Nigeria uses the currency Naira (NGN). In year 2001, 111.23NGN was equivalent to $1 US, their currency has been getting weaker for several years because in 1998 it took only 21.89NGN to make $1 US. As you can see in the chart most of their export is petroleum related products. It’s a very oil rich country but its economy has suffered much because of the instability and corruption the country has been suffering, but recently the new government has been reforming and has been improving slowly. They have had $1 billion credit from the IMF but later it was found out that it was much less. The IMF has been urging Nigeria to implement market-oriented reform such as the modernization of the banking system but the government lacks the efficient funds to do so.

Canada has a very strong economy which has a high-tech industry, market-oriented and has very high living standards. Since World War II, our country has turned from mainly rural to very urban. This is mainly due to the growth of the manufacturing, mining, and service sectors. A key strength in the economy is the extensive trade surplus. In 2002 one US dollar was worth $1.57 CDN.

Economic Factors	Canada	Nigeria
GDP	purchasing power parity - $112.5 billion	purchasing power parity - $934.1 billion
Population Below Poverty Line	60%	N/A
Inflation rate	14.2%	2.2%
Labor force	66 million	16.4 million
Budget	10.99 per 1000	38.75 per 1000
Death Rate	revenues: $3.4 billion expenditures: $3.6 billion	revenues: $178.6 billion expenditures: $161.4 billion
Industries	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	transportation equipment, chemicals, processed and unprocessed minerals, food products; wood and paper products; fish products, petroleum and natural gas
Electricity Production	15.67 billion kWh	566.3 billion kWh
Electricity Production by Source	fossil fuel: 61.9% hydro: 38.1% other: 0% nuclear: 0%	fossil fuel: 28% hydro: 57.9% other: 1.3% nuclear: 12.9%
Electricity Consumption	14.55 billion kWh	504.4 billion kWh
Export Commodities	petroleum and petroleum products 95%, cocoa, rubber	motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment; chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity, aluminum
Export Partners	US 32.3%, Brazil 8.3%, Spain 7.2%, Indonesia 5.9%, France 5.6%, India 4.6%	US 87.7%, Japan 2%, UK 1.1%
Import Commodities	machinery, chemicals, transport equipment, manufactured goods, food and live animals	machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable consumer goods
Import Partners	UK 9.6%, US 9.4%, China 9.3%, France 8.7%, Germany 6.8%, South Korea 6.1%, Netherlands 5.2%, Italy 4.7%	US 62.6%, China 4.6%, Japan 4.4%
External Dept	$29.7 billion	$1.9 billion
Economic Aid	Recipient: $250 million	Donor: $1.3 billion
Exchange Rates	Nairas per US dollar - NA (2002), 111.23 (2001), 101.7 (2000), 92.34 (1999), 21.89 (1998)	Canadian dollars per US dollar - 1.57 (2002), 1.55 (2001), 1.49 (2000), 1.49 (1999), 1.48 (1998)