | -540 | -903 | -1,203 | -1,006 | -1,522 | -1,526 | -1,932 | |||
| States and local governments | -398 | -482 | -877 | -999 | -649 | -527 | -514 | -588 | -905 | -1,032 | -2,104 | |||
| Satutory funds | -80 | -62 | -90 | -101 | -110 | -92 | -76 | -95 | -101 | -110 | -197 | |||
| Claims on nonfinancial public enterprises | 2 | 2 | 5 | 4 | 6 | 13 | 13 | 0 | 0 | 0 | 0 | |||
| Other financial institutions | 11 | 11 | 11 | 62 | 60 | 7 | -1 | 46 | 9 | 9 | 9 | |||
| Claims on private sector | 1,497 | 1,939 | 1,889 | 2,203 | 2,438 | 2,465 | 2,908 | 3,353 | 4,046 | 4,360 | 5,461 | |||
| (y/y growth rate)2 | 26.3 | 29.5 | 15.8 | 22.0 | 26.6 | 27.1 | 53.9 | 52.2 | 66.0 | 76.9 | 35.0 | |||
| Other items (net) | -1,734 | -2,820 | -3,014 | -2,883 | -3,106 | -3,203 | -3,172 | -3,791 | -3,702 | -3,894 | -4,705 | |||
| Broad money | 2,264 | 2,626 | 2,841 | 3,526 | 3,674 | 3,675 | 3,998 | 4,080 | 4,459 | 4,715 | 5,803 | |||
| (q/q s.a. growth rate)2 | … | … | 2.4 | 21.8 | 5.7 | 6.1 | 3.3 | -0.2 | 10.7 | 12.5 | … | |||
| (y/y growth rate)2 | 14.0 | 16.0 | 10.3 | 31.0 | 32.5 | 39.9 | 40.8 | 15.7 | 21.3 | 28.3 | 23.1 | |||
| Memorandum items: | (Contribution to broad money growth, unless otherwise specified) | |||||||||||||
| Net foreign assets | 62.3 | 61.8 | 38.0 | 55.5 | 55.8 | 68.6 | 3.5 | 6.7 | 19.6 | 27.1 | 50.1 | |||
| Central Bank of Nigeria (net) | 60.0 | 62.8 | 34.3 | 47.8 | 46.9 | 62.5 | 2.8 | -0.3 | 16.7 | 24.2 | 50.1 | |||
| Commercial and merchant banks (net) | 2.3 | -1.0 | 3.7 | 7.7 | 8.9 | 6.2 | 0.7 | 7.0 | 2.9 | 2.9 | 0.0 | |||
| Net domestic assets | -49.9 | -45.8 | -29.8 | -21.2 | -15.9 | -28.7 | 5.3 | 4.3 | 1.8 | 1.3 | -27.0 | |||
| Net domestic credit | -26.1 | 2.2 | -22.4 | -18.8 | -4.9 | -14.2 | 4.5 | 20.3 | 15.4 | 20.1 | -9.8 | |||
| Net credit to the consolidated government | -42.1 | -17.4 | -20.7 | -30.9 | -26.0 | -34.5 | -7.4 | -4.5 | -27.4 | -31.2 | -33.2 | |||
| Net credit to the federal government | 12.8 | -14.4 | -4.6 | -9.8 | -17.8 | -31.6 | -8.2 | -2.8 | -16.8 | -16.9 | -8.6 | |||
| Claims on private sector | 15.7 | 19.5 | -1.9 | 10.1 | 19.0 | 20.0 | 12.1 | 24.2 | 43.0 | 51.6 | 23.4 | |||
| Other items (net) | -23.7 | -48.0 | -7.4 | -2.4 | -10.9 | -14.6 | 0.8 | -16.0 | -13.6 | -18.8 | -17.2 | |||
| Broad money (percent change since year’s end) | 14.0 | 16.0 | 8.2 | 34.3 | 39.9 | 39.9 | 8.8 | 11.0 | 21.3 | 28.3 | 23.1 | |||
| Velocity (non-oil GDP/broad money) | 3.16 | 3.39 | … | … | … | 3.15 | … | … | … | 2.85 | 2.70 | |||
| Gross international reserves (billions of US$) | 17.0 | 28.3 | 36.2 | 36.5 | 40.5 | 41.8 | 42.6 | 42.6 | 47.9 | 52.1 | 73.2 | |||
Includes the windfall oil revenue savings by subnational governments and extrabudgetary funds.
y/y: year-on-year; q/q: quarter-on-quarter; s.a.: seasonally adjusted.
