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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 ...
The Nigeria Vision 20: 2020 is a perspective plan; an economic business plan intended to make Nigeria one of the top 20 economies by 2020, with a growth target of not less than $900 billion in GDP and a per capita of not less than $4,000 per annum. The three Pillars of the NV 20:2020 are i) guaranteeing the well-being and productivity of the ...
Other functions of the constitution include a division of power between the federal government and the states, and protection of various individual liberties of the nation's citizens. Nigerian politics takes place within a framework of a federal and presidential republic and a representative democracy , in which the president holds executive power.
Communications, Innovation and Digital Economy: fmcide.gov.ng/ Defence: Consists of the defence services headquarters, the Nigerian Army, the Nigerian Air Force, the Nigerian Navy, and other defence agencies and departments: defence.gov.ng/ Education: Directs education in Nigeria: education.gov.ng/ Energy: To promote sustainable energy ...
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The major languages spoken in Nigeria represent three major families of languages of Africa: the majority are Niger-Congo languages, such as Igbo, Yoruba, Ibibio, Ijaw, Fulfulde, Ogoni, and Edo. Kanuri, spoken in the northeast, primarily in Borno and Yobe State, is part of the Nilo-Saharan family, and Hausa is an Afroasiatic language. Even ...
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 commission was established to enhance Nigeria’s investment climate, attract foreign investments and deviate from oil as the major growth rate of the Nigerian economy. Nigerian President, Olusegun Aremu Obasanjo appointed a former Minister for Commerce, Mustapha Bello as the pioneer Executive Secretary/CEO of the Commission, [ 9 ] as well ...