RESTRICTED
WORLD TRADE WT/BOP/6/Rev.1/Add.1
2September 1996
ORGANIZATION(96-3407)
Committee onBalance-of-Payments Restrictions
CONSULTATION WITH NIGERIA UNDER ARTICLE XVIII:12(b)
OFTHE GATT 1994 AND RELATED UNDERSTANDING
Addendum totheBasic Document Supplied byNigeria
I. OVERVIEW OFMACROECONOMIC PERFORMANCE (1994-1996)
Theoverall performance oftheNigerian economy between 1994-1996 wasmixed. Over the
years, realoutput andtheexternal sector current account showed some improvement. TherealGross
Domestic Product (GDP) growth wasestimated at2.2percentin1995 compared withthe1.0per
centachieved in1994, even though theyfellshort ofexpectation. Provisional datashowed that
agriculture andmanufacturing sectors achieved growth rates of3.2and2.0percent, respectively
compared withthe3.0and-5.0percentattained in1994. Correspondingly manufacturing capacity
utilization increased marginally from 27.4percentin1994 to27.9percentin1995.
2. Althoughagoodmeasureofmacroeconomicstabilitywasachievedduring1995,theperformance
oftherealsector continued tobesluggish asindustrial output fellmarginally by0.4percentreflecting
output contraction intheelectricity subsector. However, mining andmanufacturing subsectors
experienced modest growth ratesof2.7percentand5.5percent,respectively. Theoverall realgrowth
rateoftheeconomy in1995 was,therefore, duelargely toimproved performance oftheagriculture
sector andpetroleum production.
3. TheGDP at1984 constant factor costhasbeenprojected toincrease fromN103.3 billion in
1995 toN108.3 billion in1996. Thistranslates intoapositive growth rateof4.94percent. The
major sources ofgrowth are:agriculture (6.1percent); manufacturing (5.9percent); petroleum
(6.1percent); building andconstruction (4.5percent); transport (4.85 percent); wholesale andretail
trade (3.0percent); andfinance andinsurance (4.35 percent).
4. Toachieve thetargeted overall growth rateanditssectoral breakdown during theperiod, an
investment sizeofN10.67 billion inrealterms hasbeenprojected in1996. Thisshows apositive
growth rateof91percentwhen compared withtheprevious year'ssizeofN5.79billion. Innominal
terms, theinvestment sizeisprojected atN646.3 billion. Outofthisamount, theestimated totalpublic
sector gross capital formation (excluding Joint Venture Cash Calls (JVCC)) isN368.95 billion or
57.08 percentofthetotalinvestment. Theprivate sector investment, including JVCC accounts for
thebalance ofN277.39 billion or41.6percent. Theexpected Federal Government treasury funding
ofdevelopmentprojectsisforecastatN104.78billionwhilethedrawdownonexternalloansisestimated
atN34.12 billion.
5. Nominal gross national savings in1996isprojected tobeN610.8 billion. When thisismatched
withtheprojected gross capital formation ofN646.3 billion, there isasavings investment gapof
N35.5billion which isexpected tobefinanced from external sources. Thistranslates to1.81per
centofGDP atcurrent prices.WT/BOP/6/Rev.1/Add.1
Page2
6. Inflationary pressures persisted withtherateincreasing from57.0percentinDecember 1994
to74.3percentinJune1995. However, therateofprice increases decelerated inthesecond half
oftheyear. Themonthly rateofchange during theperiod wasreduced drastically from2.8percent
to1.1percentinSeptember, 0.7percentinOctober, 0.5percentinNovember and0.6percentin
December 1995. AsatendDecember 1995, inflation ratestood at72.8percent. Themain factors
thatcontributed totheinflationary pressures include highproduction costsarising fromincreased import
duties, hightransportation costsarising particularly fromincreased pump priceofpetroleum products
in1994 andthetotalderegulation oftheautonomous foreign exchange market which depreciated the
currency byabout 70percent.
7. Themacroeconomic policy measures, including theceiling oninterest ratethatwere putin
place in1995 tosubstantially reduce thelevelofinflation willtaketimetomature fullytoproduce
significant effect inthereduction ofthelevel ofinflation. Itis,therefore, expected thatwiththese
measures nowfully operational, theinflation ratewillreduce tobetween 20and30percentby
December 1996.
