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Nigeria

Nigeria                                        
Nigeria Listeni/naɪˈdʒɪəriə/, officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. The country is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea on the Atlantic Ocean. There are over 500 ethnic groups in Nigeria of which the three largest ethnic groups are the Hausa, Igbo and Yoruba.  Nigeria is located in western Africa on the Gulf of Guinea and has a total area of 923,768 km2 (356,669 sq mi)
Nigeria, known as "the Giant of Africa", is the most populous country in Africa and the seventh most populous country in the world.  Nigeria is roughly divided in half between Christians, who mostly live in the South and central parts of the country, and Muslims, concentrated mostly in the north. A minority of the population practice traditional and local religions, including the Igbo and Yoruba religions. Its oil reserves have brought great revenues to the country. It is listed among the "Next Eleven" economies. Nigeria is a member of both the Commonwealth of Nations, and the African Union.

Population: 174,507,539

Economy
Nigeria is classified as a mixed economy emerging market, and has already reached middle income status according to the World Bank, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa. Nigeria is ranked 31st in the world in terms of GDP (PPP) as of 2011. Nigeria is the United States' largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the U.S. of any country worldwide. Nigeria is the 50th-largest export market for U.S. goods and the 14th-largest exporter of goods to the U.S. The United States is the country's largest foreign investor.  The International Monetary Fund (IMF) projected economic growth of 9% in 2008 and 8.3% in 2009.  The IMF further projects a 8% growth in the Nigerian economy in 2011.
February 2011: According to Citigroup, Nigeria will get the highest average GDP growth in the world between 2010–2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries.
Previously, economic development had been hindered by years of military rule, corruption, and mismanagement. The restoration of democracy and subsequent economic reforms have successfully put Nigeria back on track towards achieving its full economic potential. It is now the second largest economy in Africa (following South Africa), and the largest economy in the West Africa Region.
During the oil boom of the 1970s, Nigeria accumulated a significant foreign debt to finance major infrastructural investments. With the fall of oil prices during the 1980s oil glut Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal which increased the size of the debt.
However, after negotiations by the Nigeria authorities, in October 2005 Nigeria and its Paris Club creditors reached an agreement in which Nigeria repurchased its debt at a discount of approximately 60%. Nigeria used part of its oil profits to pay the residual 40%, freeing up at least $1.15 billion annually for poverty reduction programs. Nigeria made history in April 2006 by becoming the first African Country to completely pay off its debt (estimated $30 billion) owed to the Paris Club.

 

       

 

Source: http://www.ask.com/web?qsrc=1&o=0&l=dir&q=Nigera

Embassy of Nigeria in Beijing, China
H.E.Mr.Aminu Bashir Wali,Ambassador Extraordinary and Plenipotentiary
No. 2, Dong Wu Jie, San Li Tun
Beijing, China
Telephone (+86) (10) 6532 3631 to 33
Telefax (+86) (10) 6532 1650
E-mail info@nigeriaembassy.cn
Website www.nigeriaembassy.cn

 




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