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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 ...
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]
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]
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]
The long-term potential growth rate of South Africa under the current policy environment has been estimated at 3.5%. [53] Per capita GDP growth has proved mediocre, though improving, growing by 1.6% a year from 1994 to 2009, and by 2.2% over the 2000–09 decade, [54] compared to world growth of 3.1% over the same period.
After an initial rebound from the 2009 world economic crisis, Africa's economy was undermined in the year 2011 by the Arab uprisings. The continent's growth fell back from 5% in 2010 to 3.4% in 2011. With the recovery of North African economies and sustained improvement in other regions, growth across the continent is expected to accelerate to ...
Nigeria has one of the world's highest economic growth rates (averaging 7.4% [2] over the last decade), an underdeveloped economy, and plenty of natural resources such as oil. However, it retains a high level of poverty, with 41% of the population classified as poor by the National Bureau of Statistics in 2019 [ 3 ] (63% were living on less ...
Nigeria is the most populous country in Africa; a residence for more than 206 million people. [1] Hunger is one of the major issues that affect the citizens. 40% (82 million people) of the citizens live below the International Poverty Line of $1.90 daily, whilst another 25% are vulnerable.