TRALAC - Trade Law Centre

Country Info: Nigeria

Economic Background

Oil-rich Nigeria has been hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, but in 2008 began pursuing economic reforms. Nigeria's former military rulers failed to diversify the economy away from its over-dependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues.

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. 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 November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt.

Since 2008 the government has begun to show the political will to implement the market-oriented reforms urged by the IMF, such as modernizing the banking system, removing subsidies, and resolving regional disputes over the distribution of earnings from the oil industry.

GDP rose strongly in 2007-12 because of growth in non-oil sectors and robust global crude oil prices. President Jonathan has established an economic team that includes experienced and reputable members and has announced plans to increase transparency, diversify economic growth, and improve fiscal management. Lack of infrastructure and slow implementation of reforms are key impediments to growth. The government is working toward developing stronger public-private partnerships for roads, agriculture, and power.

Nigeria's financial sector was hurt by the global financial and economic crises, but the Central Bank governor has taken measures to restructure and strengthen the sector to include imposing mandatory higher minimum capital requirements. (Source: World Factbook, 2013)

Downloads

Brochure - AGOA performance and country profile of Nigeria

Brochure - AGOA performance and country profile of Nigeria

An overview of Nigeria's participation and utilisation of AGOA preferences since 2000, including relevant trade data and sector-focus.  Double-sided A4 brochure. For printing purposes, set 'fit to page' on your printer.

Author Eckart Naumann
Organisation Trade Law Centre (tralac)
Publish Date 21 December 2018
View details D Size: 5 MB
Nigeria - United States (TIFA)

Nigeria - United States (TIFA)

Trade and Investment Framework Agreement between the United States of America and the Republic of Nigeria.

Author Nigeria - US
Organisation Nigeria - US
Publish Date 16 February 2000
View details D Size: 107 KB

Related News

AGOA textile visa stamp will benefit Nigerians

AGOA textile visa stamp will benefit Nigerians

Recently, the Nigerian Export Promotion Council (NEPC) AGOA Trade Resource Centre, Lagos, unveiled the AGOA Textile Visa Stamp. The Textile Visa Stamp, according to the NEPC, would enable garment manufacturers in Nigeria to have tariff concession on textile and garments manufactured in the country for export to the United States under the  African Growth Opportunity...

21 May, 2019
‘Nigeria will benefit more from AGOA before scheme expires’

‘Nigeria will benefit more from AGOA before scheme expires’

Recently, the Nigerian Export Promotion Council (NEPC) under its African Growth and Opportunity Act Trade Resource Centre (AGOA-ATRC) organised a one day workshop for export ready and potential exporters in Kano. NEPC, the Federal Government’s agency in charge of promotion of all non-oil export trained participants on how to export under AGOA into the United States and...

16 February, 2019
Nigeria: Federal government unfolds AGOA strategy on exporting products – official

Nigeria: Federal government unfolds AGOA strategy on exporting products – official

The Federal Government has begun the implementation strategy to ensure that non-oil products are duly accepted in the US under the African Growth and Opportunity Act. The products that are being considered for export under AGOA include sesame seed, cashew, tomatoes, oranges, cassava, spices and ginger. Others are shea butter, cow pea, banana, plantain, cement, clinker,...

23 November, 2018
Nigeria: How exporters can benefit from AGOA

Nigeria: How exporters can benefit from AGOA

Mr. Babatunde Faleke is the Regional Coordinator, Nigerian Export Promotion Council (NEPC) Lagos. In this interview with ABIBAT AMINU he speaks on opportunities open to Nigerian exporters, especially under the African Growth and Opportunity Act (AGOA). Excerpts: Is the African Growth and Opportunity Act (AGOA) still relevant today? Yes of course the African Growth and...

09 November, 2018
Nigeria: 'Many manufacturers don’t know much about AGOA' — NEPC

Nigeria: 'Many manufacturers don’t know much about AGOA' — NEPC

The Executive Director, Nigeria Export Promotion Council, Mr Segun Awolowo,  has said many indigenous industrialists and manufacturers do not know much about what it takes to export under the African Growth and Opportunity Act. He also stated that value addition and manufacturing of world-class products would enhance their global competitiveness. Awolowo spoke through...

14 October, 2018
Nigeria-American Chamber working with stakeholders to promote AGOA

Nigeria-American Chamber working with stakeholders to promote AGOA

Joyce Akpata, director-general of the Nigerian-American Chamber of Commerce (NACC), has said the chamber is working closely with relevant stakeholders to promote the African Growth and Opportunity Act (AGOA). Akpata, who stated this at a two-day Agro-Commodity Export Master Class organised by the chamber in partnership with Multimix Export House recently, said AGOA offers...

14 July, 2018