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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.
During the mid and late 1980's, Nigeria experienced a prolonged and severe economic downturn. Nigeria suffered a rapid plummet of its foreign reserves from $10 billion in early 1980s to approximately $1 billion in the mid 1980s due to overvalued currency, inflated imports, and international decline of oil prices. [4]
Nigeria's economy is the fourth largest in Africa, the 31st-largest in the world by nominal GDP, and 30th-largest by PPP. In 2022, its GDP (PPP) per capita was US$9,148 [155], which is less than South Africa, Egypt and Morocco, but slightly higher than Ghana and Ivory Coast. As of 2023, Nigeria's economy is classified as lower-middle-income. [156]
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 ...
Until the power sector reforms of 2005, power supply and transmission was the sole responsibility of the Nigerian federal government. As of 2012, Nigeria generated approximately 4,000 - 5,000 megawatts of power for a population of 150 million people as compared with Africa's second-largest economy, South Africa, which generated 40,000 megawatts of power for a population of 62 million. [7]
South Africa's informal sector contributes 8% of the country's GDP and supports 27% of all working people. The South African Local Economic Development Network values the informal economy at 28% of SA's GDP. [108] Given the relevance of this input, there is a constant interest in developing actions on an inclusive urban planning for the working ...
The Federal Military Government of Nigeria launched the Operation ‘Feed the Nation’ Programme (OFN), as a result of the chronic inability of the agricultural sector of the economy to satisfy the food needs of the country, there was hope for a revival of interest in agriculture.
The history of Nigeria can be traced to the earliest inhabitants whose date remains at least 13,000 BC through the early civilizations such as the Nok culture which began around 1500 BC. Numerous ancient African civilizations settled in the region that is known today as Nigeria, such as the Kingdom of Nri , [ 1 ] the Benin Kingdom , [ 2 ] and ...