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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 ...
Its economy booms from the oil industry in the Niger Delta, and is said to be the leading economy in Africa in 2020. [25] Although Nigeria's economy is doing well, research has proven 35 percent of the population live in absolute poverty. [26] Approximately, 90 million Nigerians are believed to live on less than one US dollar a day. [27]
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 ]
PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP. [4] On the whole, PPP per capita figures are more narrowly spread than nominal GDP per capita figures. [5]
Nigeria is currently the most populated country in Africa and it is also the biggest oil exporter and in addition to this, it has the second biggest economy in Africa. All of these qualities make it a country with great economic potential, but Nigeria also faces great development challenges. [3]
The Sustainable Development Goals aim to reduce neglected tropical diseases, AIDS, hepatitis, water-borne diseases and other communicable diseases. The Nigeria Economic Recovery and Growth Plan was launched to align the SDGs with a target of 2030. Among the goals is to reduce the maternal mortality ratio to 70/100,000 live births. [9]
Nigeria's economy is the fourth largest in Africa, the 31st-largest in the world by nominal GDP, and 30th-largest by PPP. GDP (PPP) per capita is US$9,148 [155] (as of 2022), which is less than South Africa, Egypt and Morocco, but slightly higher than Ghana and Ivory Coast.
Logo of the Nigeria Vision 2020. Nigeria Vision 2020 (also stylized as NV2020) was a strategic framework for the Federal Republic of Nigeria to develop its economic and political strength to the point by 2020, “Nigeria will be one of the 20 largest economies in the world, able to consolidate its leadership role in Africa and establish itself as a significant player in the global economic and ...