| Macroeconomic Overview |
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The foundation of a healthy nation is a sustainable and diverse economy that generates wealth for its citizens. A sustainable and diverse economy makes the community an attractive place to live in by triggering a ‘circle of prosperity’. The Nigerian economy is enery-driven (accounts for 96% of export earnings). The non-oil sector is under developed, inflation rate is 25% (2005), income per capita is $300 (2002), average growth performance is 3.5%, annual investment rate is 16% of GDP ($125.7 Billion) 60% for the population live below poverty line. There is a steady depreciation of the naira against major convertible currencies. Whereas 41% of GDP of Nigeria is accruable from agro-produce, this section accounts for a dismal 2% of export earnings. The Nigerian economy is apparently bugged down by a low growth and investment rate due to over dependence on petroleum exports and under-industrialization. The nation is thus saddled with a huge informal sector that need to be assisted to generate sustainable livelihoods. |
