Nigeria, a member of the Commonwealth of Nations, is Africa’s most populous country. Recently, it rebased its gross domestic product to demonstrate that it now also stands as the continent’s largest economy. Additionally, it is at the forefront of regional leadership. For example, the Economic Community of West African States maintains its headquarters in Nigeria’s capital, Abuja.

1. An Overview of
Nigeria’s
Economy

2. About Nigeria’s Economy
 Nigeria, a member of the Commonwealth of
Nations, is Africa’s most populous country.
 Recently, it rebased its gross domestic
product to demonstrate that it now also
stands as the continent’s largest economy.
 Additionally, it is at the forefront of regional
leadership. For example, the Economic
Community of West African States maintains
its headquarters in Nigeria’s capital, Abuja.

3. Nigeria’s Thriving Oil Industry
 Over the last few decades, oil has become a
major industry in Nigeria, accounting for the
majority of its exported products.
 The country, a member of the Organization of
Petroleum Exporting Countries, produces
approximately 2 million barrels per day.
 Its proven reserves of oil amount to more than 5
trillion cubic meters, and since the late 1990s it has
exported natural gas, as well.
 While there is no denying that Nigeria’s oil industry
has increased its national wealth manyfold, that
segment is always at risk due to fluctuations in the
international market.

4. Other Industries in Nigeria
Nigeria’s thriving economy also owes a great
deal to:
 Telecommunications and high-tech start-ups
 A lively film industry
 Traditional agriculture that is becoming
increasingly modernized
 E-commerce sites offering a wide range of
travel deals, tourist accommodations, goods,
and services.

5. Reforming Policies for the
Nigerian Economy
 Following the country’s economic crisis
from 1997 to 1998, when it went from
being self-sufficient in food to being a net
importer of foodstuffs, the national
government set about reforming policies,
modernizing agricultural production
methods, and privatizing formerly state-
run segments of the economy.