Nigeria

The Federal Republic of Nigeria is a country in West Africa. It is the most populous country in Africa. It borders Benin in the west, Chad and Cameroon in the east, Niger in the north and the Gulf of Guinea in the south. Major cities include the capital Abuja, the former capital Lagos, Ibadan, Osogbo, Port Harcourt, Enugu, Kano, Kaduna, Onitsha, Jos, Ilorin, Maiduguri, Bauchi, Sokoto and Benin City. The country's name is unrelated to its African heritage; it was proposed by a Times article in 1897.

Economy

Main article: Economy of Nigeria

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The oil-rich Nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Nigeria's rulers stole or misused £220 billion. Nigeria's former military rulers failed to diversify the economy away from overdependence on the capital-intensive oil sector, which provides 20% of GDP, 95% of foreign exchange earnings, and about 65% of budgetary revenues. The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, has since 1974, been a net importer of basic foodstuffs.

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Mineral resources include petroleum, coal and tin. Agricultural products include groundnuts, palm oil, cocoa, citrus Fruits, maize, millet, cassava, yams and sugar cane.

Related Topics:
Petroleum - Coal - Tin - Groundnut - Palm oil - Cocoa - Citrus - Maize - Millet - Cassava - Yam - Sugar cane

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