Agriculture providing employment for 70% of the population.

82 million hectares out of total land area of about 91 million hectares were used in agriculture. The country's agricultural products fall into two main groups: food crops produced for home consumption exports

Major crops
Beans sesame cashew nuts cassava cocoa beans groundnuts gum Arabic kola nut maize(corn) Melon millet palm kernels palm oil Plantains rice Rubber sorghum soybeans yams

The Importance of Agriculture in Nigeria's Economic Development

Nigeria, one of Africa's most populous countries which makes the production of a wide range of agricultural products . the Commercial Agriculture Credit Scheme help to develop the agriculture economy. In collaboration with the Federal Government , the Central Bank of Nigeria (CBN), introduced the Commercial Agriculture Credit Scheme.

Objective of credit schemes:

fast tracking development lower product prices promoting low food inflation.

Regulatory Framework
The main regulatory provision for the scheme is the Guidelines for Commercial Agriculture Credit Scheme issued

by the Central Bank of Nigeria on 15thApril, 2009, which

outlines the key stakeholders as follows:

Federal Government of Nigeria (FGN) Central Bank of Nigeria Federal Ministry of Agriculture Debt Management Office (DMO) Borrowers (Farmers, Agro Processors, Marketers, State Government and the Federal Capital Territory ("FCT")

Nigeria Imports
Nigeria imports mainly: Petroleum oils, refined (18%), Cars (8%), Wheat and meslin (3%), Telephones (2%), Motor vehicles for transporting goods (2%)

 Major trade partner's (import): china (19%) united states (10%) Netherlands (09%) Antigua and Barbuda (07%) United Kingdom (6%)

Nigeria's Top 10 Products of Imports from India All values in USD Million Nigeria's Imports Nigeria's Imports Nigeria's Imports % Growth from India in 2006 from India in 2007 from India in 2008 2007/2006 1,109.75 318.06 1,443.21 299.88 1,011.75 248.83 30.05 -5.72 %Growth 2008/2007 -29.9 -17.02 % CAGR over 3 years -4.52 -11.55

Rank

HS Code

Description

TOTAL 84

All products Nuclear reactors, boilers, machinery, etc Vehicles other than railway, tramway Electrical, electronic equipment

87

53.85

91.58

81.83

70.06

-10.65

23.27

85

85.49

77.73

75.92

-9.08

-2.33

-5.77

4 5 6 7 8 9

30 76 73 72 39 29

Pharmaceutical products Aluminum and articles thereof Articles of iron or steel Iron and steel Plastics and articles thereof Organic chemicals Paper & paperboard, articles of pulp, paper and board

53.12 42.16 63.76 23.95 45.47 21.21

95.03 115.22 90.5 80.71 63.5 30.58

71.12 56.36 51.39 49.76 47.37 36.37

78.91 173.31 41.94 237.06 39.65 44.2

-25.16 -51.08 -43.22 -38.35 -25.41 18.96

15.71 15.63 -10.22 44.15 2.06 30.97

10

48

59.28

69.46

31.53

17.17

-54.6

-27.06

Nigeria Exports
Nigeria mainly export furniture clothing automobiles minerals commodities

 Major trade partner's (Export): us brazil Spain India

Nigeria's Top 10 Products of Exports to India

All values in USD Million

Rank

HS Code TOTAL 27 76 74 39 8 89 78

Description

Nigeria's Exports to India 2006 5,507.52 5,317.67 0.08 0.003 0 0 0 0.18

Nigeria's Exports to India 2007 398.85 4,304.54 20.66 21.35 2.88 10.26 0.46 5.88

Nigeria's Exports to India 2008 7,768.54 7,655.62 28.21

% Growth 2007/2006 -20.13 -19.05 26,736.36

% Growth 2008/2007 76.6 77.85 36.52 17.74 298.13 -19.91 1,543.48 26.38

% CAGR over 3years 18.77 19.99 1,814.06 9,052.96 N/A N/A N/A 546.08

1 2 3 4 5 6 7

All products Mineral fuels, oils, distillation products, etc Aluminum and articles thereof Copper and articles thereof Plastics and articles thereof Edible fruit, nuts, peel of citrus fruit, melons Ships, boats and other floating structures Lead and articles thereof Lac, gums, resins, vegetable saps and extracts nes Coffee, tea, mate and spices Raw hides and skins (other than furskins) and leather

25.13 7,11,466.67 11.47 8.22 7.56 7.43 N/A N/A N/A 3,202.81

13

188.65

6.92

4.79

-96.33

-30.85

-84.07

2.27

3.96

N/A

74.58

N/A

10

41

0.02

0.09

3.66

279.17

3,916.48

1,134.07

Types of economy

 Nigeria has capitalism and mixed type of economic system. Nigeria uses the Nigerian Naira as the currency and their main source of revenue is from crude oil and coal.

