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| comment | | "parent_author":"",<br>"parent_permlink":"nigeria",<br>"author":"desmondv",<br>"permlink":"nigeria-economic-structure",<br>"title":"NIGERIA ECONOMIC STRUCTURE",<br>"body":"NIGERIA'S ECONOMIC STRUCTURE\n\nNigeria\u2019s economic structure is mainly based on oil. The economy has been unstable for years due to poor economic system,<br> corruption,<br> political unrest and poor fiscal policies. However,<br> since the introduction of democracy and the restoration of economic reforms,<br> the country is growing at a fast geometrical ratio. According to the International Monetary Fund (IMF) projections,<br> Nigeria is the second fastest growing economy in the world and will outperform other African economies in the near future.\u00a0\n\n\nNIGERIA ECONOMIC STRUCTURE: GDP COMPOSITION\n\nAgriculture was essential to Nigeria\u2019s economic structure till the early 1990s. It was one of the large sources of foreign currency. However,<br> over the years,<br> the agricultural sector has become a no go area for the Nigerian economy. According to the 2009 estimates,<br> the agricultural sector provides job opportunties to more than 70% of the working population but contributes only 33.4% of the total national production. The nation has not been able to satisfy internal demand and has to import a huge amount of food products.\n\nThe Nigerian industrial sector primarily based on oil extraction and refining. It employs approximately 10% of the labor force and accounts for 34% of the GDP. The service sector is also gradually paving way in the country. Almost 20% of the population is employed in service sector jobs. This sector contributes 32.5% of the total GDP.\n\nNigeria Economic Structure: Business Climate\n\n\u00a0\n\nNigeria\u2019s economic structure has been suffering from a lack of infrastructure and poor regulation that is related to foreign and private investments. To encourage foreign direct investment in the industrial sector [oil and natural gas sector ,<br> the country has come terms and aligned trade tariffs with the Economic Community of West African States (ECOWAS) standards. Looking to 2005,<br> trade tariffs were the second largest source of creating revenue for the country.\n\n\u00a0\n\nIn the non-oil economy,<br> there are several untouched segments,<br> such as the communication and service sectors. However,<br> to enjoy long term benefits,<br> foreign investors shoulld educate themselves about the local culture,<br> traditions and trade laws.\u00a0\n![flag-nigeria.jpg (https:\/\/steemitimages.com\/DQmTv9mp2vq4xga5oBwFb5NkCDN5bbagfjswTXW1bf1j6iC\/flag-nigeria.jpg)",<br>"json_metadata":" \"tags\":[\"nigeria\",<br>\"stach\",<br>\"world\",<br>\"africa\",<br>\"resteem\" ,<br>\"image\":[\"https:\/\/steemitimages.com\/DQmTv9mp2vq4xga5oBwFb5NkCDN5bbagfjswTXW1bf1j6iC\/flag-nigeria.jpg\" ,<br>\"app\":\"steemit\/0.1\",<br>\"format\":\"markdown\" " |
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