Nigeria is Africa’s most populous country and the seventh most populous county in the world. Lagos is the largest city with a population of over 17 million. The current Federal Republic of Nigeria consists of 36 states and 1 territory (Federal Capital) with the incumbent President Muhammadu Buhari having been in office since March 2015.
Classified as a lower middle-income country by the World Bank (WB), Nigeria has the second largest African economy (the 1st and 2nd places are contested between South Africa and Nigeria, depending on statistical options). Nigeria, however, still ranks significantly low on the Human Development Index (152 out of 187) and based on 2010 estimates, 46% of the population lived below the poverty line. Since 1970 oil has been a dominant source of government revenue. The oil and gas sector accounted for 35% of the country’s Gross Domestic Product (GDP) and 90% of the total exports revenue. Nigeria has an estimated 5.28 Bn m³ of proven natural gas reserves, the country has one of the top ten natural gas resources in the world and the largest endowment in Africa. Nigeria has proven oil reserves of 37 Bn barrels. Despite the abundant resources it is important to note that Nigeria closed 2016 with its worst GDP growth rate in 25 years as low oil prices, tight monetary liquidity and militant attacks on oil infrastructure tilted the economy towards negative growth indices.
