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| Embassies Embassy of the People's Republic of China in the Federal Republic of Nigeria Ambassador: Mr. Xu Jianguo Address: Plot 302-303, A.O. Central Area, Abuja, Nigeria Tel: +234-9-4618661, 4618662 +234-8065842688 (24-Hour Telephone) Fax: +234-9-4618660 Email: chinaemb_ng@mfa.gov.cn Website: http://ng.china-embassy.org/eng/ Consular Office Tel: +234-9-4614841, 4618661, 4618662 Fax: +234-9-4618660 Office Hours: 08:30-12:30, 15:00-17:00, Monday-Friday (except holidays) Application Time: 09:00-12:00, Monday, Wednesday, Friday (except holidays) Pick-up Time: 15:00-17:00, Monday, Wednesday (except holidays) Embassy of the Federal Republic of Nigeria in Beijing Ambassador: H.E. Mr. Jonathan O. Coker Address: No. 2, Dong Wu Jie, San Li Tun, Chaoyang District Postal Code: 100600 Tel: (+86)10 6532 3631, 6532 3632, 6532 3633 Fax: (+86)10 6532 1650 Website: http://www.nigeriaembassy.cn/ Visa Office Tel: (+86)10 6532 2517 Visa Application Time: 9:30 a.m. 11:30 a.m. Mon, Wed. |
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| Economy Oil-rich Nigeria, long hobbled by political instability, corruption, inadequate infrastructure, and poor macroeconomic management, has undertaken several reforms over the past decade. Nigeria's former military rulers failed to diversify the economy away from its overdependence on the capital-intensive oil sector, which provides 95% of foreign exchange earnings and about 80% of budgetary revenues. Following the signing of an IMF stand-by agreement in August 2000, Nigeria received a debt-restructuring deal from the Paris Club and a $1 billion credit from the IMF, both contingent on economic reforms. Nigeria pulled out of its IMF program in April 2002, after failing to meet spending and exchange rate targets, making it ineligible for additional debt forgiveness from the Paris Club. Since 2008 the government has begun showing the political will to implement the market-oriented reforms urged by the IMF, such as to modernize the banking system, to curb inflation by blocking excessive wage demands, and to resolve regional disputes over the distribution of earnings from the oil industry. In 2003, the government began deregulating fuel prices, announced the privatization of the country's four oil refineries, and instituted the National Economic Empowerment Development Strategy, a domestically designed and run program modeled on the IMF's Poverty Reduction and Growth Facility for fiscal and monetary management. In November 2005, Abuja won Paris Club approval for a debt-relief deal that eliminated $18 billion of debt in exchange for $12 billion in payments - a total package worth $30 billion of Nigeria's total $37 billion external debt. The deal requires Nigeria to be subject to stringent IMF reviews. Based largely on increased oil exports and high global crude prices, GDP rose strongly in 2007 and 2008. President YAR'ADUA has pledged to continue the economic reforms of his predecessor with emphasis on infrastructure improvements. Infrastructure is the main impediment to growth. The government is working toward developing stronger public-private partnerships for electricity and roads.. |
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