The Modern Nigerian Economy

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Written by:

Megan M


Date added:

May 16, 2014








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5 / 1226


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Oil-rich Nigeria, long stunted by political instability, corruption, inadequate infrastructure, and poor management, is undertaking some reforms under a new reform-minded administration. Nigeria's former military rulers failed to diversify the economy 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 budgetary revenues...
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The largely subsistence agricultural sector has failed to keep up with rapid population growth. Nigeria is Africa's most populous country; and the country, once a large exporter of food, must now import food. The modern Nigerian economy is greatly dependent upon trade and it's changing from an agricultural export industry to a more competitive and prosperous oil exportation industry, thus affecting Nigeria's economic, financial and banking structures...
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