Nigeria accounts for 47 percent of the population of West Africa. It is also the biggest oil exporter in Africa, with the largest natural gas reserves in the continent. With these large reserves of human and natural resources, Nigeria is poised to build a prosperous economy, reduce poverty significantly, and provide the health, education, and infrastructure services its population needs.

Yet despite a recent strong economic performance (growth averaged 7.6 percent from 2003 through 2007) and the country’s oil wealth, Nigeria faces challenges that include widespread poverty. About 54 percent of the population lived on less than 1 dollar per day according to the 2003/2004 National Living Standards Measurement survey. Improving effective management of Nigeria’s own resources at all levels of government remains one of the key constraints to reducing poverty.

Download 8-page brief:
Sustaining the Momentum for Growth - August 2009 (PDF)