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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 ...
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]
Nigeria's economy is the fourth largest in Africa, the 31st-largest in the world by nominal GDP, and 30th-largest by PPP. In 2022, its GDP (PPP) per capita was US$9,148 [155], which is less than South Africa, Egypt and Morocco, but slightly higher than Ghana and Ivory Coast. As of 2023, Nigeria's economy is classified as lower-middle-income. [156]
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [ 4 ]
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
A farmer and his cow. The majority of herders in African countries are livestock owners. Livestock farming is a part of Nigeria's agriculture system. In 2017, Nigeria had approximately over 80 million poultry farming, 76 million goats, 43.4 million sheep, 18.4 million cattle, 7.5 million pigs, and 1.4 million of its equivalent. [26]
At least 603 people have been killed by flooding in Nigeria, and all but three of the 36 states in the West African nation have been impacted, the Nigerian humanitarian affairs ministry said on ...
The base year for calculation (including information on the market structure) was updated from 1990 to 2010. [3] [2] This was a fairly huge increment in base year; for comparison, the 2010 Ghana GDP rebasing updated the base year from 1993 to 2006, [6] [7] and the 2015 India GDP rebasing updated the base year from 2004/05 to 2011/12.