The Growth Rate Of Nigeria

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GDP Growth Rate The growth rate of Nigeria remained low in the late 90’s through the early 2000’s. In 2003, it climbed to over Ten percent and in 2004 soared to almost Thirty-Four percent. Since that time, it has relatively stabilized and currently stands at 4.18% with an annual growth rate of 6.54%. One of the fastest growing segments is Information and Communication, which account for about 10 percent of the total output. The country’s inflation rate has declined recently after a period of increases and currently stands at 8.3 % (TRADING ECONOMICS, 2014). Per Capita Income Data from the World Bank database indicates GNI per capita for 2013 was 2,710, (current US$). Per Capita income has more than doubled in the last five years…show more content…
Petroleum production began in the late 1950’s, and by the early 1970’s it was by far the leading export. The massive revenues from oil have led to widespread corruption that continues today. Up to a fifth of the country’s oil output, an estimated 400,000 barrels a day, is embezzled from illegally tapped pipelines. Money has also disappeared; Nigeria’s central bank claimed that some $20-billion in oil revenues had simply vanished. The economy of Nigeria is historically founded on agriculture, with approximately 70% of the workforce still engaged in farming. The primary crops are cocoa, peanuts, palm oil, corn, rice, sorghum, millet, yams, soybeans, cassava. Key commercial industries in Nigeria include coal, tin, textiles, footwear, fertilizer, printing, ceramics, steel, and rubber. In addition, livestock farms such as, cattle, sheep, goats, and pigs remain extensive. In recent years, the telecommunication and film industry have grown to become a major part of Nigeria’s economy (FinIntell, 2014). Major Corporations The largest corporation in Nigeria is The Dangote Group. It is a large conglomerate, with its products including, cement - manufacturing / importing, sugar - manufacturing & refining, salt refining, flour & semolina – milling, pasta, poly products, real estate, and logistics, in the form of port management and shipping. The Nigerian National Petroleum Corporation (NNPC) is the state oil corporation, established on April 1,
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