Nigeria: Financial Soundness Indicators for the Banking Sector, 2004–07
(Percent, unless otherwise indicated)
Included in the “core set” of financial soundness indicators. NPL - non performing loans; ROA - return on assets; ROE - return on equities.
Nigeria: Financial Soundness Indicators for the Banking Sector, 2004–07
(Percent, unless otherwise indicated)
| 2004 | 2005 | 2006 | 2007 | |||
|---|---|---|---|---|---|---|
| June | ||||||
| Capital Adequacy | ||||||
| Regulatory capital to risk-weighted assets1 | 14.7 | 17.8 | 22.6 | 18.6 | ||
| Regulatory Tier I capital to risk-weighted assets1 | 13.4 | 16.5 | 21.8 | 17.5 | ||
| Capital (net worth) to assets | 9.9 | 12.4 | 14.7 | 13.3 | ||
| Asset quality and composition | ||||||
| NPLs to gross loans1 | 21.6 | 18.1 | 8.8 | 7.7 | ||
| NPLs net of provisions to capital1 | 90.0 | 64.4 | 21.3 | 23.4 | ||
| Sectoral distribution of loans1 | ||||||
| Manufacturing | 22.5 | 18.6 | 16.9 | 13.6 | ||
| Trade and services | 23.6 | 21.1 | 22.0 | 19.4 | ||
| Energy and minerals | 9.4 | 8.9 | 10.1 | 11.9 | ||
| Agriculture | 4.9 | 3.9 | 2.3 | 1.9 | ||
| Construction and property | 7.6 | 7.5 | 6.2 | 5.6 | ||
| Households | ||||||
| Government | 4.2 | 4.6 | 7.6 | 1.9 | ||
| Other | 29.4 | 35.8 | 38.0 | 41.3 | ||
| Earnings and profitability | ||||||
| ROA1 | 3.1 | 0.9 | 1.6 | 1.8 | ||
| ROE 1 | 27.4 | 7.1 | 10.4 | 13.8 | ||
| Interest margin to gross income1 | 37.6 | 38.1 | 39.6 | 43.9 | ||
| Noninterest expenses to gross income1 | 53.9 | 59.2 | 52.7 | 47.0 | ||
| Personnel expenses to noninterest expenses | 0.0 | 37.3 | 42.7 | 39.0 | ||
| Trading and fee income to total income | 45.1 | 31.7 | 33.3 | 32.4 | ||
| Liquidity | ||||||
| Liquid assets to total assets1 | … | … | 61.1 | 62.2 | ||
| Liquid assets to short term liabilities1 | … | … | … | … | ||
| Customer deposits to total (non-interbank) loans | … | 77.4 | 73.6 | 67.3 | ||
| Foreign exchange liabilities to total liabilities | … | 5.9 | 12.5 | 6.7 | ||
Included in the “core set” of financial soundness indicators. NPL - non performing loans; ROA - return on assets; ROE - return on equities.
