Good evening everyone!
My name is Lauren and I am one of the Management Assistants who is travelling. I will tell you something more about the economy we experienced in Nigeria.
During the last week, we told you about the geography, buildings and culture so I hope you are excited to hear about the economy too.
I and my colleagues were exited to go to Nigeria because we never went there. Before we left for this trip, we got some Nigerian naira because this is the currency of Nigeria. The Nigerian economy is one of the most developed economies in the continent. The country is a middle-income nation and it has the second largest stock exchange of Africa. The overall score of Nigeria is below the world average when you compare the country to the world. The world rank of Nigeria is 120 in the Index of 2013 and the regional rank is 21 out of 46 countries in the region.
My name is Lauren and I am one of the Management Assistants who is travelling. I will tell you something more about the economy we experienced in Nigeria.
During the last week, we told you about the geography, buildings and culture so I hope you are excited to hear about the economy too.
I and my colleagues were exited to go to Nigeria because we never went there. Before we left for this trip, we got some Nigerian naira because this is the currency of Nigeria. The Nigerian economy is one of the most developed economies in the continent. The country is a middle-income nation and it has the second largest stock exchange of Africa. The overall score of Nigeria is below the world average when you compare the country to the world. The world rank of Nigeria is 120 in the Index of 2013 and the regional rank is 21 out of 46 countries in the region.
It is interesting to know that Nigeria shares international borders with Benin, Chad, Cameroon and Niger. Nigeria has a total population in excess of 154 million, of which almost 70% live below the international poverty line. The country consists of southern lowlands and plateaus in the central region. There is a huge difference between these terrains because the south east region is richer than the north.
The economy of Nigeria knows some downsides, though. First of all, Nigeria has to deal with challenges. The widespread poverty in the country is their biggest challenge; 21% of the people are unemployed and 18% are in the red. Firstly, Nigeria has a lack of industrial resources. Secondly, the economy is dependent on the petroleum sector. The country is the twelfth largest producer of petroleum products in the world. This is the only sector which is developed because the agriculture sector, for example, has a very basic infrastructure. The petroleum sector is a popular sector so the economy of Nigeria consequently increased of the last seven years. Lastly, the rise in the minimum wage undersold the labour productivity.
Thank you all for following. I will hear you all very soon to tell you something more about Algeria.
Lauren
Sources:
http://www.economywatch.com/world_economy/nigeria/ http://www.heritage.org/index/pdf/2013/countries/nigeria.pdf
http://flagpedia.net/currency/others/nigerian-naira
Three relevant real-life examples:
http://www.ventures-africa.com/2013/03/nigerian-economy-to-experience-over-7-recovery-in-2013-imf/
http://www.motherlandnigeria.com/economics.html
http://joblistnigeria.com/
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