Country guide Nigeria
It was declared an economy to watch in 2013, but how has Nigeria developed on the world stage?
Since gaining independence from Britain in 1960, Nigeria has experienced a rocky path to stability: civil war was followed by 30 years of military rule, before a democratic process was put in place. Nigeria has since had 20 years of government fashioned on the US federal model. Rich in oil and natural resources, Nigeria has been identified as a powerful emerging market - not just for exports, but for imports to support its large, young population.
Oil, rubber and cocoa have been Nigeria’s stock in trade, but indications are that it has become a more mixed economy. This reflects the government's own aims in its Economic Recovery & Growth Plan to be less dependant on oil (pipelines have regularly been the target of terrorists, as well as questioned for their environmental impact). Priorities include agriculture; solid minerals, including iron, gold and coal; manufacturing; services, including information and communication technology, tourism, financial services and creative industries; construction and real estate.
This is an extract from the Business & Management Magazine, Issue 275, June 2019.
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