NIGERIA: Africa’s Richest Economy. The Economy Of Nigeria Explained.

The economy Of Nigeria Explained.

When Nigeria became independent in 19 60, the world had its eyes on the most populous black nation, and for the right reasons. At that time, Nigeria boasted excellence in intellectual and educational pursuits, business, international diplomacy, as well as military and political leadership.
When Congo was in tumult, the U.N peacekeeping forces relied on Nigeria for leadership and military support. This occurred when other countries needed help too; they turned to Nigeria.
Nigeria spearheaded the anti-apartheid struggle in Southern African countries such as South Africa, Zambia, and Zimbabwe. The West African nation also supported and funded liberation movements in Namibia, Angola, and Mozambique, amongst others.
The African Union and the Economic Community of West African States regarded Nigeria as their lifeline, and to a great extent, they still do. The Nigerian economy grew from 20 17 through 20 19, turned negative in 20 20, and rebounded in 20 21 and 20 22.

Nigeria is a developing country in Africa and it is mostly referred to as the “ Giant of Africa”.It has a market economy and has Africa’s largest nominal Gross domestic product and net wealth. It has the first largest purchasing power parity in Africa followed by Egypt, South Africa, and Algeria. It had the world's twenty-seventh nominal purchasing power capita Gross domestic product and the twenty-fourth highest per capita Gross domestic product in 20 22. Nigeria is the third most technologically powerful and innovative economy in Africa. Its firms are at or near the forefront of technological advances, especially in artificial intelligence, computers, pharmaceuticals, and medicine. The Nigerian Naira is the currency used and it is the foremost reserve currency of Nigeria, backed by its economy, military and large Naira treasuries. Nigeria’s largest trading partners are India, Spain, Netherlands, South Africa, China, France, Portugal, Cameroon, and Italy. Nigeria is Africa’s fifth-largest importer and the second-largest exporter. It has free trade agreements with several countries, including Australia, Morocco, Colombia, Israel, and several others that are in effect or under negotiation.
So let’s dive right into the richest economy in Africa; Nigeria. Stay tuned cause this is going to be fascinating. We will look at various sectors of the Nigerian economy.

The Dangote Refinery 2022: https://www.youtube.com/watch?v=qSaCGHn8Lp0

Why Is Nigeria So Rich: https://www.youtube.com/watch?v=irHcy8gyv9w

Richest Man In every African Country: https://www.youtube.com/watch?v=aoyBglJb_rU

How Morocco Secretly Rules The World: https://www.youtube.com/watch?v=BX6HuiQb49A
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