Following nearly 16 years of military rule, a new constitution was adopted in 1999, and a peaceful transition to civilian government was completed. President Olusegun Obasanjo faces the daunting task of rebuilding a petroleum-based economy, whose revenues have been squandered through corruption and mismanagement, and institutionalising democracy.

In addition, the Obasanjo administration must defuse longstanding ethnic and religious tensions, if it is to build a sound foundation for economic growth and political stability.

Nigeria is located in Western Africa, bordering the Gulf of Guinea, between Benin and Cameroon and covers a total area of 923,768 sq km. It has a population of 129 934 911. Abuja is the capital and the official language is English.

Economy:

The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has failed to keep up with rapid population growth, and Nigeria, once a large net exporter of food, now must import food.

Source: CIA World Factbook

- News24

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