Search results
Results from the WOW.Com Content Network
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.
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]
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 sixth largest in Africa and the 27th-largest in terms of ...
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]
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 ...
Statutorily and administratively, the FIRS has the responsibility for the assessment, collection and accounting of taxes to the Government: [9] The timely provision and publication of accurate data and annual reports to the Federal Government of Nigeria and other stakeholders to inform national economic planning, academic research, tax policy and development legislation [10]
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.
One of the plan's key features was the usage of resources generated from oil production to increase the economy's production capacity and to ensure self-sustaining economic growth. Despite Nigeria's economy being heavily centred around the export of oil, with it composing roughly 80% of government revenue, the plans to finance the fourth ...