Natural Resources of Nigeria

Rising Africa:

Rising Nigeria

In 2014 Nigeria’s economy (GDP) became the largest in Africa, worth more than $500 billion, and overtook South Africa to become the world's 26th-largest economy.

Furthermore, the debt-to-GDP ratio is only 11 percent (8 percent below the 2012 ratio).

The country's oil reserves have played a major role in its growing wealth and influence.

Source: http://en.wikipedia.org/wiki/Nigeria

Future of Nigeria

By 2050, Nigeria is expected to become one of the world's top 20 economies.

Nigeria is considered to be an Emerging market by the World Bank.

It is also a member of the MINT group of countries, which are widely seen as the globe's next "BRIC-like" economies.

It is also listed among the "Next Eleven" economies set to become among the biggest in the world.

Source: http://en.wikipedia.org/wiki/Nigeria

Discussed below are the natural resources in detail.

12th largest petroleum producer in the world

Nigeria is the 12th largest producer of petroleum in the world and the 8th largest exporter, and has the 10th largest proven reserves.

Petroleum plays a large role in the Nigerian economy, accounting for 40% of GDP and 80% of Government earnings.

Source: http://en.wikipedia.org/wiki/Nigeria

Underexploited mineral resources

Nigeria also has a wide array of underexploited mineral resources which include natural gas, coal, bauxite, tantalite, gold, tin, iron ore, limestone, niobium, lead and zinc.

Despite huge deposits of these natural resources, the mining industry in Nigeria is still in its infancy.

Source: http://en.wikipedia.org/wiki/Nigeria

Agricultural sector

Agriculture used to be the principal foreign exchange earner of Nigeria.

At one time, Nigeria was the world's largest exporter of groundnuts, cocoa, and palm oil and a significant producer of coconuts, citrus fruits, maize, pearl millet, cassava, yams and sugar cane.

About 60% of Nigerians work in the agricultural sector, and Nigeria has vast areas of underutilised arable land.

Source: http://en.wikipedia.org/wiki/Nigeria

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