nigeria's economy

What was and now is Nigeria’s sources of income?

Agricultural products like cocoa used to be the largest, but once oil was discovered in the Niger Delta, that changed - 98% of Nigeria’s export earnings are from oil

Why has the primary sector reduced in Nigeria?

Mechanisation of farms means less people work in agriculture, and greater rural-urban migration - better opportunities (pay/conditions) in non-agricultural sectors

How much of Nigeria’s GDP comes from oil?

14%

What is industrialisation?

Growth of the secondary sector

How has the secondary sector changed?

It has grown, and there are more jobs in things like crude oil production, sugar refining and paper production. Fastest growing industrial sector

How and why has the tertiary sector changed in Nigeria?

Employment in communications, retail and finance have increased - this is due to improved infrastructure and technological developments, investments in electricity

• Also more English speakers, so Nigeria can be involved in global affairs more

Why is Nigeria’s economy developing?

Advances in technology, more people speak English (so growth in telecommunications), globalisation, investment in science/technology training, IT is starting to drive the economy over oil

Why has the manufacturing sector developed in Nigeria?

Less reliance on the export of raw materials, so processing of these materials takes place in Nigeria more than abroad

How much of Nigeria’s GDP does manufacturing make up for?

10%

What things does Nigeria manufacture?

Processed foods, leather goods, textiles, soaps/detergents, automobiles

Overall, how has Nigeria’s economy shifted?

Importance of primary sector has diminished, while service sector is growing (54% of workers work in services)

How does the growth of the manufacturing industry encourage economic growth?

• Provides regular paid work - more secure and larger income

  • people can buy more things which stimulates the economy

• More people are working, more taxes are paid

• Industries overlap and work with each other

• Attracts investors