Malaysia and Brazil) or through domestic support measures (e.g. Brazil and Korea), have increased their GDP per capita more quickly than Nigeria. Irrespective of the selected method for driving diversification, it is important to select the right sectors that match Nigeria’s human capital and natural endowment advantages, such as agriculture, oil refining, petroleum products and basic manufacturing.
In 2008, the current account deficit stood at 15% of GDP, while the state’s budget deficit also peaked at 15% in 2009. Last year, by contrast, the government ran a surplus of 0.8% of GDP, and the current account was virtually balanced. This impressive progress has resulted from comprehensive budget consolidation measures and economic reforms that were implemented over the past years.