Table of Contents
What does Nigeria have absolute advantage in?
From the table, Nigeria has an absolute advantage in Crude Oil production because, given the same labour resources, more crude oil is produced in Nigeria. Ghana has an absolute advantage in cocoa production because, given the same resources, more cocoa can be produced in Ghana than Nigeria.
What are the factors that have contributed to Nigeria’s economic growth?
Results indicate that the main determinants of economic growth in Nigeria are population growth, inflation, foreign direct investment (FDI), interest rates, exports as well as private & public investment.
How can Nigeria benefit from international trade?
Nigeria has small-scale industries which are insufficient for producing export goods as these industries also can not meet with the local needs. Export trade facilitates economic expansion, promotes international cooperation, improves the balance of payments and boosts foreign currency earnings.
What does Nigeria gain from exportation?
Searchable List of Nigeria’s Most Valuable Export Products
| Rank | Nigeria’s Export Product | 2020 Value (US$) |
|---|---|---|
| 1 | Crude oil | $25,263,082,000 |
| 2 | Petroleum gases | $4,317,581,000 |
| 3 | Breaker vessels | $1,261,256,000 |
| 4 | Light vessels, fire boats, floating docks | $754,507,000 |
How is Nigeria’s economy?
The economy of Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 27th-largest economy in the world in terms of nominal GDP, and the 24th-largest in terms of purchasing power parity.
What are some interesting facts about Nigeria?
Nigeria holds the record as the first black country in Africa and in the world where cars are manufactured locally. Nigeria is the first black country to launch a space satellite. Nigeria has the fastest growing construction industry in the world.
Why is Nigeria called the giant of Africa?
Many have referred to Nigeria as the giant of Africa because of its population size of about 200 million. Nigeria is the most populous country in Africa. It is also the most populous black country in the world and it also sits at seventh position on the rankings of the most populous countries in the world.
Why is Nigeria the most populous country in Africa?
Nigeria is the most populous country in Africa. It is also the most populous black country in the world and it also sits at seventh position on the rankings of the most populous countries in the world. A large population is supposed to be a reservoir of labour, military strength/force/advantage as well as an actual and potential large market.
Is Nigeria an industrialised country?
Nigeria cannot be said to be an industrialised country because or major income comes as a result of our export of oil. Over the years, there have been calls for a diversification of the economy as well as an industrialisation of the country but this sadly, has not occurred.