Nigeria

British influence and control over what would become Nigeria and Africa's most populous country grew through the 19th century. A series of constitutions after World War II granted Nigeria greater autonomy; independence came in 1960. Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. The government continues to face the daunting task of reforming a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalizing democracy. In addition, Nigeria continues to experience longstanding ethnic and religious tensions. Although both the 2003 and 2007 presidential elections were marred by significant irregularities and violence, Nigeria is currently experiencing its longest period of civilian rule since independence. The general elections of April 2007 marked the first civilian-to-civilian transfer of power in the country's history. In January 2010, Nigeria assumed a nonpermanent seat on the UN Security Council for the 2010-11 term.

Economical characteristics

 * Currency: Naira (ISO code: NGN)
 * Central bank discount rate: 6% (31 December 2009)
 * Commercial banks lending rate: 18.36% (31 December 2009 )
 * Stock of money (M1): $35.29 billion (31 December 2008)
 * Quasi money (with M1 makes M2): $32.04 billion (31 December 2008)

Notable events:

 * Banking crisis: 1992-1995, 1997
 * Years in inflation: 24% (share of years 1960-2009 with annual inflation above 20 per cent per annum)
 * Public default: 1982-1992, 2001, 2004-2005 (external)

Links

 * Nigeria on Wikipedia
 * Central bank of Nigeria
 * Country profile (pdf) from the Enterprise Studies page (part of the The World Bank Group)
 * Studies from the Library of Congress (1986-1998)
 * BBC country profile
 * Nigeria’s Moment by Doug Bandow, March 2014