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The economy of Nigeria is a middle-income, mixed economy and emerging market [27] [28] with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. [ 29 ] [ 30 ] It is ranked as the 53rd-largest economy in the world in terms of nominal GDP , the fourth largest in Africa and the 27th-largest in terms ...
Nigerian Political and Economic change between 1980s - 2020. Unlike the 1970s, a major feature of Nigeria's economy in the 1980s was its dependence on petroleum, which accounts for 87 percent of export receipts and 77 percent of the Federal government's current revenue in 1988. Falling oil output and prices contributed to another noteworthy ...
Subsequently, Nigeria's economy is becoming over-reliant on cheap imports to sustain itself, resulting in a clear decline in Nigerian industry under such arrangements. [ 143 ] Continuing its Africa-centred foreign policy, Nigeria introduced the idea of a single currency for West Africa known as the Eco under the presumption that it would be led ...
Agriculture is a major sector of the Nigerian economy, [ 1] accounting for up to 35% of total employment in 2020. [ 2] According to the FAO, [ 3] agriculture remains the foundation of the Nigerian economy, [ 1] providing livelihood for most Nigerians and generating millions of jobs. [ 4][ 5][ 6] Along with crude oil, Nigeria relies on the ...
The estimate of total GDP of Nigeria increased from 42.4 trillion naira (US$270 billion at exchange rates) to 80.2 trillion naira (US$510 billion at exchange rates), an 89% increase. [3] [2] This was similar to the result of rebasings in other African economies around that time, including Kenya, Uganda, Tanzania, and Zambia, and also matched ...
Nigeria had one of the world's highest economic growth rates, averaging 7.4% according to the Nigeria economic report that was released in July 2019 by the World Bank. [1] Following the oil price collapse in 2014–2016, combined with negative production shocks, the gross domestic product (GDP) growth rate dropped to 2.7% in 2015.
But the economy stagnated due to the sharp reduction in foreign aid in 1999 (which gradually resumed in 2000) and poor rains in 2000. Reflecting the importance of the agricultural sector, the return of good rains was the primary factor underlying economic growth of 5.1% in 2000, 3.1% in 2001, 6.0% in 2002, and 3.0% in 2003.
Nigerian States by Estimated GDP, 2021 Nigerian States by GDP, 2010. The following table presents a listing of Nigeria's 36 states ranked in order of their estimated total GDP in 2021 according to a 2022 report by BudgIT. [1]