Economy of Nigeria
Nigeria has a lower-middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology, and entertainment sectors. It is ranked as the 52nd-largest economy in the world in terms of nominal GDP, the second largest in Africa in terms of purchasing power parity, and the 19th-largest in terms of purchasing power parity. The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa. Nigeria's debt-to-GDP ratio was 36.63% in 2021 according to the IMF. Although oil revenues contributed 2/3 of state revenues, oil only contributes about 9% to the GDP. Nigeria produces about 2.7% of the world's oil supply. The largely subsistence agricultural sector has not kept up with the country's rapid population growth. It was once a large net exporter of food, but currently imports some of its food products. Mechanization has led to...
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