Categories
  Nigeria National Flag
  Nigeria National Anthem
  Nigeria Economy
  Nigeria Geography
  Nigeria National Symbols
  Nigeria Art and Culture
  Nigeria Heritage
  Nigeria National Heroes
  Places in Nigeria
  Historical Places in Nigeria
  Nigeria History
  Nigeria Political System
  Nigeria Demography
  Cities of Nigeria
Independence Day Dates
 

China

-October 1
 

Nigeria

-October 1
  Belgium-October 4
  Ukraine-November 24
 

Kenya

-December 12
  Cameroon-January 01
  Australia-January 01
 

Germany

-January 18
  Sri Lanka-February 04
  Iran-February 10
 

Egypt

-February 28
  Ghana-March 06
  Zimbabwe-April 18
  Ecuador-May 24
  South Africa-May 31
  Norway-June 07
  Philippines-June 12
  Canada-July 1
  USA-July 4,
 

Algeria

-July 05
  Venezuela-July 5
  Argentina-July 9
 

France

-July 14
  Columbia-July 20
  Peru-July 28
  Jamaica -August 06
 

Singapore

-August 09
 

Pakistan

-August 14
 

India

-August 15
  North Korea-August 15
  South Korea-August 15
 

Indonesia

-August 17
 

Afghanistan

-August 19
  Russia-August 24
 

Malaysia

-August 31
  Brazil-Sept. 7
  Macedonia-Sept. 8
  Costa Rica -Sept. 15
 

Mexico

-Sept. 16
  Saudi Arabia-Sept. 23
  New Zealand-Sept. 26
123Independenceday Nigeria Economy

Economy of Nigeria

The economic conditions of Nigeria have advanced over the last few years as a result of the rapid phase of industrialization. The economy of Nigeria also improved tremendously with foreign investment aided by high quality research and development. Nigeria was under the British colonial rule for a considerable period of time. During this phase, major raw materials and minerals were exported to foreign countries along with food grains which in due course of time spearheaded the rise of slavery and exploitation of labor class by the Europeans. After the achievement of independence in Nigeria, efforts were made to revive the economic growth of the country through a set of economic reforms. It's important to note that before the discovery of oil in Nigeria, the country survived mainly on its agricultural production. The present G.D.P growth rate has been 7% in the past few years.

Industries and Natural Resources of Nigeria---

Agriculturally, Nigeria has been a fertile land and one of the major cash crop producing lands of Africa. Nearly70% of Nigeria's rural population is dependent on agriculture with it serving as the major source of income for them. The main crops that are widely produced are - beans, cashew nuts, groundnuts, kolanut, melon, palm oil, rubber and rice.

Also cattle rearing, grazing of sheep and well-maintained livestock farm are also practiced in parts of rural Nigeria. The presence of wide natural resources attracted foreigners and traders from different parts of the world in Nigeria. The rich deposits of oil and petroleum have served as the major revenue of income for the country through out the years. Over the years, U.S.A has remained to be the vital oil consumer of Nigeria's petroleum and gas. But due to the absence of proper distribution system, this oil enriched reserves are not well marketed even within the country. Other chain of industries include---crude oil, coal, tin, cotton, rubber, wood, textiles, cement, footwear, chemicals, fertilizer, ceramic products, steel and most prominently the ship construction industries.

Trade and Business in Nigeria---

Due to the establishment of bilateral ties with other countries, the trade scenario of Nigeria has received a great impetus over the last few decades. An overview of the economy of Nigeria remains incomplete without mentioning its growing foreign investments which have left behind a positive effect on its trade and commercial business. The present Nigerian government has unleashed a set of economic reforms intended to bring about a radical change in its current financial growth. The major trading partners of Nigeria are---China, United States, United Kingdom, Netherlands, France, Germany and Italy. In 1971, Nigeria became a member of O.P.E.C (Organization of the Petroleum Exporting Countries) which then made the country one of the important oil producing nations of the world standing at seventh position.

In the Present Times---

Though the defective infrastructure facilities have hampered the constant growth of the country, yet efforts are made to revive those sick industries of the country through foreign collaborations and investment. The agriculture and oil has been on the top of the priority list of economic growth of the country, efforts are made to modify other industries.

Thus, a comprehensive analysis of the economy of Nigeria gives us a precise outlook of the persisting economic conditions of the country.

123independenceday.com offers you insights on economy of Nigeria, keep navigating through the pages of the site for more updates.

 


Get Aquainted with the Independence Day of various Countries
Argentina Australia Belgium Brazil Canada Columbia Costa Egypt France Germany
India Iran Ghana Kenya Macedonia Malaysia New Zealand Nigeria North Korea Norway
Pakistan Peru Russia Saudi Arabia Srilanka South Africa South Korea Turkey USA Zimbabwe
 




   
Compare Infobase Limited Compare Infobase Limited
C-62,Community Center,Janakpuri,New Delhi-58(India)
Tel: +91-11-41588012, 41588013, 25542045
fax: +91-11-25547264
We are Hiring