About Nigeria

Nigeria, officially the Federal Republic of Nigeria, is a federal constitutional republic comprising 36 states and its Federal Capital Territory, Abuja. Nigeria, with a land mass of 923,768 sq.km, is located in West Africa and shares land borders with the Republic of Benin in the west, Chad and Cameroon in the east, and Niger in the north. Its coast in the south lies on the Gulf of Guinea on the Atlantic Ocean. 
 
Nigeria is often referred to as the "Giant of Africa", owing to its large population and economy. With approximately 184 million inhabitants, Nigeria is the most populous country in Africa and the seventh most populous country in the world. Nigeria has one of the largest populations of youth in the world. The country is viewed as a multinational state, as it is inhabited by over 500 ethnic groups, of which the three largest are the Hausa, Igbo and Yoruba; these ethnic groups speak over 500 different languages, and are identified with wide variety of cultures. The official language is English Nigeria is divided roughly in half between Christians, who live mostly in the southern part of the country, and Muslims in the northern part. A minority of the population practice religions indigenous to Nigeria, such as those native to Igbo and Yoruba peoples.
 
As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Nigeria is considered to be an emerging market by the World Bank; It has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power. Nigeria is a member of the MINT group of countries, which are widely seen as the globe's next "BRIC-like" economies. It is also listed among the "Next Eleven" economies set to become among the biggest in the world. Nigeria is a founding member of the Commonwealth of Nations, the African Union, OPEC, and the United Nations amongst other international organizations.
 

Economy

 

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.