8. Unemployment painted amixed profile during theperiod under review. Thecomposite
unemployment ratedeclined from 2.7percentin1993 to2.0and1.8percentin1994 and1995,
respectively. Theurban unemployment rateroseto3.6percentattheend1995 from 2.3percent
inthecorresponding period of1994. Theruralrate,however, further dropped from 1.7percentin
1994 to1.4percentin1995. Although people without formal education accounted for23.2percent
oftheunemployed in1994, theprofile eased to16.0percentin1995, indicating adeclining trend
fortheshare oftheuneducated oftheunemployed. Similarly, theshare ofpeople withprimary education
intotalunemployment hasfluctuated from 17.9percentin1993 to13.2and13.4percentin1994
and1995, respectively. Ontheother hand, therehasbeenamarked increase inthenumber ofjobless
secondary school leavers, reaching anall-time highof68.7percentin1994before falling to59.5per
centin1995. Forjobseekers withtertiary education, theirshare rosefrom 4.8percentin1994 to
5.8percentin1995.
9. Theabove trend should, however, beinterpreted with caution asthelowrateofopen
unemployment could beattributed tothelarge sizeofinformal sector activities, eventhough mostof
thepeople involved insuchactivities wereunderemployed. Generally, theunemployment problems
remain sensitive andhasintensified.
II. FISCAL OPERATIONS OFTHE FEDERAL GOVERNMENT
10. TheexpendingdeficitinthefiscaloperationsoftheFederalGovernmentwhichhascharacterized
theeconomy forseveral years wassharply reduced in1995. Thisdevelopment canbetraced tothe
determination ofGovernment topursue apolicy offiscal transparency, comprehensiveness and
completeness initsoperations. There wasample evidence ofseriousness intheoperation ofthispolicy
in1995. Forinstance, thepublic wasregularly informed oftheposition ofstatefinances. Theoperation
ofdedicated accounts wasabolished andmeasures putinplace tostabilize theexchange ratewhose
instability impact seriously ongovernment finances.
11. Consequently, government fiscal deficit according toCBN data,declined fromN70.3billion
in1994 or7.7percentofGDP toN6.8billion or0.5percentofGDP. Themeasures thatwere
putinplace, andhavebeenmaintained inthe1996 budget, which assisted inreducing government
deficit spending areaimed atexpanding therevenue baseoftheGovernment, curtailment ofwasteful
expenditureandextra-budgetaryspending,expansionoftheeconomy'sproductivebaseandimprovement
incapacity utilization bythemanufacturing sector.WT/BOP/6/Rev.1/Add.1
Page3
12. Total Federal Government actual revenue in1995 amounted toN225.0 billion while total
expenditure stood atN230.8 billion. In1996, itisprojected thattotalrevenue would amount to
N228.0 billion. Itis,therefore, anticipated thatattheendoftheyear(1996), abudget surplus of
N9.0billion or1.15percentofGDP willbeachieved.
III. BALANCE OFPAYMENTS
13. Asinprevious years, Nigeria 'sbalance ofpayments remained under serious pressures in1995.
Thehighlevelofexcess liquidity inthesystem asaresult ofexpansionary fiscal andmonetary policies
continued toaccount forthis.
14. Theoverall balance-of-payments position deteriorated from adeficit ofN42,849.2 million
in1994toN195,216.3 million in1995. Thiswasmainly attributable tothecurrent account transactions
which declined fromadeficit ofN48,806.9 million in1994toN254,366.7 million in1995. Although
themerchandise account component maintained asurplus, theservices andincome account component
continued toremain thesource ofhugeoutflow ofresources. Thecapital account, ontheother hand,
maintained amodest surplus ofN7,643.8 million in1994 which rosetoN64,527.9 million in1995
duelargely tothedeferment ofobligations thatfelldueunder debtamortization butcould notbepaid
forlackoffunds. Such deferred debtobligations increased from N49,818.2 million in1994 to
N179,891.2 million in1995.
15. Anumber ofmeasures havebeenintroduced inthe1996 budget toprovide some relief and
bring about amore favourable balance-of-payments position. These measures include special funding
ofprojects suchasthedevelopment oftheironoreproject which isexpected toreduce ironore
importation andprovide asurplus forexport. Thedecision oftheGovernment tointernationalize the
operations andactivities oftheNigerian Stock Exchange isalsoexpected toimpact positively onthe
capital account ofthebalance ofpayments.
