Nigeria Economy

By Anonymous

 Economic Background

Nigeria ranks as one of the world's leading producers and exporters of petroleum. Foreign oil companies operate most of the petroleum wells, but they pay the Nigerian government much of their profits. In addition to petroleum, Nigeria produces coal, columbite, gold, iron ore, lead, limestone, natural gas, tin, and zinc. Other tops industries are Manufacturing, Agriculture, Natural resources, International Trade, Transportation, and communication.


Economy Impact on Coronavirus

The Nigerian government essentially must lead economic diversification drive. It is one practicable way to saddle through the current economic uncertainties and instabilities. What the consequences of the COVID-19 pandemic should further offer the Nigerian economic managers and policymakers, is that the one-tracked, monolithic reliance on oil is failing. Diversification priorities to alternative sectors such as agriculture, solid minerals, manufacturing, and services sectors, should be further intensified.

Citations 

Onwudiwe, Ebere. "Nigeria." World Book Student, World Book, 2020,

www.worldbookonline.com/student/article?id=ar391300. Accessed 4 Nov. 2020.

The Implication of COVID-19 on the Nigerian Economy." allAfrica.com, 8 Apr. 2020. Gale OneFile: High School Edition, https://link.gale.com/apps/doc/A619841165/STOM?u=tel_s_tsla&sid=STOM&xid=c6c162b4. Accessed 4 Nov. 2020.


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