ECONOMIC SYSTEM

Economic System of Nigeria, Brazil and Belize



Economic System of Nigeria, Brazil and Belize

Economic system of Nigeria

Nigeria is the United States' largest trading partner in sub-Saharan Africa, largely due to the high level of petroleum imports from Nigeria, which supply 8% of U.S. oil imports--nearly half of Nigeria's daily oil production. Nigeria is the fifth-largest exporter of oil to the United States. The United States is the largest foreign investor in Nigeria. The stock of U.S. foreign direct investment (FDI) in Nigeria in 2006 was $339 million, down from $2 billion in 2004. U.S.

GDP (2008): $183 billion (agriculture 33%; industry 39%; services 28%).Real GDP growth rate (2009): 4.4%. Oil growth: -18%. Non-oil growth: 3%.Per capita GDP (2009): $1,418. Inflation (2009): 11.5%. Natural resources: Oil and natural gas (37% of 2006 GDP), tin, columbite, iron ore, coal, limestone, lead, zinc. Agriculture: Products--cocoa, palm oil, yams, cassava, sorghum, millet, corn, rice, livestock, groundnuts, cotton. Trade (2007): Exports--$65.5 billion: fuels and mining products (97%); agricultural products (cocoa, rubber, oil, nuts) (2.2%); manufactures (0.8%). Partners--United States (38.3%); European Union (21.8%); India (9.9%); Brazil (6.8%); Japan (4%). Imports--$29.5 billion: machinery; chemicals; transport equipment; manufactured goods (72.3%); agricultural products (23.7%), fuels and mining products (4%). Partners--European Union (33.2%); United States (15.6%); China 7.2%; Korea (2.8%); U.A.E. (2.6%); others (15%).Foreign direct investment (FDI, 2007): 6.2% of GDP.Official development assistance (2006): $11.434 billion. Currency: Naira (150 Naira = U.S. $1 as of December 18, 2009).

Economic system of Brazil

With large and growing Agricultural, mining, manufacturing and service sectors, Brazil economy ranks highest among all the South American countries and it has also acquired a strong position in global economy. As a result of falling real wages during 2001 to 2003 the economy of Brazil grew only 2.2% per year(average). The country was hit by a number of global ...