Nigeria, a prominent regional player in the whole of West Africa with approximately 184 million citizens, accounts for about 47% of the West Africa’s population. Nigerian is multi-ethnic and culturally diverse society consisting of 36 autonomous states. With an abundance of different mineral resources, Nigeria is Africa’s biggest oil exporter and also boast of the most abundant natural gas in the whole of the continent.
Over the years, the economy of Nigeria has experienced tremendous advancement owing to the rapid phase of industrialization. Additionally, the Nigerian economy has also witnessed immense improvement with foreign investments aided by the sporadically increased in high-quality research and development. It could be recalled that Nigeria was under the British colonial rule over a considerable period. During this times, important raw materials and mineral resources including food grains were exported from Nigeria to foreign countries. This notably spearheaded the beginning of slavery and exploitation that galvanized the working class citizens by the Europeans. On attaining independence in 1960, efforts were made to revive the growth of the country’s economy through sets of progressive economic reforms by well-meaning citizens. However, it is crucial to note that Nigerian has been surviving on agricultural production far beyond the discovery of oil.
Industries and Natural Resources in Nigeria
In the aspect of agriculture, the nation of Nigeria has been known globally to a fertile land filled with milk and honey. One of the major cash crop producing areas in the whole of Africa. About 70% of the population of Nigeria citizens depends mainly on agriculture while at the same time it serves as the mainstay and the primary source of income for them. The main crops that are produced widely include rubber, cocoa, rice, kola nut, melon, palm oil and many more to mention but a few. Aside from that, the rural areas also practice grazing of sheep, cattle rearing and well-maintained livestock production. In Nigeria, the presence of extensive natural resources is a blessing from nature as it attracts foreigners, traders and investors from different parts of the globe. Throughout the years, the rich deposits of crude oil and petroleum have greatly served as a significant source of revenue for the country. The United States of America over the years, has remained its status of being the primary consumer of Nigerians crude oil and gas. However, as a result of the poor distribution system, the oil enriched regions within Nigeria are not well marketed. Other chains of the industry include coal, tin, wood, cement, textiles, chemicals, fertilizers, leathers, ceramic products, steel and prominently, the ship construction industries.
Trade and businesses in Nigeria
As a result of the establishment of bilateral ties with other well developed and developing countries, over the last few decades, the trade scenario in Nigerian has received a great impetus. An overview of the economy of Nigeria remains incomplete without mentioning the growing foreign investments which have left behind an indelible mark on its trade and commercial businesses. The present Nigerian government led by the president Muhammadu Buhari has taken a giant stride in unleashing sets of economic reforms with intents to bring about a radical, developmental and positive change in its current financial growth and all other sectors of the economy. The major trading partners of Nigeria are the Republic of China, Netherlands, United Kingdom, United States of America, Italy, France, Germany and so on. In 1971, Nigeria took a giant step to be a member organization of petroleum exporting industry (OPEC) which opens the achievement as one of the essential oil producing countries in the world with its standing at 7th position.
In the present times
Over the last 15 years, Nigeria has made significant progress in socio-economic development. Between the year 2005 and 2015, the human index development value increases by 13.1%. However, the nation continues to face massive developmental challenges which includes diversification of the economy, reduced dependency on oil, problems in the public financial management systems , poor living conditions of the population, addressing insufficient infrastructure, high levels of poverty, social, political and economic unrests and so much more to mention a few.
However, the growth of the economy has been significantly hampered by the inadequate infrastructural facilities. All hands are on deck to revive the nations sick industries through foreign investments and collaborations. On the economic growth of the country, the crude oil and agricultural product has remained their stand as the top on the priority list although efforts are being made to modify other industries.