The Modern Nigerian Economy

The Modern Nigerian Economy Nigeria is located on the west slideway of Africa and is the most populous black countrified in the world, bordering the northeastern Atlantic Ocean, between Benin and Cameroon. Nigeria covers 356,668 sq miles and is round the same size as California, Nevada and Utah combined. Nigeria is diverse in people and culture. Oil-rich Nigeria, long stunted by political instability, corruption, inadequate infrastructure, and poor management, is undertaking virtually reforms under a new reform-minded administration. Nigerias former troops rulers failed to diversify the economic system away from its overdependence on the capital-intensive oil sector, which provides 20% of Gross Domestic Product, 95% of foreign exchange earnings, and about 65% of bud regainary revenues. The largely subsistence agricultural sector has failed to fete up with rapid population growth. Nigeria is Africas most populous country; and the country, once a large exporter of food, must now minute food. The modern Nigerian economy is greatly dependent upon cover and its changing from an agricultural export industry to a more competitive and prosperous oil exportation industry, thus poignant Nigerias economic, financial and banking structures. Most countries economies are immensely dependent upon trade.

Nigerias economy is no different. Nigeria is based off of imports such(prenominal) as; machinery and run equipment, manufactured goods, food and live animals, animal and vegetable oils and fats, mineral fuel lubricants, crude materials, beverages, tobacco, chemicals, and textiles. Nigerias income is supported by the exportation of goods such as; petroleum and oil, cocoa beans, rubber, palm kernels, cotton, yam, hides and skins. Nigeria is dependent on the exportation of petroleum, without this export Nigeria wouldnt have much of an economy. Petroleum is the lead story mineral produced in Nigeria. The growing oil industry attracted numerous to urban centers, to the detriment of the agricultural sector. In the... If you want to get a full essay, order it on our website: Ordercustompaper.com

Ordercustompaper.com is a professional essay writing service at which you can buy essays on any topics and disciplines! All custom essays are written by professional writers!