IV. PUBLIC DEBT
(a) External debt
16. Nigeria 'soutstanding external debtincreased toUS$32.58 billion attheendofDecember 1995
from US$29.429 billion during thecorresponding period of1994. Theincrease indebtstock was
duetoaccumulated debtservice arrears andthedepreciation ofthedollar vis-a-vis othertradecurrencies
inwhich Nigeria 'sdebtisdenominated. Outstanding debtitself amounted toUS$21.3 billion while
theunsettled arrears aggregated US$11.3 billion attheendof1995.
17. Thebreakdown oftheNigerian debtstock asat31December 1995 isasfollows:
Category Outstanding amount
(US$ million)Arrears
(US$ million)Total
(US$ million%oftotal
(a)Multilateral 4,369.14 41.90 4,411.04 13.54
(b)Paris Club 11,379.09 10,290.46 21,669.55 66.50
(c)London Club 2,045.00 - 2,045.00 6.28
(d)Promissory notes 3,148.00 - 3,148.00 9.66
(e)Non-Paris bilateral 363.61 947.61 1,311.22 4.02
21,304.84 11,279.97 32,584.81 100.00WT/BOP/6/Rev.1/Add.1
Page4
Thebreakdown above reveals thatthebulkofNigeria 'sdebt(66.5 percent), isowed tothe
Paris Club creditors while indebtedness tomultilateral institutions represents 13.54 percent.
18. Afurther analysis ofthedebtshows thatthedollar-denominated debts account for44.0per
cent; theDeutsch Mark -15.0percent; theYen-8.0percent; British Pound -11.0percent; French
Franc -11.0percent; andothers 11.0percent.
19. Thedebtservice totheParis Club constitutes thegreatest debtoverhang ontheNigerian
economy. Theaccumulation ofdebtservice arrears which isbeing compounded bypenalty interest,
hasnotpermitted reduction inthedebtstock, despite thefactthattheGovernment hasbeenservicing
itsexternal debtwithUS$2 billion annually inthepastfiveyears. Indeed, theinterest element
attributable totheloanisquite substantial andanyeffort orarrangement towrite-off thisinterest and
givemoratorium fortherepayment ofcapital, would putNigeria inabetter position torevitalize its
economy.
TheParis Club debts US$billion
(a) Original principal
(b) Interest capitalized onre-schedulement
(c) Moratorium Interest
(d) Postre-schedulement oninterest
(e) Penalties, etc
Lesspayments
(f) Principal
(g) Interest/fines
Paris Club balance at31December, 199517,071
3,942
2,512
3,471
902_______
27,898
(3,031)
(3,198)_______
21,669
20. Asaresult ofbudgetary constraints, theGovernment hasdecided toearmark US$2.0 billion
forexternal debtservice in1996. Furthermore, theFederal Ministry ofFinance andother economic
ministries, aswellastheCentral Bank ofNigeria (CBN), havealsocompleted thedraftoftheMedium
Term Economic Adjustment Programme (MTP) which isstillunder discussion withtheWorld Bank
andtheInternationalMonetaryFund(IMF).IfagreementisreachedwiththeBrettonWoodsInstitutions,
itisexpected thatNigeria willapproach theParis Club forconcessional re-schedulement.
21. There hasalsobeenarestraint onexternal borrowing. In1995, theGovernment didnottake
anynewexternal loan. In1996, newloans would becontracted onlywhere theyarehighly concessional
andusedforfinancing projects inthesocial oragricultural sector; orwhere loans arepotentially
self-financing andareusedinrespect ofpriority projects.
(b) Domestic debt
22. Debts owed tolocalcontractors amounted toapproximately N27.7billion. Inorder tostimulate
thecapital market, theGovernment willin1996issueredeemable stocks and/or certificates inrespect
ofthese debts. Thebonds andcertificates willbeinstruments thatcould betraded onthefloorofthe
Nigerian Stock Exchange. Bysodoing, theGovernment willbeabletorevitalize theeconomy without
theattendant inflation.WT/BOP/6/Rev.1/Add.1
Page5
23. Theways andmeans advances at31December 1994 wasN84billion which ifadded tothe
domestic debtstock attheendof1993 brings thetotaldebtoutstanding in1994 toN341.3 billion.
