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Figures are inflation-adjusted to 2011 International Geary-Khamis dollars. 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 39th-largest economy in the world in terms of ...
As of 2021, Nigeria held the position of being the world's sixth-largest producer of natural gas. Due to external international forces, including the war in Ukraine and COVID-19, and internal forces such as high oil subsidies, economic inefficiencies, and plunging oil prices, Nigeria has sought the assistance of the IMF on several occasions ...
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
Nigeria's economy is the second-largest in Africa, the 39th-largest in the world by nominal GDP, and 27th-largest by PPP. Nigeria is often referred to as the Giant of Africa owing to its large population and economy, and is considered to be an emerging market by the World Bank.
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. On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures.
The economic history of Nigeria falls into three periods. They are the: pre-colonial, the colonial and the post-colonial or independence periods. [1] The pre-colonial period covers the longest the part of Nigerian history. The colonial period covers a period of 60 years, 1900-1960 while the independence period dates from October 1, 1960.
Petroleum industry in Nigeria. Nigeria is the second largest oil and gas producer in Africa (after Angola ). [1] Crude oil from the Niger Delta basin comes in two types: light, and comparatively heavy – the lighter has around 36 of API gravity while the heavier has 20–25 of API gravity. Both types are paraffinic and low in Sulphur. [2]
Poverty in Nigeria. 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 ...