Nigeria is the most important country politically and economically in West Africa. It is richer than all other West African nations and holds considerable power. Nigeria's most important export is oil, more than half of which is shipped to the United States.
Nigeria boasts of the largest economy in Africa. It is projected to rank among the world's top ten economies by 2050. Nigeria has an abundance of resources including oil and gas. The Country holds the largest natural gas reserves on the continent, and is Africa's largest oil and gas producer.
Nigeria plays an important role in United Nations peacekeeping. According to the United Nations “Since the 1960s, Nigeria has been a major contributor of troops and police to United Nations peace operations, having served in dozens of missions.
Nigeria is Africa's most populous country, largest economy, and top oil producer. It is the United States' second-largest trade partner and third-largest destination for U.S. foreign direct investment in Africa, and it routinely ranks among the top recipients of U.S. aid globally.
Our broader relationships are also strong – the UK is home to a large Nigerian diaspora, is one the largest source of remittances into Nigeria, and we share historical, cultural and sporting ties, with heavyweight champion Anthony Joshua celebrated as much here in Nigeria as he is in the UK.
The British targeted Nigeria because of its resources. The British wanted products like palm oil and palm kernel and export trade in tin, cotton, cocoa, groundnuts, palm oil and so on (Graham, 2009).
Many changes accompanied British rule: Western education, the English language, and Christianity spread during the period; new forms of money, transportation, and communication were developed; and the Nigerian economy became based on the export of cash crops.
Nigeria's economy is the largest in Africa, the 39th-largest in the world by nominal GDP, and 27th-largest by PPP. Nigeria is often referred to as the Giant of Africa owing to its large population and economy and is considered to be an emerging market by the World Bank.
English is Nigeria's official language, although many local languages such as Hausa, Yoruba, Igbo and Ijaw are also spoken. Apart from petroleum, Nigeria's other natural resources include natural gas, tin, iron ore, coal, limestone, niobium, lead, zinc and arable land.
Nigeria has since become an important source of oil and petroleum for China's rapidly growing economy and Nigeria is looking to China for help in achieving high economic growth; China has provided extensive economic, military, and political support.
The most recent exports are led by Crude Petroleum ($41.8B), Petroleum Gas ($8.52B), Special Purpose Ships ($1.25B), Cocoa Beans ($779M), and Refined Petroleum ($667M).
Ibrahim Abubakar Kana mni said that Britain tops the list on Nigeria's international friends, adding that Nigeria cherishes the relationship between the two countries.
The economy of Nigeria is a middle-income, mixed economy and emerging market with expanding manufacturing, financial, service, communications, technology, and entertainment sectors.
The name Nigeria was taken from the Niger River running through the country. This name was allegedly coined in the late 19th century by British journalist Flora Shaw, who later married Baron Frederick Lugard, a British colonial administrator.
Nigeria is the biggest economy on the continent; according to the World Bank, Nigeria's GDP is more than seven times the GDP of Ghana. In the same vein, you would expect foreign direct investment (FDI) to flow into Nigeria at that same pace, but that is not the case.
According to the World Bank, Nigeria had a GDP per capita of $2230 in 2019 and was ranked 139th, just ahead of Ghana at 140th, out of 189 countries. To put it in context, China was ranked 68th with $10,262 and the United States 8th with $65,281. So how can Nigeria become rich like China or even the United States?
It is Nigeria, a country in West Africa, which stands out as the most powerful economy on the continent. With a GDP estimated at $477 billion in 2022, Nigeria is at the top of the ranking of the richest African countries, ahead of Egypt and South Africa.
The country takes its name from the Niger River, which flows through the southwestern part of its territory. The name Niger derives in turn from the phrase gher n-gheren, meaning “river among rivers,” in the Tamashek language.
Nigeria is the most populous country in Africa with over 200 million people. The official language of Nigeria is English, but there are over 500 indigenous languages spoken in the country. Nigeria is the largest oil producer in Africa, and the 12th largest in the world.
As per the Global Peace Index, Mauritius tops the list as the safest African country. Its mix of stable government, low crime rate, and island beauty make it particularly appealing.
Following this, the Royal Niger Company sold its holdings to the British government for £865,000 (1.1 million dollars). That was the amount Britain paid to acquire the area that would later be known as Nigeria.
The expansion of French and British imperialism in the period 1890–1905 demarcated the line which would become the modern Niger – Nigeria border. During colonial rule, the French and English languages were implanted on each side of the border, along with cultural, educational and political traditions.
Nigeria continues to face many social and economic challenges that include insecurity such as banditry and kidnappings especially in the northwest region, continued insurgency by terrorist groups in the north-east, and separatist agitations in the south-east.
