Country Information - Nigeria
ECONOMIC BACKGROUNDThe oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from over-dependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food.
Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. The agreement was allowed to expire by the IMF in November 2001, however, and Nigeria appears unlikely to receive substantial multilateral assistance in 2002. Nonetheless, increases in foreign oil investment and oil production should push growth over 4% in 2002.
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BI-LATERAL TRADE OVERVIEWNigeria is the largest trade partner (in terms of value of trade) of the U.S. in Sub-Saharan Africa (SSA), with total trade increasing rapidly in recent years. In 2001, Nigeria recorded a trade surplus well in excess of $ 7 billion with the United States, although this decreased to $ 4,9 billion in 2002. This far exceeds the trade surplus recorded by South Africa, being the country with the next largest trade surplus (with the US). The value of Nigeria’s exports to the US decreased sharply in 2002.
U.S. exports to Nigeria have been increasing steadily in recent years, although they are still far outweighed by U.S. imports from that country. Of all SSA countries, Nigeria's exports to the U.S. rank first, ahead of those from South Africa. However, exports are not very diversified, and are concentrated in energy-related products (mainly oil and natural gas).
Exports eligible under the provisions of AGOA amounted to almost $ 5,4 billion in 2002 (2001: $ 5,6 billion)(see link to Country Trade Profile below). This profile is similar to the trade profile of the 3rd largest exporter under AGOA (Gabon), whereas the 2nd largest exporting country under AGOA (South Africa) indicates a highly diversified trade base.
The make-up of Nigeria's AGOA-eligible exports in 2002 appear to closely resemble that of 2001, and consist almost entirely of energy-related output.
Click here for Detailed Trade Profile
21 AGOA FORUM 2013: Ethiopia will host the 2013 US-Africa AGOA Forum. AGOA.info has been informed that the Forum will not take place as envisaged on 28 June - 1 July, but at a later date. According to information available to AGOA.info, these dates will be 12-13 August 2013. The theme for this year’s Forum is “Trade and Technology for sustained change”“
21 December 2012: Guinea-Bissau and Mali lose AGOA eligibility
APRIL 2013: Monthly data has been updated to include February 2013 data, quarterly includes full year 2012 data.
New US strategy towards Africa: White House Factsheet on new strategy towards Africa, plus overview of past US engagement with Africa. Click here for the file and this link for a summary article.
02 August 2012: Bill to extend third country fabric provision passes Congress Download the House of Reps. Bill at this link
South Sudan declared AGOA-eligible on 26 March 2012. Earlier, Cote d'Ivoire, Niger and Gambia declared AGOA eligible on 25 October 2011. See news item, presidential declaration and trade overview at this link (S Sudan) and here (others).
US GSP extended and GSP benefits to be applied retrospectively for the year 2011 since expiry of previous GSP. See AGOA.info legal documents section at the following link.
AGOA at 10: Reflections on US-Africa trade with a focus on SACU: Tralac Working Paper that can be downloaded at this
December 2010: The Democratic Republic of Congo loses its AGOA eligibility status. See proclamation here (pdf download available at this link
ITC investigation of textiles and apparel: Further details at this link
AGOA IV – Changes to AGOA explained
For disaggregated trade data covering each AGOA country, follow the relevant link in the Country Sections (left column) or click here.
For detailed AGOA maps click here