ECONOMY OF NIGERIA

Economy of Nigeria: Gross Domestic Product

GDP- $387 billion

GDP per Capita- $2,600

GDP growth rate- 8.2%

Economy of Nigeria: Type of Economy

-Nigeria has a Mixed Economy

- Government controls much of the Oil and Banking industries, but allows private ownership in smaller, service oriented industries.

Economy of Nigeria: Main Industries

-Crude oil, coal, tin, columbite, rubber products

-80% of Nigeria’s revenue ($$$$$) comes from OIL!

Economy of Nigeria:Agriculture

-Due to mismanagement and improper land usage, Nigeria now has to import food to meet it’s needs.

Economy of Nigeria:Service Industries

Banking and Telecommunications are the main service industries.

Central Bank of Nigeria

Economy of Nigeria:Imports/Import Partners

Imports:-Machinery, chemicals, manufactured goods, food.

Import Partners:-China-Netherlands-United States

Economy of Nigeria:Exports/Export Partners

Exports:-OIL!!!! Oil makes up 95% of Nigeria’s exports!

-They also export cocoa and rubber products.

Export Partners:U.S., India, Brazil

Economy of Nigeria:Problems

-Corruption!!!!!!!

-Bad government infrastructure.

-45% of Nigerians live under the poverty level. Profits from oil exports are not getting to the people.