Table of Contents
Why is the study of the structure of the Nigeria economy necessary explain?
The structure of an economy is the institutional as well as organizational framework which determines how resources are owned, allocated and distributed in an economy. The alteration in the structure of the Nigerian economy in the desired direction should ensure the achievement of economic growth and development.
What are the main feature of Nigeria economic system?
The Nigerian economy is dominated by crude oil, which accounts for about 10% of the country’s GDP, 70% of government revenue and more than 83% of the country’s total export earnings, according to OPEC. Nigeria is the world’s 8th oil exporter, and its oil reserves are estimated at about 35 billion barrels.
What kind of economy does Nigeria have now?
General Overview of the Nigerian Economy. Nigeria is a middle income, mixed economy and emerging market, with expanding manufacturing, 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.
What kind of financial system does Nigeria have?
According to the Central Bank of Nigeria research series (1993) the Nigerian financial system refers to a set of rules and regulations and the aggregation of financial arrangements, institutions, agents, that interact with each other and the rest of the world to foster economic growth and development of a nation.
Which is the largest industrial sector in Nigeria?
Nature and Structure of Industries in Nigeria The mining sector (comprised of the oil and natural gas sector) is the largest Nigeria industrial sector. The sector accounts for more than 90% of the annual national production, while generating more than 80% of the government revenues.
What was the percentage of GDP in Nigeria in 2012?
In 2012, the GDP was composed of the following sectors: agriculture: 40%; services: 30%; manufacturing: 15%; oil: 14%. By 2015, the GDP was composed of the following sectors: agriculture: 18%; services: 55%; manufacturing: 16%; oil: 8% In 2005 Nigeria’s inflation rate was an estimated 15.6%.