Nigeria: Financial Soundness Indicators for the Banking Sector, 2004–07
(Percent, unless otherwise indicated)
| 2004 | 2005 | 2006 | 2007 | |||
|---|---|---|---|---|---|---|
| June | ||||||
| Capital Adequacy | ||||||
| Regulatory capital to risk-weighted assets1 | 14.7 | 17.8 | 22.6 | 18.6 | ||
| Regulatory Tier I capital to risk-weighted assets1 | 13.4 | 16.5 | 21.8 | 17.5 | ||
| Capital (net worth) to assets | 9.9 | 12.4 | 14.7 | 13.3 | ||
| Asset quality and composition | ||||||
| NPLs to gross loans1 | 21.6 | 18.1 | 8.8 | 7.7 | ||
| NPLs net of provisions to capital1 | 90.0 | 64.4 | 21.3 | 23.4 | ||
| Sectoral distribution of loans1 | ||||||
| Manufacturing | 22.5 | 18.6 | 16.9 | 13.6 | ||
| Trade and services | 23.6 | 21.1 | 22.0 | 19.4 | ||
| Energy and minerals | 9.4 | 8.9 | 10.1 | 11.9 | ||
| Agriculture | 4.9 | 3.9 | 2.3 | 1.9 | ||
| Construction and property | 7.6 | 7.5 | 6.2 | 5.6 | ||
| Households | ||||||
| Government | 4.2 | 4.6 | 7.6 | 1.9 | ||
| Other | 29.4 | 35.8 | 38.0 | 41.3 | ||
| Earnings and profitability | ||||||
| ROA1 | 3.1 | 0.9 | 1.6 | 1.8 | ||
| ROE 1 | 27.4 | 7.1 | 10.4 | 13.8 | ||
| Interest margin to gross income1 | 37.6 | 38.1 | 39.6 | 43.9 | ||
| Noninterest expenses to gross income1 | 53.9 | 59.2 | 52.7 | 47.0 | ||
| Personnel expenses to noninterest expenses | 0.0 | 37.3 | 42.7 | 39.0 | ||
| Trading and fee income to total income | 45.1 | 31.7 | 33.3 | 32.4 | ||
| Liquidity | ||||||
| Liquid assets to total assets1 | … | … | 61.1 | 62.2 | ||
| Liquid assets to short term liabilities1 | … | … | … | … | ||
| Customer deposits to total (non-interbank) loans | … | 77.4 | 73.6 | 67.3 | ||
| Foreign exchange liabilities to total liabilities | … | 5.9 | 12.5 | 6.7 | ||
Included in the “core set” of financial soundness indicators. NPL - non performing loans; ROA - return on assets; ROE - return on equities.
Nigeria: Balance of Payments, 2004–12
(Billions of U.S. dollars, unless otherwise specified)
Includes capital transfers.
In 2006, the prepayment of post-cutoff Paris Club debt ($0.3 billion) and the cost of the buy-back of remaining Paris Club debt ($4.3 billion).
n 2002 debt buy-back, in 2003–05 recovery of looted funds.
Nominal public sector short- and long-term debt, end of period.
In 2005 (2006) reflecting also a $7.1 billion ($7.2 billion) write-off of Paris Club debt, and in 2006, reflecting the discount ($2.7 billion) on the $7.0 billion buy-back of remaining Paris Club debt.
Percent of general government fiscal revenues
Nigeria: Balance of Payments, 2004–12
(Billions of U.S. dollars, unless otherwise specified)
| 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | |||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Act. | Est. | Proj. | |||||||||||
| Current account balance | 4.3 | 8.0 | 13.8 | 1.3 | 10.0 | 5.7 | 7.9 | 8.1 | 10.5 | ||||
| Oil/gas (net) | 16.3 | 23.0 | 31.2 | 25.4 | 37.6 | 38.7 | 43.0 | 45.3 | 50.5 | ||||
| Other (net) | -12.0 | -15.0 | -17.4 | -24.0 | -27.6 | -33.1 | -35.1 | -37.2 | -40.0 | ||||
| Trade balance | 17.5 | 24.5 | 28.0 | 22.5 | 34.6 | 30.4 | 31.4 | 32.1 | 37.5 | ||||
