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Nigeria's goal under the National Economic Empowerment Development Strategy (NEEDS) program is to reduce inflation to the single digits. [57] 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 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]
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
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 ...
Economic development in Nigeria (1 C, 4 P) Energy in Nigeria (8 C, 7 P) F. Finance in Nigeria (7 C, 4 P) Foreign trade of Nigeria (2 C, 6 P) H. Economic history of ...
The three Pillars of the NV 20:2020 are i) guaranteeing the well-being and productivity of the people, ii) optimizing the key sources of economic growth and iii) fostering sustainable social and economic development. NV 20:2020 is Nigeria's second attempt at driving the attainment of her national aspirations using long-term perspective plan.
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.
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]