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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 is a federal republic in West Africa, bordering Benin in the west, Chad and Cameroon in the east, and Niger in the north. As of 2015 Nigeria has the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's ...
Nigeria's economy is the fourth-largest in Africa, the 53rd-largest in the world by nominal GDP, and 27th-largest by PPP. Nigeria is often referred to as the Giant of Africa by its citizens due to its large population and formerly large economy, [21] and is considered to be an emerging market by the World Bank.
Nigeria is emerging as a new source of lithium in Africa as the world’s largest producers, like Australia and Chile, are unable to fulfill the growing demand worldwide.
Colonialism is a major feature of the economic history of Nigeria. [4] Britain eventually gained control of the Nigerian administrators covering the period . [5] After independence, the Nigerian economy seemed very promising. Many saw Nigeria, with 15% of Africa's population, as an emerging economy. [6] However, this potential never materialized.
An emerging market (or an emerging country or an emerging economy) is a market that has some characteristics of a developed market, but does not fully meet its standards. [1] This includes markets that may become developed markets in the future or were in the past. [ 2 ]
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 ]
As of 2018, Nigeria is the biggest economy in Africa by nominal GDP, ... [195] have showed increasing interest in emerging African economies in the 21st century.