How can Nigerias Economy be the Third Fastest Growing Economy in the World?

 Nigeria has and mixed type of economic system. Nigeria uses the Nigerian Naira as the currency and their main source of revenue is from crude oil and coal. Government Nigeria is governed under the constitution of 1999 as amended. The president, who is both head of state and head of government, is popularly elected for a fouryear term and is eligible for a second term. The bicameral legislature, the National Assembly, consists of the 109-seat Senate and a 360-seat House of Representatives; all legislators are elected by popular vote for four-year terms. Administratively, the country is divided into 36 states and the federal capital territory

 The economy of Nigeria historically was based on agriculture, and about 70% of the workforce is still engaged in farming Petroleum is the leading mineral produced in Nigeria and provides about 95% of foreign exchange earnings and the majority of government revenues.

 . In 2005, Nigeria achieved a milestone agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt.

 GDP (purchasing power parity) $450.5 billion (2012 est.) $420.8 billion (2011 est.) $391.9 billion (2010 est.)

GDP - real growth rate 7.1% (2012 est.) 7.4% (2011 est.) 8% (2010 est.)

 GDP - per capita (PPP) $2,700 (2012 est.) $2,600 (2011 est.) $2,500 (2010 est.) Labor force - by occupation agriculture: 70% industry: 10% services: 20% Inflation rate (consumer prices) 12.1% (2012 est.) 10.8% (2011 est.)

MAJOR INDUSTRIES IN

NIGERIA

 crude oil, coal, tin, columbite, palm oil, peanuts, cotton, rubber, wood, hides and skins, textiles, cement and other construction materials, food products, footwear, chemicals, fertilizer, printing, ceramics, steel, and Petroleum.

MAJOR MINERALS INDUSTRIES OF NIGERIA

1.Oil
2. Natural gas 3.Petrolium industry 4. Mining 5. Coal, Lignite and Coke 6. Iron Ore 7. Uranium

Oil

Developers in the pursuit of commercially available oil struck it big in 1956. Nigeria is 95 percent of export earnings and about 40 percent of government revenues.

Natural gas

The biggest natural gas initiative is the Nigerian Liquefied Natural Gas Company, which is operated jointly by several companies and the state. It began exploration and production at 1999.

Petroleum

The petroleum industry in Nigeria, Africa is the largest industry and main generator of GDP in the continent's most populous nation. It is estimated that demand and consumption of petroleum in Nigeria grows at a rate of 12.8% annually

Mining

Organized mining began in 1903 when the Mineral Survey of the Northern Protectorates was created by the British colonial government.

Coal, Lignite and Coke

. 1920, coal production had reached 180,122 long tons (183,012 t). Nigeria's peak coal production was in the late 1950s, and by 1960 production was at 565,681 long tons (574,758 t). Nigeria is desirable by international customers in Italy and the United Kingdom, who have imported Nigerian coal. In April 2008, Minister of Mines and Steel Sarafa Tunji Ishola announced that Nigeria was considering coal as an alternative power source as it attempts to reform its power sector, and encouraged Chinese investors to invest in the coal industry

 IronOre
The National Iron Ore Mining Company was founded in 1979 and given the

mission to explore, exploit, process, and supply iron ore concentrate to the
Ajaokuta Steel Company (ASCL) in Ajaokuta and Delta Steel Company (DCL) in Aladja. Additional demand has come from several steel rolling mills. The company and its mining operations are based in Kogi State. Export of excess iron ore beyond what is required for domestic needs is currently being explored. Additionally, the Nigerian government has invested in foreign iron ore operations in Guinea.

Uranium

 The Nigeria Uranium Mining Company (NUMCO) was a parastatal

organization that controlled the exploration and mining of uranium in Nigeria and was a public/private partnership with Total Compagnie Minire of France, which owned 40% of the company. In 1989, Total pulled out of the partnership, and in 1993 the government reassigned NUMCO's responsibilities to the Nigerian Geological Survey. The NUMCO corporation was dissolved in 1996, and the government is in the process of liquidating its remaining assets.