Nigeria is classified as a mixed economy emerging market, and has already reached lower middle income status according to the World Bank, with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and stock exchange (the Nigerian Stock Exchange), which is the second largest in Africa.
Nigeria was ranked 30th in the world in terms of GDP (PPP) in 2012. Nigeria is the United States' largest trading partner in sub-Saharan Africa and supplies a fifth of its oil (11% of oil imports). It has the seventh-largest trade surplus with the US of any country worldwide. Nigeria is the 50th-largest export market for US goods and the 14th-largest exporter of goods to the US. The United States is the country's largest foreign investor. The International Monetary Fund (IMF) projected economic growth of 9% in 2008 and 8.3% in 2009. The IMF further projects an 8% growth in the Nigerian economy in 2011.
February 2011: According to Citigroup, Nigeria will get the highest average GDP growth in the world between 2010–2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries
As of 2014 it is the largest economy in Africa, having overtaken South Africa. Nigeria is the 12th largest producer of petroleum in the world and the 8th largest exporter, and has the 10th largest proven reserves. (The country joined OPEC in 1971). Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings. However, agitation for better resource control in the Niger Delta, its main oil producing region, has led to disruptions in oil production and prevents the country from exporting at 100% capacity
Nigeria has one of the fastest growing telecommunications markets in the world, major emerging market operators (like MTN, Etisalat, Zain and Globacom) basing their largest and most profitable centres in the country.
The government has recently begun expanding this infrastructure to space based communications. Nigeria has a space satellite which is monitored at the Nigerian National Space Research and Development Agency Headquarters in Abuja.
The country has a highly developed financial services sector, with a mix of local and international banks, asset management companies, brokerage houses, insurance companies and brokers, private equity funds and investment banks.
Nigeria also has a wide array of underexploited mineral resources which include natural gas, coal, bauxite, tantalite, gold, tin, iron ore, limestone, niobium, lead and zinc. Despite huge deposits of these natural resources, the mining industry in Nigeria is still in its infancy.
Agriculture used to be the principal foreign exchange earner of Nigeria. At one time, Nigeria was the world's largest exporter of groundnuts, cocoa, and palm oil and a significant producer of coconuts, citrus fruits, maize, pearl millet, cassava, yams and sugar cane. About 60% of Nigerians work in the agricultural sector, and Nigeria has vast areas of underutilized arable land. It also has a manufacturing industry which includes leather and textiles (centred Kano, Abeokuta, Onitsha, and Lagos), car manufacturing (for the French car manufacturer Peugeot as well as for the English truck manufacturer Bedford, now a subsidiary of General Motors), t-shirts, plastics and processed food.
The country has recently made considerable amount of revenue from home-made Nigerian Movies which are sold locally and internationally. These movies are popular in other African countries and among African immigrants in Europe.