Nigeria is counted among the 20 poorest countries of the world in terms of GNP Per Capita. Nigerian Economy is mainly dependant on the Oil Earnings. Nigeria’s large Reserve of Fossil Fuels is the only hope for this poor country where almost 57% of Nigerian Population suffers from poverty.
The good news is that in the recent years, Nigeria has been able to achieve Current Account Surplus mainly due to large amount of export of Oil and Natural Gas at High Prices.The Agricultural Sector of Nigerian Economy suffered from lack of Basic Infrastructure and appropriate govt. policies.
Nevertheless this sector accounts for a considerable percentage of Nigerian GDP and provides employment to a large portion of Nigerian Population.The Industrial Sector of Nigeria has improved after 1985 due to Lower Exchange Rate.
But the bottleneck of the industrial economy of Nigeria is the high proportion of industrial raw material that are required to be imported from outside.
The Industries mainly comprises of the Textile Industry, Food Processing Industry and Light Consumer Goods Industry.
The Petroleum Sector which is the backbone of Nigerian Economy contributes a significant portion of Annual GDP, the major part of Govt. Revenue. This is the sector which in a way helps Nigeria to import the essential commodities and Food by earning good amount of Foreign Exchange.
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Source: World Bank
|Last Updated on : 26th February 2015||Next Update : February 2016|