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Nigeria's economy represents a middle income economy, mixed and emerging market, with expanding financial, service, communications, technology and entertainment sectors. It is ranked as the 21st largest economy in the world in terms of nominal GDP, and the 20th largest in terms of Purchasing Power Parity. It is the largest economy in Africa; its re-emergent manufacturing sector is the third-largest on the continent, and produces a large proportion of goods and services for the West African subregion. Nigeria recently changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry.
The restoration of democracy and subsequent economic reforms have successfully put Nigeria back on track towards achieving its full economic potential.
Nigeria is the 12th largest producer of petroleum in the world and the 8th largest petroleum exporter, and has the 10th largest proven reserves. Petroleum plays a huge role in the Nigerian economy, accounting for 80% of Government earnings. However, the 100% mining capacity has still to be reached.
Nigeria also has a wide array of underexploited mineral resources which include natural gas, coal, bauxite, tantalite, gold and zinc. Despite huge deposits of these natural resources, the mining industry in Nigeria is only beginning to develop. Nigeria's manufacturing industry includes leather and textiles, plastics, processed food and auto manufacturing industry producing buses, cars, trucks and SUVs.
Exports of oil and natural gas is the main factor influencing Nigeria's growth and accounts for more than 91% of total exports.
Nigeria's main export partners are United States, India, Spain, Brazil, South Africa, United Kingdom, Netherlands, France, Germany, Japan.
Nigeria's main exports are:
- Crude Petroleum
- Petroleum Gas
- Refined Petroleum
- Cocoa Beans
- Special Purpose Ships
- Coconuts, Brazil Nuts, and Cashews
- Other Oily Seeds
Nigeria is considered a mixed economy with emerging market, and has already reached lower middle income status according to the World Bank, with its rich supply of natural resources, well-developed financial, communications, transport sectors and stock exchange, which is the second largest in Africa. Nigeria is a member of the MINT group of countries. It is also listed among the "Next Eleven" economies set to become among the biggest in the world. Nigeria is a founding member of the Commonwealth of Nations, the African Union, OPEC, and the United Nations amongst other international organizations.
Before the Nigerian civil war, Nigeria was self-sufficient in food. Agriculture used to be the principal foreign exchange earner of Nigeria, but after the war Nigeria relies mostly upon food imports to sustain itself. The agricultural sector is being transformed by commercialization at the small, medium and large-scale enterprise levels. Major crops include beans, cashew nuts, cocoa beans, though Nigeria mostly has to import foodstuffs to fill up the need.
In 2013, Nigeria introduced a policy regarding import duty on vehicles to encourage local manufacturing companies in the country. In this regard, some foreign vehicle manufacturing companies like Nissan have made known their plans to have manufacturing plants in Nigeria. Ogun is considered to be the current Nigeria's industrial hub, as most factories are located in Ogun and more companies are moving there, followed by Lagos.
Nigeria imports mainly industrial supplies, capital goods, food and beverage, fuel and lubricants, transport equipment and parts and consumer goods. 43% of total Nigerian imports come from Asia, 34% from Europe; 15% from America and 7% from Africa.
Nigeria's main import partners are China, United States, India, Netherlands, United Kingdom, Belgium, Luxembourg, Brazil, France, Germany, South Africa.
Nigeria's main imports are:
- Refined Petroleum
- Non-fillet Frozen Fish
- Delivery Trucks
- Raw Sugar
- Packaged Medicaments