Nigeria gdp

The economy of Nigeria is a middle-income, Nigerian GDP at purchasing power parity (PPP) has almost tripled from $170 billion in 2000 to $451 billion in 2012, Although oil revenues contributed 2/3 of state revenues, The largely subsistence agricultural sector has not kept up with the country's rapid population growth. Nigeria was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to a resurgence in the manufacturing and exporting of food products, and there was consequently a move towards food sufficiency. According to a Overview [ ] In 2014, Nigeria changed its economic analysis to account for fast-growing contributors to its GDP, such as telecommunications, banking, and its film industry. Human capital is underdeveloped—Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019 Nigeria had advanced efforts to provide universal primary education, protect the environment. A requirement for achieving many of objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment. However, while broad-based progress has been slow, these efforts have begun to become visible in international surveys of corruption. The Nigerian economy suffers from an ongoing Two-thirds of Nigerians expect living conditions to improve in the coming decades. Economic history [ ] Further information: The following table shows the main economic indicators in 1980–2021 (with ...

Nigeria stands as the number one country in Africa in the International Monetary Fund (IMF) 2020 World Economic Outlook’s ratings of countries. Using countries’ GDPs, IMF ranked Nigeria among the first 26 countries in the world in the same position with an average $442,976 million. Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Such fluctuations may change a country’s ranking from one year to the next, even though they often make little or no difference in the standard of living of its population. Nigeria had put in place several measures to improve on the economy by tackling various sectors that has direct impact on the lives of its citizens. The Economic Recovery Growth Plan (ERGP) of the government aims to tackle the key challenges to economic development through tackling constraints to growth and leveraging on the power of the private sector. It also initiates the promotion of national cohesion and social inclusion, allowing markets to function as well as uphold the core values that define the Nigerian society as enshrined in the 1999 Constitution. The key principles on which the ERGP stands are focus on tackling constraints to growth; leveraging the power of the private sector and promoting national cohesion and social inclusion. Others are allowing markets to function and upholding core values that define the Nigerian society.