Attheendof1995 totaldomestic debtaggregated toN415.3 billion. Thelevelofreconciled ways
andmeans asat31December 1995wasN38billion andthisismainly attributable tointerest charged
byCBN inrespect ofdomestic debtservice.
V. EXCHANGE RATE POLICY
24. Thecentral objective oftheexchange ratepolicy istoachieve exchange ratestability andhalt
theinflationary spiral thathasbeenassociated withthepersistent depreciation oftheNaira since 1986.
Thedualexchange ratesystem which wasmaintained in1995hasbeenretained withtheultimate goal
ofeventual merger ofthetworatesduring theyear. Thefixed rateofN22.00 -$1.00 isusedfor
government transactions, including debtservicing while themarket determined rateisusedforallother
transactions. TheCentral Bank ofNigeria intervenes attheAutonomous Foreign Exchange Market
(AFEM) withitsownfundonaregular basis. Theforeign exchange market hasconsequently remained
relatively stable since theadoption ofthispolicy. In1994 and1995, theaverage rateofexchange
attheAFEM stood atN21.9960 andN76.6-$1.00. During thefirstfourmonths of1996, therate
ofexchange hadremained relatively stable atabout N83.1250 -$1.00. During thisperiod CBN
intervention intheAFEM wasonamonthly basis. However, witheffect from May 1996, the
intervention hasbeenonaweekly basis. Therestraint ingovernment fiscal operations which had
remained themain source ofexcess liquidity inthesystem, aswellasthemarket friendly rateof
exchange operated attheAFEM arethesources oftherelative stability intheexchange rate.
25. Thepolicy measures which wereintroduced andoperated in1995wereallretained for1996.
Only bonafidegovernment transactions willbeconducted attheofficial rate. Allother transactions
would beattheautonomous rate.
VI. MONETARY AND CREDIT POLICIES
26. Thegrowth inmonetary aggregates showed remarkable moderation in1995, reflecting largely
thefiscal restraint ofgovernment. In1994, thesharp riseinthelevelofmoney supply wasattributable
tohugegovernment borrowing from thebanking system.
27. Thenarrow measure ofmoney supply (M1) attheendof1995increased byonly8.1percent
overthe1994level, compared tothesubstantial increase of22.0percentin1994. Broad money (M2),
increased by10.3percent, compared withtheincrease of39.1percentduring thesame period of
1994 andthemaximum target of10.1percentfor1995. Theslowgrowth ofmoney supply directly
contributed tothestability thatcharacterized theforeign exchange market andmoderated ondomestic
price inflation.
28. Aggregate bankcredit increased by36.2percentattheendof1995 compared with29.3per
centinthecorresponding period of1994 andthestipulated target growth of11.3percentfor1995.
Netclaims ongovernment sector increased by9.9percentcompared withtarget growth of5.6per
centfor1995. Interms ofachievement ofmonetary andcredit policy objectives for1995, some degree
ofmacroeconomic stability wasachieved duelargely toimproved fiscal performance andbetter
coordination ofeconomic policy measures. However, lowproductivity, lowcapacity utilization,
inflationarypressuresandunemploymentaswellaspersistentdomesticandexternalimbalancescontinued
toimpede rapid economic growth.
29. In1996, monetary andcredit policies willseektoconsolidate thegains made in1995. The
objectives ofpolicy in1996, therefore, include theachievement ofsubstantial reduction intherateWT/BOP/6/Rev.1/Add.1
Page6
ofinflation, strengthening theexternal sector andtheNaira exchange rate,aswellasthestimulation
ofoutput andemployment growth. Thefollowing policy targets havebeensetfor1996:
(i) Growth innarrow money (M1) ofbetween 10.2-12.5percentmaximum;
(ii) increase inbroad money (M2) ofbetween 14.2-15percentmaximum;
(iii) increase inaggregate domestic credit (net)ofbetween 17.4-19.2percentmaximum;
and
(iv) reduction ininflation tobetween 20and30percent.
