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In 2005, Nigeria posted a US$26 billion trade surplus, corresponding to almost 20% of gross domestic product. In 2005, Nigeria achieved a positive current account balance of US$9.6 billion. The Nigerian currency is the naira (NGN). As of June 2006, the exchange rate was about US$1=NGN128.4. As of June 2019, it stands at US$1 =NGN357.
Trade openness in 2017 [1]. The trade-to-GDP ratio is an indicator of the relative importance of international trade in the economy of a country. It is calculated by dividing the aggregate value of imports and exports over a period by the gross domestic product for the same period.
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, [156] 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. [157]
The Economic Revolution in British West Africa (1926). Martin, Susan M. Palm oil and protest: an economic history of the Ngwa region, south-eastern Nigeria, 1800-1980 (Cambridge University Press, 2006). Robinson, Ronald, and Jack Gallagher. Africa and the Victorians (1961).
Gross domestic product (GDP) is the market value of all final goods and services from a nation in a given year. [2] Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates .
Due to external international forces, including the Russian invasion of Ukraine and COVID-19, [6] and internal forces such as high oil subsidies, economic inefficiencies, and plunging oil prices, [7] Nigeria has sought the assistance of the IMF on several occasions. Since the beginning of Nigeria's relationship with the IMF, it has participated ...
How the health of the economy is measured, and why the GDP calculation matters.
International trade is, in principle, not different from domestic trade as the motivation and the behavior of parties involved in a trade do not change fundamentally regardless of whether trade is across a border or not. However, in practical terms, carrying out trade at an international level is typically a more complex process than domestic ...