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ECONOMY
The
new civilian administration has given the degenerating
Nigerian economy, a face-lift. A volatile political climate, corruption
and unwise economic policies had crippled the oil rich country. The
former military reign had concentrated its efforts on the
capital-intensive oil sector, (which provides 20% of GDP, 95% of
foreign exchange earnings, and about 65% of budgetary revenues) to the
exclusion of other sectors. The rapid growth of population has also
added to the economic problems, the country that exports food has to
import it to meet the rising demands. It has sought financial help from
the IMF in August 2000 and received a debt-restructuring deal from the
Paris Club and a $1 billion loan from the IMF. Things should begin to
look better with a rise in foreign investment and oil production over
4% growth is likely to be seen with world oil prices rising.
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| Religions: |
Muslim 50%, Christian 40%,
indigenous beliefs 10% |
| Languages: |
English (official), Hausa,
Yoruba, Igbo (Ibo), Fulani |
| Literacy: |
definition: age 15
and over can read and write |
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