Primary industries such as agriculture, animal husbandry and forestry are the most important economic sectors. In 2011, their output value accounted for 39.5% of the GDP. More than 80% of the country's residents are engaged in agriculture, with 17.2389 million hectares of arable land, 5.8829 million hectares of cultivated land, 270,000 hectares of land with irrigation potential, and 70,000 hectares of irrigated land. Food production is unstable, and the main food crops include millet, sorghum, potatoes and beans. Since the second half of 2011, Nigeria has suffered its third food shortage in 10 years. The national food gap has reached 692,000 tons, and the affected population accounts for 35% of the country's total population.
From 2000 to 2005, the output value of animal husbandry accounted for an average of 13.25% of the GDP. There are more than 1 million people engaged in animal husbandry in the country. Livestock products are the second largest export product, second only to uranium in export value. In 2005, the national livestock population was: 3.76 million cattle, 17.32 million sheep, and 1.2 million camels.
Forest resources are scarce, and forestry output accounts for approximately 3.8% of GDP. Due to population growth, large-scale reclamation of cultivated land, and residents' daily use of firewood as the main fuel, the forest area has shrunk at an average annual rate of 2.4%, from 16 million hectares in the early 1970s to 8 million hectares in the late 1990s. hectares. In addition to taxation, there is a lack of other means of increasing revenue, and the national budget relies heavily on foreign aid.
The fiscal balance and expenditure are as follows (unit: 100 million CFA francs): Year 2006 2007 2008 Revenue 3820 4580 5490 Expenditure 3770 4760 5650 Balance of payments 50 -180 -160 In 2000, the World Bank ranked Nigeria Being included in the list of countries under the Heavily Indebted Poor Countries Debt Relief Initiative, Nigeria has received a debt reduction of 686 billion CFA francs, accounting for 53.5% of its total external debt. As of the end of 2008, Nigeria's foreign debt was US$1.062 billion and its foreign exchange reserves were US$585 million. (This data comes from the May 2009 Economic Quarterly Review).
The financial sector includes commercial banks, insurance companies, postal savings banks, and the National Social Security Foundation. The output value of the financial industry accounts for 12% of the GDP.
The main banks are: Niger Bank Group (SONIBANK, former National Bank), Bank International Africa (BIA), Bank of Africa (BOA) and Commercial Bank of Niger (BON). It mainly exports uranium, gold and livestock. In 2011, uranium and gold exports accounted for 74.8% and 10.1% of that year's export revenue respectively. The main exporting countries are the United States, Nigeria, Russia and Ghana. The main importing countries are France, China, Nigeria and French Polynesia.
The foreign trade situation in recent years is as follows (unit: 100 million US dollars): Year 2006 2007 2008 Export volume 5.08 7.12 8.78 Import volume 7.48 9.35 12.07 Difference -2.40 -2.23 -3.29 New Year's Day: January 1
p>International Labor Day: May 1
Independence Day: August 3 (also known as Arbor Day, 1958)
National Day: December 18 (National Unity Day, 1960)