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Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [57] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
Indeed, GNP per capital per year decreased 4.8 percent from 1980 to 1987, which led in 1989 to Nigeria's classification by the World Bank as a low-income country (based on 1987 data) for the first time since the annual World Development Report was instituted in 1978.
The Sustainable Development Goals aim to reduce neglected tropical diseases, AIDS, hepatitis, water-borne diseases and other communicable diseases. The Nigeria Economic Recovery and Growth Plan was launched to align the SDGs with a target of 2030. Among the goals is to reduce the maternal mortality ratio to 70/100,000 live births. [9]
Nigeria received an RFI emergency loan for economic losses incurred due to COVID-19, which is to be repaid within 5 years, and repayments beginning within the third year. [6] The RFI loan was conditioned upon the nation's adherence to transparency and participation in independent audits of crisis-mitigation. [6]
The Fifth Development Plan and Rolling Plan within Nigeria was established in 1988 to further tackle inequality and boost the economic, social and political structure for the country. This plan sought to devalue the naira, remove import licenses, reduce tariffs, open the economy to foreign trade, promote non-oil exports through incentives and ...
Nigeria is currently the most populated country in Africa and it is also the biggest oil exporter and in addition to this, it has the second biggest economy in Africa. All of these qualities make it a country with great economic potential, but Nigeria also faces great development challenges. [3]
As of 2018, Nigeria is the biggest economy in Africa by nominal GDP, ... When developing countries have harvested agricultural produce at low cost, they generally do ...
Nigeria, [a] officially the Federal Republic of Nigeria, is a country in West Africa. [9] It is situated between the Sahel to the north and the Gulf of Guinea to the south in the Atlantic Ocean . It covers an area of 923,769 square kilometres (356,669 sq mi).