Economic of Nigeria

The economy of Nigeria is a middle income, mixed economy emerge market with well-developed financial, legal, communications, transport, and entertainment heavenss. It is ranked 31st in the populace in terms of GDP (PPP) as of 2009, and its emergent, though before long underperforming manufacturing sector is the second-largest on the continent, producing a large proportion of goods and function for the West African region. Previously hindered by years of mismanagement, scotch reforms of the past decade have put Nigeria back on track towards achieving its full economic potential. Nigerian GDP at purchasing power parity more than doubled from $170.7 zillion in 2005 to $374.3 billion in 2010, although estimates of the size of the informal sector (which is not included in official figures) put the substantial numbers closer to $520 billion. Correspondingly, the GDP per capita doubled from $1200 per person in 2005 to an estimated $2,500 per person in 2009 (again, with the inclusion of the informal sector, it is estimated that GDP per capita hovers slightly $3,500 per person). It is the largest economy in the West Africa Region, 3rd largest economy in Africa (behind South Africa and Egypt), and on track to becoming one of the lapse 30 economies in the world in the early pick of 2011.

Although much has been made of its status as a major(ip) exporter of oil colour, Nigeria build ups only about 3.3% of the worlds supply, and though it is ranked as 15th in production at 2.2 million pose per day (mbpd), the top 3 producers Saudi Arabia, Russia, and the United States produce 10.7mbpd (16.8%), 9.8mbpd (15.4%), and 8.5mbpd (13.4%) respectively, collectively accounting for 63.6mpd (45.4%) of the worlds total production. [2] To put oil revenues in perspective: at an estimated export rate of 1.9mbd, with a projected sales price of $65 per barrel in 2011, Nigerias anticipated revenue from petroleum is about $52.2 billion. This accounts for less than 14% of official GDP figures (and drops to 10%... If you want to get a full essay, order it on our website: Ordercustompaper.com

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