Nigeria

Guide MAp

African Country Genialy Project

Nigera

Economic Activities

Type of Economy

HDI Ranking

Development

Work Cited

By: Noah Hinlo

Nigeria

Economic Activities

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Nigeria

Type of Economy

Mixed/Free Market

Traditional

Command

Nigeria has a Mixed economy. Majority of it is controlled by the people but their is a small portion that the Government controls.

No, Nigeria does not have a Command economy.

No, Nigeria does not have a traditional economy.

Important HDI Values

Nigeria

HDI Statistics:

• GDP per capita: $2,229.86 (2023 estimate).
• Literacy rate: 62% (as of recent data).
• Life expectancy: 61 years (2023 estimate).
• Infant mortality rate: 69.8 deaths per 1,000 live births.
• HDI score: 0.535 (2023 estimate), ranked 163rd in the world.

Solution

Nigeria

Levels of development - Nigeria is a Newly Industrialized Country (NIC).

1. Industrial Growth: The country is transitioning from an agriculture based economy to one with industrial and service sectors.
2. Diverse Economy: Efforts to reduce reliance on oil exports by promoting manufacturing and technology indicate industrial progress.
3. Development Challenges: Despite industrialization, Nigeria still faces issues like poverty, limited infrastructure, and inequality, preventing it from being classified as "mostly developed."

Work Cited

Genialy Africa Project

Secondary Economic Activities

• Manufactoring: Nigeria has a growing manufacturing sector, producing goods such as textiles, cement, processed foods, beverages, and steel.
• Construction: The rise of urbanization has le to a boom in the construction industry.

Tertiary Economic Activities

• Service Industries: The service industry is expanding in Nigeria. Nigeria is a hub for financial services in West Africa. Loas is the key economic part.
• Tourism: Tourism is developing, with attractions such as national parks, cultural heritage sites, and beaches.

Primary Economic Activites

• Fishing: Nigeria's agriculture is a major contributor to its economy, employing a large portions of the population. Key crops include cassava, yams, cocoa, and rice.
• Mining: Nigeria is rich with mineral resources such as oil and natural gas. Oil accounts for 90% of Nigera's exports.
• Fishing: Fishing supports many livehoods in rural areas in Nigeria. Nigeria has one of the largest aquaitic industries in Africa.

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Quaternary Economic Activities

• Research & Development: Universities and research institutes work on advancing agriculture, medicine, and technology. The International Institute of Tropical Agriculture (IITA) focuses on agricultural research.

• Business Leadership: Nigerian entrepreneurs and business leaders play significant roles in sectors like technology (e.g., fintech) and entertainment.

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