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NIGERIAN

ECONOMY

AGENDA

Agenda

  • Economic data
  • main industries and resources
  • Trade
  • "Giant of Africa"

Economic data

Overview

  • Currency: Nigerian Naira

Exchange rate: 1€ = 469 Naira

  • GDP: 514 Bilion Dollars
  • Unemployment: 33%
  • Largest economy on the African continent

Resources and main industries

Resources and main industries

1

Mining

  • only accounts for 0,3% of its GDP
  • mining industry is underdeveloped
  • Nigerias has to import minerals that it could easily produce itself

Oil

  • biggest oil producer in Africa
  • exports 85% of its oil production
  • accounts for 10% of GDP -> accounts for 80% of export
  • oil production: around 1,5 million barrels per day
  • serious consequences for nature: no high security standards -> tons of petroleum leak and pollute the niger delta

-> supply of natural gas to Europe is threathened: Nigeria-Morocco pipeline

2

Agriculture

  • extremly low productivity -> could not keep pace with nigerias population growth
  • once exported food -> has to import food to sustain itself
  • sector accounts for about 18% GDP and almost 1/3 of employment

1.Plant based agriculture

2. Livestock

3. Fishing

3

Services

Transport:

  • improved infrastructure (2015): roads, railway
  • various ports (Lagos, Port Harcourt, Calabar): creeks, rivers, the sea
  • airports (Lagos, Abuja, Port Harcourt, Kano, Enugu)

Telecommunication:

  • mobile phone service
  • internet service

Tourism:

  • various beaches and beautiful landscapes
  • lack of security (travel warning)
  • prospects: hotels and a new airline

Trade

external trade (2017)

import: 34,2 billion US-dollar

export: 46,68 billion US-dollar

external debt (2012)

44 billion US-dollar

foreign investement (2012)

85,73 billion US-dollar of FDI

African Giant

  • Giant: something enormous, powerful

Reasons why Nigeria is African's Giant

  • population
  • military strength
  • Entertainment and Arts Industry
  • abundant natural resources
  • largest economy on the African continent
  • popularity: films, music, sports

Sources

  • https://www.legit.ng/1102758-unemployment-nigeria-effects-solutions.html
  • https://en.wikipedia.org/wiki/Economy_of_Nigeria
  • https://www.britannica.com/place/Nigeria/Daily-life-and-social-customs
  • https://www.statista.com/topics/6914/oil-industry-in-nigeria/#topicOverview
  • https://en.wikipedia.org/wiki/Agriculture_in_Nigeria
  • https://bscholarly.com/why-is-nigeria-called-the-giant-of-africa/

Do you have any questions?

The End

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