Nigeria's Economy Flashcards
(16 cards)
What is Nigeria’s GDP?
$477 billion USD (2023 est.) — largest economy in Africa.
What is Nigeria’s GDP per capita?
~$2,100 USD — indicates widespread poverty.
What is Nigeria’s Economic growth rate
Around 3.3% in 2023, recovering from the COVID-19 downturn.
What is Nigeria’s inflation rate
~28% (March 2024) — very high, mainly driven by food and fuel prices.
How much does Nigeria rely on oil
- Accounts for ~90% of export revenue.
- Only contributes about 6–9% of GDP, showing a narrow export base.
How much of Nigeria’s economy does Agriculture contribute to
- Employs around 35% of the labour force.
- Often subsistence-based and affected by low productivity.
What is the largest contributor to Nigeria’s GDP
Services sector: Largest contributor to GDP (~50%), including telecoms and finance.
What are Nigeria’s top exports
Crude oil, natural gas, refined petroleum, and cocoa.
Who are Nigeria’s top trading partners?
India, China, the United States, and the Netherlands.
Why is Nigeria’s growth quite volatile to external shocks?
Nigeria is heavily reliant on oil exports, making it vulnerable to oil price shocks.
What is Nigeria’s unemployment rate?
~33% (youth unemployment even higher).
How many people live in poverty?
Over 60% live in multidimensional poverty (2022).
What is Nigeria’s HDI?
0.548 (2022) — 163rd out of 191 countries.
Life expectancy
55 years
What are some key challenges that Nigeria’s economy experiences
Poor infrastructure (electricity and roads)
Corrupt government
Brain drain (many skilled Nigerians emigrate)
Overdependance on oil
How does Nigeria hope to improve it’s economy over the next few years?
- Economic diversification: Government aims to shift towards agriculture, manufacturing, and tech.
- National Development Plan 2021–2025: Seeks $2.3 trillion investment over 5 years.
- Member of AfCFTA: Part of the African Continental Free Trade Area, which aims to boost intra-African trade.