30. Torealize these objectives, thepolicy measures thatarebeing adopted include: theuseof
indirect monetary control through theinstrument ofOpen Market Operations (OMO); cashreserve
requirement ofmerchant andcommercial banks which hasbeenincreased from6to8percentoftotal
deposit liabilities andtheliquidity ratio which hasbeen maintained at30percent. Theuseof
stabilization securities hasbeendiscontinued. However, theGovernment willcontinue tousemoral
suasion through regular dialogue withbanks inorder toenhance efficiency ofthefinancial system.
VII. INTEREST RATE POLICY
31. Thepartial regulation ofinterest ratewasintroduced in1994 andmodified in1995, inorder
tocontain theexcessive riseininterest ratesthathadcharacterized thefinancial system andconstrained
productive investment andgrowth. Thederegulated interest ratestructure prior tothisperiod was
partly responsible forthedistress inthebanking system. In1996, banks andother financial institutions
aresimilarly required tomaintain amaximum spread of7.5percentbetween theirdeposit andlending
ratessubject toamaximum lending rateof21.0percent.
32. Eventhough thispolicy hasbeencriticized astherateofinterest fallsbelow therateofinflation,
thusgiving room fornegative realinterest rate,theGovernment 'sfaithinitremains unshaken. The
Government hastherefore, promised toretain thepolicy ofguided deregulation ofinterest ratesas
ameans ofbringing down theinflation ratetoalevel thatiscompatible witheconomic growth
requirement.
VIII. REVIEW OFCUSTOMS AND EXCISE TARIFFS
33. ThenewCustoms andExcise Tariff 1995-2001 which became effective on1March 1995was
designed tochart arational course fortrade policies, provide effective rateofprotection forindustry
andagriculture, reduce inflation andaddress theproblem posed byhighdutyratesonimported inputs
which havenosubstances.
34. With effect from 1January 1996 theimport dutyratesapplicable tothefollowing products
are:WT/BOP/6/Rev.1/Add.1
Page7
New
(a)Butter milkpowder 5%
(b)Hydrous fatmilk 5%
(c)Tinplate 5%
(d)Automobile airconditioners 30%
(e)Refrigerators, freezers, etc.(CKDS) 30%
(f)Hurricane lamps 25%
(g)Rawmaterials formanufacturing ofessential drugs 10%
(h)Cutlass asfarming implement andother handtools usedforagriculture 20%
(i)Paper, newsprint 5%
(j)Infant milkpowder, HSCode 1902.1110 5%
(k)Baby food, HSCode 1901.1900 5%
(1)Hand sawblade 25%
(m)Spaghetti, macaroni, pasta 75%
(n)Rice 50%
35. Inorder tominimize theadverse effect ofthedepreciation oftheNaira, theGovernment in
August 1995, approved a35percentcustoms dutyrebate onallconsignments lying attheports on
orafter31July1995. Thismeasure wasdesignated tocushion theharsh effect ofinflation inthe
economy. In1996, the35percentrebate willcontinue onamonth-to-month basisinorder tosustain
andexpand thepresent tempo intheindustrial sector. However, therebate willnotbeapplicable to
luxury items particularly:
(a) Toilet preparation;
(b) confectionaries;
(c) beverages;
(d) wineandother alcoholic drinks;
(e) biscuits;
(f) sweets;
(g) cornflakes;
(h) perfumes;
(i) haircareproducts;
(j) secondhand refrigerators, television andvideo sets;
(k) electronics -television, video machines, andcompact disc(CD).WT/BOP/6/Rev.1/Add.1
Page8
36. Aircraft imported bycommercial airlines areexempted fromduty. Hurricane lamps havebeen
removed from theimport prohibition listandkaolin included onthelist.
37. Inpursuance oftheobjective ofexpanding theeconomy 'sproductive baseandimproving the
capacity utilization ofthemanufacturing sector, most oftheexisting export incentives which were
maintained in1994 and1995 havebeenretained for1996. These include dutydraw back, export
expansion grant andmanufacture-in-bond scheme. In1995, theGovernment approved thescheme
whereby manufacturers mayenter intoarrangements withforeign partners toprocess rawmaterials
intofinished goods which willinturnbere-exported tothebeneficiaries. Theprocessing feewhich
willbenegotiated onthebasisofinternational standards would bereceived inforeign currency. The
rawmaterials fortheprocessing willbeimported dutyfreeandthere willbenoexport dutyon
re-exported goods. Thisscheme willcontinue in1996.
