Nigeria and new economic status in africa

Nigeria is the largest economy in Africa, with a GDP of over $250 billion. However, the country's economic status has been a subject of concern in recent years due to various challenges, including corruption, insecurity, and a lack of infrastructure. Despite these challenges, Nigeria has made significant progress in recent years, and its economic status is expected to continue to improve in the coming years.

Here are some key facts about Nigeria's economic status:

  1. GDP growth: Nigeria's GDP growth rate has been steadily increasing over the past few years, from 2.7% in 2016 to 2.9% in 2017 and 3.1% in 2018. This growth is driven by the country's large and growing population, as well as its rich natural resources.
  2. Economic diversification: Nigeria has been working to diversify its economy away from its reliance on oil exports. The country has made significant progress in this area, with non-oil exports growing from 10% of GDP in 2010 to 20% in 2018.
  3. Infrastructure development: Nigeria has been investing in infrastructure development, including transportation, energy, and telecommunications. This has helped to improve the country's business environment and attract foreign investment.
  4. Corruption: Corruption remains a significant challenge for Nigeria, and it is a major obstacle to the country's economic development. The country has been working to address this issue, with the government implementing various anti-corruption measures.
  5. Insecurity: Insecurity is another major challenge for Nigeria, with the country facing a number of security threats, including terrorism, kidnapping, and armed robbery. This has had a negative impact on the country's economy, particularly in the north-east region.
  6. Poverty: Despite its economic growth, Nigeria still has a significant poverty problem. According to the World Bank, over 40% of the population lives on less than $1.90 a day.

Despite these challenges, Nigeria's economic status is expected to continue to improve in the coming years. The country has a number of advantages, including its large and growing population, its rich natural resources, and its strategic location in West Africa.

Here are some key trends that are expected to shape Nigeria's economic status in the coming years:

  1. Increased investment in infrastructure: Nigeria is expected to continue to invest in infrastructure development, including transportation, energy, and telecommunications. This will help to improve the country's business environment and attract foreign investment.
  2. Growth of the non-oil sector: Nigeria's non-oil sector is expected to continue to grow, driven by the country's large and growing population, as well as its rich natural resources.
  3. Increased focus on agriculture: Nigeria is expected to increase its focus on agriculture, which is a key sector for the country's economic development. The government has been implementing various initiatives to support the agricultural sector, including the provision of credit and other forms of support.
  4. Improved business environment: Nigeria is expected to continue to improve its business environment, with the government implementing various reforms to attract foreign investment and promote economic growth.
  5. Increased use of technology: Nigeria is expected to increase its use of technology, including e-commerce and mobile payments. This will help to improve the country's business environment and attract foreign investment.

Overall, Nigeria's economic status is expected to continue to improve in the coming years, driven by the country's large and growing population, its rich natural resources, and its strategic location in West Africa. However, the country still faces a number of challenges, including corruption, insecurity, and poverty, which will need to be addressed in order to achieve sustainable economic growth.