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Nigeria - Sierra Leone Economic Relationship


1 We would take look at the economy of Sierra leone

2 We would discuss about sierra leone economic performance and Outlook.

3 Nigeria economic relationship with sierra leone.

4 How you can exploit these opportunities as a Nigerian.

ECONOMY OF SIERRA LEONE

The economy of Sierra Leone is that of a least developed country[18] with a GDP of approximately 1.9 billion USD in 2009.

Since the end of the civil war in 2002 the economy is gradually recovering with a GDP growth rate between 4 and 7%.
In 2008 its GDP in PPP ranked between 147th (World Bank) and 153rd (CIA) largest in the world.

Economy of Sierra Leone
A diamond Mine in Kono District.
Currency - Sierra Leonean leone
Fiscal year - Calendar Year
Trade organisations -
AU, African Development Bank, ECOWAS, Mano River Union, World Bank, IMF, WTO, Group of 77.

Statistics
GDP $8.412 billion (PPP) (2012 est.)
Rank: 155 (2012 est.)

GDP growth
19.8% (2012 est.)

GDP per capita
$1,400 (PPP) (2012 est.)

Rank: 205 (2012 est.)

GDP by sector
agriculture (51.5%)
industry (14.9%)
services (33.6%) (2012 est.)

Inflation (CPI)
12.9% (2012 est.)

Population below poverty line
70.2% (2004 est.)

Gini coefficient
62.9 (4th) (1989 est.)

Labour force
2.207 million (2007 est.)

UnemploymentN/A

Main Industries.
diamonds mining, small-scale manufacturing (cigarettes, beverages, textiles, footwear), petroleum refining, commercial ship repair
Ease-of-doing-business rank
148th (2017)

External
Exports $1.104 billion (153rd) (2012 est.)

Export goods
diamonds, rutile, cocoa, coffee, fish

Main export partners
China 50.5%
Belgium 18.0%
Japan 7.6%
Turkey 4.8%
Netherlands 4.3%
Indonesia 4.3% (2012 est.)
Imports $1.509 billion (172nd) (2012 est.)

Import goods
machinery, fuel, lubricants, chemicals, food

Main import partners
China 16.3%
India 10.1%
South Africa 7.1%
United States 6.6%
United Kingdom 6.6%
Côte d'Ivoire 4.6%
Belgium 4.5% (2012 est.)

FDI stock
$1.644 billion (94th) (31 December 2012 est.)

Gross external debt
$1.125 billion (158th) (31 December 2012 est.)

Public Finance.

Public debt
34.6% of GDP (2012)

Revenues$510.2 million (2012 est.)

Expenses$728.5 million (2012 est.)

Economic Performance and Outlook

With the discovery of iron ore in 2011, mining became the main growth driver, resulting in an unprecedented growth rate of 21% in 2013. However, following the downward trend in the international price of iron ore and the outbreak of the Ebola virus in 2014—the economy contracted 20.6% in 2015.
 Resumption of operation by one of the two iron ore companies led to a rebound of the economy, with a growth rate of 6.3% in 2016 and an estimated 5.7% in 2017. The outlook for 2018 and beyond will continue to be challenging, due to the uncertainty surrounding the international prices of iron ore. GDP growth is expected to be 6.1% in 2018 and 6.5% in 2019.

NIGERIA ECONOMIC RELATIONSHIP WITH SIERRA LEONE.
Nigeria’s High Commissioner to Sierra Leone, Habbis Ugbada, said the Federal Government was considering extending its bilateral agreement with the Republic of Sierra Leone to cover energy, power and agricultural sectors.

 Ugbada told the News Agency of Nigeria in Freetown on Wednesday that extending the bilateral arrangement to those sectors would be of immense benefit to both Nigeria and Sierra Leone.

 He said that while Nigeria was blessed with vast land and many agriculture produce, Sierra Leone major food was rice, hence Nigeria could exploit that area to boost its foreign earnings by exporting other food items to Sierra Leone.
He said that it was difficult to get some foodstuffs such as Semolina in Sierra Leone except when they were imported from Nigeria or other countries.
“So, if there is that bilateral relations between the two countries, Nigeria can bring in those types of foods, including yams and other produce. That will boost Nigeria’s GDP. 

 The government of Nigeria as it is today is developing farming strategies state-by-state.
“If we can do that by exporting to them, definitely the returns will boost Nigeria’s foreign exchange earnings. It will promote agricultural and bilateral relationship between the two countries.

“It will also be a pride to the host country that their brother is solving most of their problems.’’

 The ambassador described the bilateral relationship between Nigerian and Sierra Leone as a long-term relationship.

 He said that both Nigeria and Sierra Leone established diplomatic relationship as far back as 1961.

 Ugbada added that both countries had enjoyed robust relationship due to their close cultural affinities, historical ties, shared values, and common interests.
“The subsisting friendly posture of President Ernest Koroma’s government, favourable economic policies, places Nigeria in a beneficial stance.

“This is why I say that we currently have not less than eight financial institutions in the country, with modern techniques being introduced.

 The banks according to him were UBA, Zenith, GTB, Skybank, Keystone, Access First International Bank, First Bank and local financial institution, called Live Above Poverty (LAPO).

 Ugbada added that the service agreement signed between the two countries in 1973, made it possible for Nigerian airlines to fly to Sierra Leone.

 He said that currently, Medview and Air Peace were operating in Sierra Leone, while Arik, which pulled out during the Ebola outbreak in 2014, was yet to indicate if it would return or not.

OPPORTUNITIES FOR NIGERIANS FROM NIGERIA - SIERRA LEONE ECONOMIC RELATIONSHIP.

1 For farmers raw farm products such as yam, cassava, rice, grains etc. can be exported to SL for consumers.

2 Processed foods such as Semolina, flours etc. can also be exported to SL for consumers.

3 For computer programmers, they will be opportunities to teach programming languages and also develop softwares, websites etc. As the economy is still subsistent.

4 Cost of living is quite low in SL if you looking to relocate.

Let's us know your field and the opportunities you can exploit from this relationship.

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