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Introduction
Nigeria is located
in West Africa and shares land borders with the Republic of
Benin in the west, Chad and Cameroon in the east, and Niger in
the north. Its coast lies on the Gulf of Guinea, part of the
Atlantic Ocean, in the south. The capital city is Abuja.
Nigeria is the most populous country in Africa and the eighth
most populous country in the world with a population of over 140
million. The country is listed among the "Next Eleven"
economies, and is one of the fastest growing in the world with
the International Monetary Fund projecting growth of 9% in 2008
and 8.3% in 2009.
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Nigeria re-achieved
democracy in 1999 when it elected Olusegun Obasanjo, a Yoruba and former
military head of state, as the new President ending almost thirty
three-years of military rule (between from 1966 until 1999) excluding
the short-lived second republic (between 1979-1983) by military
dictators who seized power in coups d'état and counter-coups during the
Nigerian military juntas of 1966-1979 and 1983-1998.
Years of military rule, corruption, and mismanagement have hampered
economic activity and output in Nigeria and continue to do so,
despite the restoration of democracy and subsequent economic reform.
According to the Economist Intelligence Unit and the World Bank,
Nigerian GDP at purchasing power parity was only at $170.7 billion
as of FY 2005. The GDP per head is at $692.
Petroleum plays a large role in the Nigerian economy, accounting for
40% of the GDP. It is the 12th largest producer of petroleum in the
world and the 8th largest exporter, and has the 10th largest proven
reserves and the country was also a founding member of OPEC.
However, due to crumbling infrastructure, corruption, and ongoing
civil strife in the Niger Delta, its main oil producing region, oil
production and export is not at 100% capacity.
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