| Exports | 36.9 | 50.2 | 59.1 | 61.3 | 78.9 | 80.3 | 84.1 | 87.9 | 96.7 | ||||
| Oil/gas | 35.7 | 49.2 | 58.1 | 60.1 | 77.6 | 78.9 | 82.7 | 86.3 | 94.9 | ||||
| Other | 1.2 | 1.0 | 1.0 | 1.2 | 1.3 | 1.4 | 1.5 | 1.6 | 1.7 | ||||
| Imports | -19.4 | -25.6 | -31.1 | -38.8 | -44.3 | -49.9 | -52.7 | -55.8 | -59.1 | ||||
| Oil/gas | -8.9 | -12.0 | -13.4 | -15.3 | -18.2 | -18.4 | -19.2 | -20.1 | -21.2 | ||||
| Other | -10.5 | -13.7 | -17.7 | -23.5 | -26.2 | -31.5 | -33.5 | -35.6 | -38.0 | ||||
| Services (net) | -6.1 | -7.1 | -6.4 | -7.6 | -8.6 | -9.4 | -9.9 | -10.7 | -11.5 | ||||
| Receipts | 1.8 | 2.1 | 3.5 | 3.2 | 3.1 | 3.0 | 3.3 | 3.6 | 3.9 | ||||
| Oil/gas | 0.3 | 0.5 | 1.8 | 1.2 | 1.0 | 0.7 | 0.8 | 0.8 | 0.9 | ||||
| Other | 1.4 | 1.6 | 1.7 | 1.9 | 2.1 | 2.3 | 2.5 | 2.8 | 3.1 | ||||
| Payments | -7.9 | -9.2 | -9.9 | -10.7 | -11.7 | -12.5 | -13.2 | -14.3 | -15.4 | ||||
| Oil/gas | -2.6 | -3.2 | -3.2 | -3.4 | -3.7 | -3.7 | -3.7 | -3.7 | -3.8 | ||||
| Other | -5.3 | -6.1 | -6.6 | -7.3 | -8.0 | -8.8 | -9.6 | -10.5 | -11.6 | ||||
| Income (net) | -9.7 | -12.8 | -11.3 | -17.0 | -19.4 | -18.8 | -17.0 | -16.9 | -19.2 | ||||
| Oil/gas | -8.2 | -11.6 | -11.9 | -17.2 | -19.1 | -18.9 | -17.5 | -17.9 | -20.4 | ||||
| Other | -1.6 | -1.3 | 0.7 | 0.2 | -0.3 | 0.1 | 0.5 | 1.0 | 1.2 | ||||
| Of which: Interest due on public debt | -1.5 | -1.6 | -0.2 | -0.2 | -0.1 | -0.1 | -0.1 | -0.1 | -0.2 | ||||
| Transfers (net) 1 | 2.8 | 3.4 | 3.4 | 3.4 | 3.4 | 3.5 | 3.5 | 3.6 | 3.6 | ||||
| Capital and Financial account balance | 3.1 | 5.4 | 1.8 | 8.7 | 11.0 | 12.2 | 12.8 | 13.5 | 14.0 | ||||
| Capital Account (net) | 0.0 | 7.3 | 10.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Debt Forgiveness | 0.0 | 7.3 | 10.7 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Financial Account (net) | 3.1 | -1.9 | -8.8 | 8.7 | 11.0 | 12.2 | 12.8 | 13.5 | 14.0 | ||||
| Direct and portfolio investment (net) | 4.8 | 6.5 | 9.1 | 10.3 | 11.0 | 11.4 | 11.9 | 12.5 | 13.0 | ||||
| Oil/gas | 4.1 | 4.9 | 5.0 | 5.8 | 6.0 | 5.9 | 5.9 | 5.9 | 5.7 | ||||
| Other | 0.7 | 1.7 | 4.1 | 4.5 | 5.0 | 5.5 | 6.0 | 6.6 | 7.3 | ||||
| Official capital (net) | -1.3 | -8.6 | -16.6 | -0.4 | 0.1 | 0.8 | 0.9 | 1.0 | 1.1 | ||||
| Disbursements | 0.2 | 0.7 | 0.5 | 0.6 | 0.6 | 1.1 | 1.1 | 1.2 | 1.2 | ||||
| Amortization due | -1.5 | -9.2 | -17.1 | -1.0 | -0.4 | -0.3 | -0.2 | -0.2 | -0.2 | ||||
| Private borrowing (net) | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other capital (net)2 | -0.4 | 0.1 | -1.3 | -1.2 | -0.1 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Errors and omissions | 0.7 | 2.9 | -1.7 | 0.2 | 0.1 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Overall balance | 8.1 | 16.3 | 13.9 | 10.3 | 21.1 | 17.8 | 20.7 | 21.6 | 24.5 | ||||
| Net international reserves (increase -) | -9.5 | -11.3 | -13.9 | -10.3 | -21.1 | -17.8 | -20.7 | -21.6 | -24.5 | ||||
| Exceptional financing | 1.4 | -4.9 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Net accumulation of arrears (decrease -) | 1.3 | -5.4 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | 0.0 | ||||
| Other3 | 0.1 | 0.5 | |||||||||||