Unic Press UK: The Nigerian Senate has passed the 2018 Budget of ₦9 trillion.
The budget, which was presented to the National Assembly on 7th November 2017, has been tagged “Budget of Consolidation” by Nigeria President Muhammadu Buhari.
Nigeria – Economic Indicators & Other Information
- Consumer Price Index (CPI): The CPI which measures inflation increased 14.33 percent (year-on-year) in February 2018, illustrating a 0.8 percent points lower than the rate recorded in January 2018 (15.13). [National Bureau of Statistics, Nigeria]
- Gross Domestic Product (GDP): $404.65 billion as of 2016. [World Bank].
- GDP per capita: $2,175.67 as of 2016. [World Bank].
- Total National Debt: ₦21.725 trillion [$70.99 billion] at 31st December 2017.
- Unemployment: “The unemployment rate increased from 14.2% in Q4 2016 to 16.2% in Q2 2017 and 18.8% in Q3 2017”, the country’s Bureau of Statistics said in its report ‘Labor Force Statistics Vol. 1: Unemployment and Underemployment Report (Q1-Q3 2017)’of December 2017.
- Population: 185.98 million as of 2016. [World Bank]. The current estimate is 195 million based on Live update as of 15 May 2018.
- The total land area is circa 910,770 Km2. [World Bank].
- Life expectancy at birth : 52.9 years as of 2015. [World Bank].
- Central Bank of Nigeria official exchange rate $1= ₦305.85