10 BASIC FACTS ABOUT NIGERIA'S ECONOMY.




The following are the basic facts and figures about the economy of the Federal Republic of Nigeria:

1. Nigeria is rated as the country with the highest population in Africa with a total number of 188.7 million people.

2. The Gross Domestic Product (GDP) amounts to a sum of $1.1trillion, with a per capita income of $5,929.

3. The current unemployment rate is 7%.

4. Nigeria's inflation rate is 16.5%.

5. The Foreign Direct Investment (FDI) inflow totals a figure of $3.5 billion.

6. Nigeria is rated as the 111th most freest nation and 14th among the Sub Saharan nation with an economic freedom score of 57.3%.

7. Over 60% of Nigerians are currently living in extreme poverty.

8. Nigeria's tax rate is as follows:

a. Income Tax      24%
b. Corporate Tax  30%
c. Overall Tax Burden.5.2%

9. Over the past three years, Government Spendings had amounted to 10.8% of the country's GDP, Budget Deficit amounted to 4.4% of the GDP and Public Debt is 23.4%.

10. The country's rule of law is determined as:

a. Property Rights 36.5%
b. Government Integrity 20.5%
c.  Judicial Effectiveness 34.3%.

This is as a result of corruption which exists in the country especially in the legal system.

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