38. Thenewmeasures introduced in1996 include:
(a) Theadministration anddisbursement ofexport incentives bytheNigerian Export
Promotion Council (NEPC), inorder toeliminate undue bureaucracy inthe
administration ofexport incentives bymulti-agency involvement intheimplementation
process;
(b) allexports, oilandnon-oil, from Nigeria shallbesubject topreshipment inspection
inorder toascertain thequality, quantity andvalue ofexports andensure thatall
proceeds from exports arerepatriated;
(c) fromJanuary 1996, importers aretopayforpreshipment inspection hitherto paidfor
byGovernment;
(d) taxexemption oftheprofit ofanyNigerian company inrespect ofgoods exported from
Nigeria, ifsuchproceeds areusedexclusively forthepurchase ofrawmaterials,
equipment andspare parts;
(e) adoption ofconcessional rateoftax(100percenttaxrebate) onproceeds onforeign
earnings repatriated intoNigeria inconvertible currencies;
(f) allenterprises operating intheExport Processing Zone (EPZ) willbeallowed tax
holiday forfiveconsecutive assessment years. Thisincentive shallalsoapply toall
export-oriented enterprises outside theEPZ.WT/BOP/6/Rev.1/Add.1
Page9
TABLE 1
Major Macroeconomic Indicators
1994
(%)1995
(%)
Real GDP 1.01 2.24
Inflation 57.00 72.8
Interest rate
Average deposits (savings)
Average lending (prime)
Maximum lending12.20
20.20
21.0012.6
20.18
21.0
Revenue
Oil
Non-oil(Nmillion)
160,192.4
41,718279,902.3
100,439.7
Federal collectable revenue 201,910.8 459,987.3
Federation account 110,641.0 161,998.5
Federal retained revenue 132,242.4 249,768.1
Expenditures 202,513.0 259,376.6
Fiscal deficit/surplus -70,270.6 -9,608.2
Government debt
External
DomesticNmillion
648,813.0
341,266.3$million
29,429.0N
716,865.6
415,282.0$
32,584.8
Reserves 7,357.50 1,441.0
Import 161,027.0 7,357.50 656,572.2 9,331.19
Export 206,059.2 9,415.07 10,635.79
TABLE 2
Money Supply Data
December 1994
(NM)December 1995
(NM)January 1996
(NM)
Money supply (M1) 172,004.7 185,967.8 173,093.9
Money supply (M2) 267,759.8 295,211.8 271,341.8
Credit toGovt. sector 228,349.4 270,275.1 271,341.8
Credit toprivate sector 122,173.3 207,383.0 181,513.5
Aggregate bank credit tothe
domestic economy 350,622.7 477,658.1 452,855.3
TABLE 3
Exchange Rate Movement
1994 19951996
January February March April
*AFEM 21,996.0 76.67 85.00 82.5 82.5 82.5
Bureau de
change 79.53 86.09 86.26 85.48 85.00WT/BOP/6/Rev.1/Add.1
Page10
TABLE 4
Balance-of-Payments Analytical Statement
(inmillion)
Category 1991 1992 1993 1994119952
A.Current account -12,577.6 -5,085.5 -19,488.8 -48,806.9 -254,366.7
Merchandise 44,677.9 80,998.5 72,060.4 62,833.5 169,976.2
Export (f.o.b.) 121,533.7 205,611.7 218,801.1 206,059.2 748,368.1
Oil 116,956.5 201,383.9 213,778.8 200,710.2 728,265.3
Non-oil 4,677.2 4,227.8 5,022.3 5,349.0 20,102.8
Imports -76,855.8 -124,613.2 -146,740.7 -143,225.7 -578,391.8
Oil -7,772.2 -19,561.1 -41,136.1 -42,349.6 -135,370.9
Non-oil -69,083.6 -105,052.1 -105,604.6 -100,876.1 -443,020.9
