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.
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.
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.
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.
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