Record high oil prices have added hundreds of millions of dollars to Nigeria's government coffers, but few in the world's eighth largest oil exporter reap the rewards.
Here are some key facts about the Federal Republic of Nigeria:
PEOPLE:
* Nigeria is the most populous nation in Africa. According to the March 2006 census, the population is 140 million. There are more than 250 distinct ethnic groups, the three biggest being the Hausa, Yoruba and Ibo.
* Nine out of 10 people live on less than $2 a day.
* Life expectancy at birth is 47 years, compared with an average 59 years for low-income countries worldwide.
* Infant mortality is 94 per 1,000 live births.
* 29 percent of children under 5 are malnourished.
* ECONOMY:
-- Nigeria, an OPEC member, is the world's eighth biggest exporter of crude oil, producing about 2 million barrels per day. It depends on oil and gas for about 90 percent of foreign exchange earnings.
-- Between 1970 and 2007, Standard Bank estimates that the Nigerian government received a nominal $435.8 billion in direct hydrocarbons revenues and taxes. This translates to around $1.193 trillion in today's terms.
-- Windfall oil earnings helped Africa's second biggest economy after South Africa to accumulate around $60 billion in foreign reserves as of mid-June, even though militant attacks have shut around a fifth of its oil output since early 2006.
-- Nigeria consistently ranks as one of the world's most corrupt countries. For 2007, it ranked 147th out of 177 nations in an annual corruption list drawn up by independent watchdog Transparency International.
-- Recent liberalization in telecoms and banking has spurred growth in those sectors, but industry is still hobbled by a chronic shortage of electricity and a poorly educated workforce.
-- Gross domestic product grew by more than 6 percent in 2007, falling short of a government target of 10 percent.
Here are some key facts about the Federal Republic of Nigeria:
PEOPLE:
* Nigeria is the most populous nation in Africa. According to the March 2006 census, the population is 140 million. There are more than 250 distinct ethnic groups, the three biggest being the Hausa, Yoruba and Ibo.
* Nine out of 10 people live on less than $2 a day.
* Life expectancy at birth is 47 years, compared with an average 59 years for low-income countries worldwide.
* Infant mortality is 94 per 1,000 live births.
* 29 percent of children under 5 are malnourished.
* ECONOMY:
-- Nigeria, an OPEC member, is the world's eighth biggest exporter of crude oil, producing about 2 million barrels per day. It depends on oil and gas for about 90 percent of foreign exchange earnings.
-- Between 1970 and 2007, Standard Bank estimates that the Nigerian government received a nominal $435.8 billion in direct hydrocarbons revenues and taxes. This translates to around $1.193 trillion in today's terms.
-- Windfall oil earnings helped Africa's second biggest economy after South Africa to accumulate around $60 billion in foreign reserves as of mid-June, even though militant attacks have shut around a fifth of its oil output since early 2006.
-- Nigeria consistently ranks as one of the world's most corrupt countries. For 2007, it ranked 147th out of 177 nations in an annual corruption list drawn up by independent watchdog Transparency International.
-- Recent liberalization in telecoms and banking has spurred growth in those sectors, but industry is still hobbled by a chronic shortage of electricity and a poorly educated workforce.
-- Gross domestic product grew by more than 6 percent in 2007, falling short of a government target of 10 percent.