Services andincome -84,547.4 -98,763.8 -109,343.2 -122,592.8 -475,891.5
Investment income (credit) 2,089.2 2,724.5 1,252.3 1,068.0 7,088.8
Interest onreserves 2,089.2 2,724.5 1,252.3 1,068.0 7,088.8
Others 0.0 0.0 0.0 0.0 0.0
Investment income (debit) -38,609.8 -66,455.3 -73,946.6 -65,686.7 -203,206.9
Interest onloans (due) -24,218.8 -41,741.3 -44,331.9 -36,352.8 -106,270.9
Others -14,391.0 -24,714.0 -29,614.7 -29,333.9 -96,936.0
Non-factor services -13,354.2 -10,494.3 -8,419.7 -32,890.4 -117,313.3
Other services -14,672.6 -24,538.7 -28,229.2 -25,083.7 -162,460.1
Unrequired transfers (net) 7,291.9 12,679.8 17,794.0 10,952.4 51,548.5
B.Capital account -2,249.9 -94,247.9 -19,740.9 7,643.8 64,527.9
Direct investment 6,916.1 14,463.1 29,660.3 43,096.6 176,063.3
Portfolio investment -594.9 36,851.8 -377.0 -203.5 -5,785.0
Other capital long-term -30,679.5 -97,558.3 -38,176.3 -41,471.7 -108,037.0
Official ofwhich -30,679.5 -97,558.3 -38,176.3 -41,471.7 -108,037.0
Amortization (due) -33,018.4 -104,915.4 -47,707.1 -51,355.7 -188,206.7
Disbursement 2,338.9 7,357.1 9,530.8 9,884.0 80,169.7
Other official 0.0 0.0 0.0 0.0 0.0
Private (net) 0.0 0.0 0.0 0.0 0.0
Other capital short-term (net) 22,108.4 -48,004.5 -10,847.9 6,222.4 2,286.6
C.Neterrors andomissions -971.1 2,086.0 -2,507.1 -1,686.1 -5,377.5
Overall balance -15,798.8 -101,419.4 -41,736.8 -42,849.2 -195,216.3
Financing 15,798.8 101,419.4 41,736.8 42,623.3 195,216.3
(a)Exceptional financing 21,758.2 36,133.1 55,350.7 49,818.2 179,891.2
(i)Promissory notes (arrears) 0.0 0.0 0.0 0.0 0.0
(ii)Deferred debtservice 21,756.2 36,133.1 55,350.7 49,818.2 179,891.2
(iii)Others 0.0 0.0 0.0 0.0 0.0
(b)Reserves3-5,957.8 65,286.3 -13,613.9 -7,194.9 -15,325.1
Memorandum items:
Current account balance as%ofGDP -3.9 -0.9 -2.4 -5.4 -5.6
External reserves stock (US$million) 4,486.7 712.6 1,330.1 1,658.8 1,441.0
Number ofmonths ofimport equivalent 6.5 1.1 2.2 2.7 1.8
Debt service dueas%ofexports of
goods andnon-factory services 43.9 65.4 37.7 40.9 37.2
1Revised.
2Provisional
3Minus (-)signindicates increase inreserves; plus(+)signindicates decrease inreserves.TABLE 5WT/BOP/6/Rev.1/Add.1
Page11National Employment Rate andDistribution
CategoryComposite Urban Rural
1991 1992 1993 19941199521991 1992 1993 19941199521991 1992 1993 1994119952
(1) (2) (3) (4) (5) (6) (7) (8) (9) (10) (11) (12) (13) (14) (15)
1.Unemployment rate(%) 3.1 3.4 2.7 2.0 1.8 4.9 4.6 3.8 2.3 3.6 2.7 3.2 2.5 1.7 1.4
2.Unemployment by
educational level
(percentage oftotal)
(a)Without schooling 19.9 19.0 17.2 23.2 16.0 12.1 19.1 15.3 13.5 17.7 21.6 19.0 17.6 14.8 9.4
(b)Primary 19.5 15.7 17.9 13.2 13.4 14.0 10.4 17.7 21.16 18.8 20.7 16.9 17.9 12.3 16.8
(c)Secondary 52.8 59.2 60.9 68.7 59.5 70.0 65.6 60.0 55.6 58.3 49.1 57.8 61.1 68.0 65.4
(d)Tertiary 7.8 6.1 4.0 4.8 5.8 3.9 4.9 7.0 9.4 5.2 8.6 6.3 3.4 14.9 8.4
1Revised.
2Provisional.
Source: Federal Office ofStatistics (FOS), Lagos.