The modern nigerian economy

Nok sculpture, terracotta The Nok civilisation of Northern Nigeria flourished between BC and ADproducing life-sized terracotta figures that are some of the earliest known sculptures in Sub-Saharan Africa. The Kingdom of Nri of the Igbo people consolidated in the 10th century and continued until it lost its sovereignty to the British in Nri and Aguleriwhere the Igbo creation myth originates, are in the territory of the Umeuri clan.

The modern nigerian economy

Nigeria coverssq miles and is about 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 some reforms under a new reform-minded administration.

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.

Most countries' economies are immensely dependent upon trade. Nigeria's economy is no different. Nigeria is based off of imports such as; machinery and transport equipment, manufactured goods, food and live animals, animal and vegetable oils and fats, mineral fuel lubricants, crude materials, beverages, tobacco, chemicals, and textiles.

Nigeria's 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 wouldn't have much of an economy. Petroleum is the leading mineral produced in Nigeria.

The modern nigerian economy

The growing oil industry attracted many to urban centers, to the detriment of the agricultural sector. In the s a decline in world oil prices prompted the government to bolster the agricultural sector.

The modern nigerian economy

Nonetheless, both refinery capacity and agriculture have not kept pace with population growth, forcing the nation to import refined petroleum products and food.

Other minerals extracted include tin, limestone, columbite, coal, low-grade iron ore, and gold.

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The chief crops are sorghum, millet, soybeans, peanuts, cotton, corn, yams, rice, palm products, cacao, and rubber. In addition, poultry, goats, sheep, and cattle are raised. Crop production has fallen in recent years and Nigeria must now import food. The economy of Nigeria, historically, was based on agriculture and its economy is still greatly impacted by agriculture for exportation and also for local use.

Agriculture, forestry, and fishing

Nigeria's agricultural industry provides employment for a large amount of the country's population and more than half the workforce is engaged in farming.

The discovery of oil resources in the country significantly affected the agriculture industry of Nigeria in negative ways, an industry which used to be Nigeria's main commerce.Nigeria is a Federal Republic composed of 36 States, and a Capital Territory, with an elected President and a Bi-cameral Legislature.

It operates the Presidential system of Government with three distinct but complementary arms namely the Executive, the Legislature and the Judiciary, each acting as . Nigeria is often referred to as the "Giant of Africa", owing to its large population and economy.

With million inhabitants, Nigeria is the most populous country . WE WELCOME YOUR ARTICLES AND COMMENTS JUST EMAIL THEM TO US AT [email protected] THANKS. FOLLOW US ON TWITTER: @officialgamji ARCHIVE. Political Party Defections In Nigeria. By Okachikwu Dibia. The primary effort of the Nigerian politician is political power for economic power.

Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 30th-largest economy in the world in terms of nominal GDP, and the 23rd-largest in terms of purchasing power parity.

Culture. Introduction. Because of the great diversity of people and culture, Nigeria has distinguished herself over the centuries in the field of arts. The Modern Nigerian Economy Nigeria is located on the west coast of Africa and is the most populous black country in the world, bordering the North Atlantic Ocean, between Benin and Cameroon.

Nigeria covers , sq miles and is about the same size as California, Nevada and Utah combined.

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