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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 ...
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]
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]
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 [156], 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. [157]
SDGS in Nigeria. Nigeria became a member of the United Nations (UN) on 7 October 1960. Nigeria is the most populous nation in Africa and has the seventh-highest population in the world. [6] Nigeria gained independence on 1 October 1960. In 2012, Nigeria contributed the fifth largest number of peacekeepers to United Nations peacekeeping ...
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
The Economic Revolution in British West Africa (1926). Martin, Susan M. Palm oil and protest: an economic history of the Ngwa region, south-eastern Nigeria, 1800-1980 (Cambridge University Press, 2006). Robinson, Ronald, and Jack Gallagher. Africa and the Victorians (1961).