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Nigeria has the 2nd largest economy in Africa. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. [31] Nigeria's debt-to-GDP ratio was 36.63% in 2021 according to the IMF. [21]
Nigerian States by Estimated GDP, 2021 Nigerian States by GDP, 2010. 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.
The Nigerian Economic Summit Group ( NESG) is a non-profit, non-partisan, private sector organisation with a mandate to promote and champion the reform of the Nigerian economy into a modern, globally competitive, sustainable, inclusive, open economy.
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.
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 ...
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 ...
Nigeria's economy is the largest in Africa, ... The United Nations estimates that the population of Nigeria in 2021 was at 213,401,323, distributed as 51.7% rural and ...
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.