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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 sixth largest in Africa and the 27th-largest in terms of ...
In 2023, the manufacturing industry in the United States accounted for 10.70% of the total national output, employing 8.41% of the workforce. The total value of manufacturing output reached $2.5 trillion. [66] [67] In 2023, Germany's manufacturing output reached $844.93 billion, marking a 12.25% increase from 2022. The sector employed ...
Nigeria has a manufacturing industry that includes leather and textiles (centred in Kano, Abeokuta, Onitsha, and Lagos), plastics and processed food. Ogun is considered to be Nigeria's current industrial hub, as most factories are located in Ogun and more companies are moving there, followed by Lagos.
Manufacturers Association of Nigeria also known as MAN is a trade group headquartered in Lagos. The group acts as a platform that manufacturers use to influence economic, industrial, labour and social policy within Nigeria. [1] The organization was founded in 1971 and was preceded by the Apapa and Ikeja manufacturers association.
Three sectors according to Fourastié Clark's sector model This figure illustrates the percentages of a country's economy made up by different sector. The figure illustrates that countries with higher levels of socio-economic development tend to have less of their economy made up of primary and secondary sectors and more emphasis in tertiary sectors.
Nigeria's petroleum is classified mostly as "light" and "sweet", as the oil is largely free of sulfur. Nigeria is the largest producer of sweet oil in OPEC. [18] This sweet oil is similar in composition to the petroleum extracted from the North Sea. This crude oil is known as "Bonny light".
In macroeconomics, the secondary sector of the economy is an economic sector in the three-sector theory that describes the role of manufacturing. It encompasses industries that produce a finished, usable product or are involved in construction .
Automotive industry in Nigeria dates back to the 1950s and consists of the production of passenger cars and commercial trucks. [2] Early production was led by the assembly line of Bedford TJ trucks made by United Africa Company's subsidiary, Federated Motors Industries and SCOA's production of Peugeot 404 pickup trucks.