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This lesson explores Nigeria's economic development in detail, focusing on the role of oil, the growth of industry and services, the impact of transnational corporations (TNCs), and the strategies Nigeria is using to drive economic growth. You need to understand both the opportunities and the challenges.
Nigeria has experienced significant economic growth since 2000, driven by a combination of oil revenues, a growing services sector, and foreign investment.
| Indicator | 2000 | 2024 (approx.) |
|---|---|---|
| GDP (total) | $46 billion | $470+ billion |
| GNI per capita | $680 | $2,160 |
| Oil production | ~2 million barrels/day | ~1.5 million barrels/day |
| Mobile phone subscriptions | ~0.5 million | ~200 million |
| Internet users | ~200,000 | ~110 million |
Oil is the dominant force in Nigeria's economy. It was first discovered in the Niger Delta in the 1950s, and commercial production began in 1958.
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