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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 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 .
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
Current events; Random article; ... Economy of Nigeria by state (9 C, 1 P) * Economy of Nigeria-related lists (1 C, 6 P) B. Nigerian billionaires ...
Nigeria's economy is the fourth-largest in Africa, the 53rd-largest in the world by nominal GDP, and 27th-largest by PPP. Nigeria is often referred to as the Giant of Africa by its citizens due to its large population and formerly large economy, [21] and is considered to be an emerging market by the World Bank.
Typical diesel generator widely used in Nigeria due to lack of supply from the grid. The Nigerian energy supply crisis refers to the ongoing failure of the Nigerian power sector to provide adequate electricity supply to domestic households and industrial producers despite a rapidly growing economy, some of the world's largest deposits of coal, oil, and gas and the country's status as Africa's ...
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.
Nigeria's economy and budget have been largely supported from income and revenues generated from the petroleum industry since 1960. [3] Statistics as at February 2021 shows that the Nigerian oil sector contributes to about 9% of the GDP of the nation. [4]