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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 ...
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] Rank
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]
The Nigeria Union of Journalists (NUJ) urged Tinubu to address the dispute with the ASUU. [21] On 25 June 2024, 1,800 petrol stations were shut down in northeastern Nigeria, after the Independent Petroleum Marketers Association of Nigeria (IPMAN) began a strike in protest against an anti-smuggling operation by the Nigeria Customs Service (NCS).
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.
Nairametrics is a Nigerian online newspaper that focuses on business and economic current affairs. It was established in 2013 by Obi-Chukwu Ugodre as a product of Nairametrics Financial Advocates Limited.
As of 2007, Nigeria's oil revenue totaled $340 billion in exports since the 1970s and it was the fifth largest producer. [53] Nigeria imports most of its motor spirit, though it is a major oil exporter, and when fuel subsidies were lifted in January 2012, fuel increased from roughly $1.70 per gallon to $3.50. [54]
The annual Nigerian Economic Summit (NES) is organised in collaboration with the Federal Ministry of Budget and National Planning. The Summit is a yearly gathering of high-level public and private sector leaders in Abuja, the nation’s capital, for dialogue on Nigeria’s economic management.