Nigeria development

Nigeria is a newly emerging economy with rapid economic growth by developing its industries.

Nigeria is important globally as:

  • 21st world's largest economy
  • 12th largest producer + exporter of oil
  • 5th largest contribution of World peacekeeping
  • involve in 6 world organizations e.g the UN

The country is going through large population growth. With a high 38/100 birth rate and 13/100 death rate. The natural increase occurs. 50% of the population living in rural areas and 50% live in urban areas. Urbanization is rapid as people search for job opportunities in urbanized city like Lagos.

Nigeria was also once a British colony but gain its independence in 1960. From 1960-2000 political fighting, government corruption, and civil war occur. This holds back the development of the country. But in 2000, the government stabilized leading to investments of TNC.

In 1990, the primary sector dominated the industry. However, the secondary and tertiary sectors slowly increase because TNC invested in the country and provided local people with manufacturing jobs. Therefore, people become wealthier and can offer tertiary services

The main primary sector is Agriculture. The mainly export products like cocoa, cotton, timber, palm oil. These are low value product that won’t provide much money.

Nigeria has other modern industries by developing its oil and manufacturing industries. Creating more jobs and wealth for the country. Oil was discovered in the Nigeria delta in 1958. Nigeria export 2.7% of the world’s sweet oil that can be made into petrol. Many TNCs also invested in the country to manufacture products like paper clothing and motor cars.

Nigeria export products to earn money for use in development.

The main import products are phones from China

About 45% of export are oil to the EU countries.

The inequality of wealth is also significant in the country with a wealthier population in the south as that is more oil and manufacturing. Whereas, poorer in the north as the dominant industry is agriculture which doesn’t make much money.