The Modern Nigerian Economy

 The Modern Nigerian Economy Essay

The Modern Nigerian Economy

Nigeria is located around the west coast of Africa and is one of the most populous dark-colored country on the globe, bordering the North Atlantic Ocean, among Benin and Cameroon. Nigeria covers 356, 668 sq miles and is about the same size as Washington dc, Nevada and Utah put together. Nigeria is diverse in people and traditions. Oil-rich Nigeria, long stunted by politics instability, data corruption, inadequate system, and poor management, can be undertaking a lot of reforms under a new reform-minded administration. Nigeria's former armed forces rulers did not diversify our economy away from their overdependence within the capital-intensive oil sector, which provides 20% of Gross Household Product, 95% of foreign currency earnings, regarding 65% of budgetary income. The generally subsistence farming sector is unsucssesful to keep up with fast population progress. Nigeria can be Africa's most populous country; and the country, once a significant exporter of food, must now transfer food. The ultra-modern Nigerian economic climate is tremendously dependent upon control and it's changing from an agricultural foreign trade industry to a more competitive and successful oil exportation industry, hence affecting Nigeria's economic, economical and financial structures. Most countries' financial systems are greatly dependent upon operate. Nigeria's economic climate is no different. Nigeria is based off of imports such as; equipment and transfer equipment, manufactured goods, meals and live animals, pet and veg oils and fats, mineral fuel lubricants, crude materials, beverages, smoking cigarettes, chemicals, and textiles. Nigeria's income is supported by the exportation of goods such as; petroleum and essential oil, cocoa beans, rubber, hand kernels, natural cotton, yam, covers and skin. Nigeria relies on the exportation of petroleum, without this export Nigeria wouldn't have much of an economy. Petroleum is the leading nutrient produced in Nigeria. The growing oil market attracted a large number of to downtown centers, to the detriment of the agricultural sector. In the...

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