Hello everyone,
This is my first blog. I started my journey in Nigeria. Because my blog is about the economy of Nigeria. Nigeria is a beautiful country with a lot of historical background. So here is some information about the economy of Nigeria, I hope you will enjoy my blog.
Nigeria is a country that is located in West Africa. Nigeria has a long coastline along the Atlantic Ocean. The borders of Nigeria are Benin, Chad, Cameroon and Niger. Nigeria is the thirty-second largest country in the world. The Country has a total population of over 154 million inhabitants. Most of the inhabitants live in poverty and 70% of them live below the international poverty line. The petroleum sector is very important for the economy of Nigeria
The Nigerian economy is one of the most developed economies in Africa. Compared to other African countries, Nigeria has a developed financial, communication and transport sectors.
The petroleum sector is the most important industry in Nigeria. Nigeria is the 12th largest producer of petroleum in the world. 90% of the petroleum is exported to other countries.
When we look at the Nigerian economy in general, lacks basic infrastructure. Most of the efforts to improve the basic infrastructure have failed.
I think Nigeria has a lot of potential to improve the economy. Nigeria has a long coastline along the Atlantic Ocean so they can export more products over sea.
The workers in Nigeria are underpaid, that is the reason that 70% of the inhabitants live below the international poverty line. And as long the workers are underpaid the economy can’t grow. Because when the inhabitants have no money to spend, this is negative for the economy. I think there is significant room for improvement in the economy of Nigeria.
The petroleum sector is the most important industry, but Nigeria need more products then just petroleum that they can use for export.
So this was my first blog, I hope you learned something more about the economy of Nigeria.
Kimberley Bracke
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