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Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [56] By 2015, Nigeria's inflation stood at 9%. In 2005, the federal government had expenditures of US$13.54 billion but revenues of only US$12.86 billion, resulting in a budget deficit of 5%.
The word "bumper" in this context comes from a usage that means "something unusually large", [1] which is where this term comes from. [ 2 ] Though very productive harvests often have positive implications for the producer, a bumper crop can also be a source of problems, such as when there is insufficient storage space ( barns , grain bins , etc ...
The Fifth Development Plan and Rolling Plan within Nigeria was established in 1988 to further tackle inequality and boost the economic, social and political structure for the country. This plan sought to devalue the naira, remove import licenses, reduce tariffs, open the economy to foreign trade, promote non-oil exports through incentives and ...
Prior to the Discovery of oil in commercial quantity in 1951, Agriculture was the Primary occupation of the people of Rivers State. Around 19th century when the industrial revolution reached its peak in England, the area was then referred to as Oil Rivers Protectorate, this was due to its abundant palm oil and kernel which basically constituted the main revenue source of the country. [3]
A cotton ball. Cotton is a significant cash crop. According to the National Cotton Council of America, in 2014, China was the world's largest cotton-producing country with an estimated output of about one hundred million 480-pound bales.
The following table presents a listing of Nigeria's 36 states ranked in order of their estimated total GDP in 2021 according to a 2022 report by BudgIT. [ 1 ] Rank
After Nigeria gained independence in 1960, the name of the institute was changed to Nigerian Institute of Social and Economic Research. [3] In 1977, the military government made NISER an autonomous body. Thereafter, NISER's responsibilities include coordinating social and economic research in federal universities.
The primary sector of the economy includes any industry involved in the extraction and production of raw materials, such as farming, logging, fishing, forestry and mining. [ 1 ] [ 2 ] [ 3 ] The primary sector tends to make up a larger portion of the economy in developing countries than it does in developed countries .