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Nigeria

Capital Abuja
Area Sq Km 923,768 sq km
Area Sq Miles 2,392,466
Population 128,771,988
Languages English (official), Hausa, Yoruba, Igbo (Ibo), Fulani
Religions Muslim 50%, Christian 40%, indigenous beliefs 10%
Currency Naira
National Day

Nigeria

Economy Overview
Nigeria is an Oil-rich country. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. In the last year the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003 the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF's Poverty Reduction and Growth Facility for fiscal and monetary management. GDP rose strongly in 2005, based largely on increased oil exports and high global crude prices. In November 2005, Abuja won Paris Club approval for an historic debt relief deal that by March 2006 should eliminate $30 billion worth of Nigeria's total $36 billion external debt.
Government
Nigeria is a federal republic and has the presidential system of government. The Presidential system is the executive arm of government, implementing legislations instituted by the bicameral National Assembly and processes declared by the Judiciary. The Presidency is headed by the President who is also the Commander in-chief of all the armed forces of the country. The Vice President holds the same powers as the President but can only exercise these in the absence of the President or as directed by the President or the National Assembly. The running of the government is the function of the Federal Executive Council which includes the President, Vice-President and the Ministers.

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