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Economy of Nigeria: Gross Domestic Product
GDP- $387 billion
GDP per Capita- $2,600
GDP growth rate- 8.2%
Economy of Nigeria: Type of Economy
-Nigeria has a Mixed Economy
- Government controls much of the Oil and Banking industries, but allows private ownership in smaller, service oriented industries.
Economy of Nigeria: Main Industries
-Crude oil, coal, tin, columbite, rubber products
-80% of Nigeria’s revenue ($$$$$) comes from OIL!
Economy of Nigeria:Agriculture
-Due to mismanagement and improper land usage, Nigeria now has to import food to meet it’s needs.
Economy of Nigeria:Service Industries
Banking and Telecommunications are the main service industries.
Central Bank of Nigeria
Economy of Nigeria:Imports/Import Partners
Imports:-Machinery, chemicals, manufactured goods, food.
Import Partners:-China-Netherlands-United States
Economy of Nigeria:Exports/Export Partners
Exports:-OIL!!!! Oil makes up 95% of Nigeria’s exports!
-They also export cocoa and rubber products.
Export Partners:U.S., India, Brazil