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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 53rd-largest economy in the world in terms of nominal GDP , the fourth largest in Africa and the 27th-largest in terms ...
[29] [30] Nigeria's economy suffered when attacks held by the Boko Haram began on local businesses, government buildings, and local facilities such as schools and churches. Local businesses began to migrate to Southern region of Nigeria as a result of being attacked or due to fear of the Boko Haram.
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 2015.
Nigeria's economy is the fourth largest in Africa, the 31st-largest in the world by nominal GDP, and 30th-largest by PPP. GDP (PPP) per capita is US$9,148 [155] (as of 2022), which is less than South Africa, Egypt and Morocco, but slightly higher than Ghana and Ivory Coast.
The Fourth National development Plan (1981–1985) brought forth new goals for the country to achieve. These goals included: Increasing the income of Nigeria's citizens. Ensuring that income is more evenly distributed amongst the citizens and various socio- economic groups. Reducing the nation's unemployment levels along with under employment.
By providing low-cost micro-lending to over a million women, enterprising youths, agricultural workers, and other vulnerable economic producers, the Government Enterprise and Empowerment Program supports the development of otherwise low-productivity sectors of the population, bringing millions of people into the modern economy and lifting ...
Logo of the Nigeria Vision 2020. Nigeria Vision 2020 (also stylized as NV2020) was a strategic framework for the Federal Republic of Nigeria to develop its economic and political strength to the point by 2020, “Nigeria will be one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and ...
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 .