Nigeria has a population of over 185 million people and its economy relies heavily on agriculture, petroleum, and natural resources. Agriculture employs around 70% of the labor force but contributes only around 30% to GDP. Petroleum contributes over 10% to GDP through oil production and exports, but the economy has suffered from fluctuations in global oil prices. Nigeria's currency is the Naira and its financial position and GDP have grown in recent decades but it still faces challenges of poverty, unemployment, and economic diversification.

1. Inside
Africa
Musa Creation
Inside Africa
Economy of Nigeria

2. Musa
Hamza Ali (Group Leader)
Tasawar Hussian
Eraj Masood
Nouman Jhangir
Abdul Basit (CR).
Contents
Introduction to Nigeria
History
Agriculture Sector of Nigeria.
Industrial Sector of Nigeria.
Petroleum Sector of Nigeria.
Currency & Finacial position of Nigeria.
Govt. of Nigeria.

3. Fedral Republic of Nigeria
Introduction to Nigeria
Nigeria is situated on the western part of the Africa. It is also the
populous country of Africa.
 Geography:
 the country is bordered to the west by
the Gulf of Guinea.
 It shares borders with Benin, Niger,
Cameroon and Chad.
 Its Federal capital is Abuja.

4.  Religion:
Nigeria is the Muslim state and Islam its official Religion with their
leadership. But it also contains large no of Christians in it.
 Languages:
English is the official language of Nigeria but it is spoken by small
minority in urban areas. Estimated 75% population lives in rural areas
these are the following languages are follow in Africa like Yoruba, Igbo,
Edo, Ibibio, eifk and Annong.
Mostly Nigerian people use Hausa & Igbo.
 Culture:
Nigerian women wear long flowing robes & head scarves and they
nearly cover their face.
In southern region most women put their best traditional cloths &
headdresses.
Nigerian men & women use asa-
oke for their cloths & use hand
woven strips & colorful cloths.
Mostly languages related to
French which are used in Nigeria.

5. Early History of Nigeria
Nigeria had deeply historical value in politics, power, war, culture and
etc. like the others African countries.
Nigeria also was under rule of British Empire.
Before republic state the Nigeria ruled by different kingdoms like Hussa
Empire and Yoruba Empire they were powerful kingdoms over Africa.
Nigeria got independence in 1 Oct. 1960
It is republic state democratic law but Nigeria also
bared some military revolt like Pakistan (Martial
law)
References:
www.britannia.com (Historyof Nigeria)
Wikipedia (History)
www.Abcnews.go.com (whatyou need to know about
Nigeria) Article
www.our-Africa.org (Nigeria peopleculture)
www.Studycountry.com
www.worldatlas.com and www.encyclopedia.com .

6. Agriculture sector of Nigeria.
WHAT IS THE IMPORTANCE OF AGRICULTURE SECTOR IN ECONOMIC
DEVELOPMENT OF Nigeria?
Introduction:
In terms of employment, agriculture is by far the most important
sector of Nigeria's economy, engaging about 70% of the labor force.
Agricultural holdings are generally small and scattered; farming is often
of the subsistence variety, characterized by simple tools and shifting
cultivation. These small farms produce about 80% of the total food.
About 30.7 million hectares (76 million acres), or 33% of Nigeria's land
area, are under cultivation. Agriculture contributed 32% to GDP in
2001.
Agricultural exports (including manufactured food and agricultural
products) decreased in quantity after 1970, partly because of the
discouraging effect of low world prices. In 1979, the importing of many
foods was banned, including fresh milk, vegetables, roots and tubers,

7. fruits, and poultry. The exporting of milk, sugar, flour, and hides and
skins was also banned.
Latest Information:
Over the past 35 years, the Nigerian economy expanded by more than
3x. The agricultural sector has contributed the most (about 27%) to this
expansion relative to Oil & Gas (1.4%), Financials (3.3%), Manufacturing
(9.0%) and Trade (18.8%).
Interestingly, the last time the sector contributed negatively to GDP
was way back in 1987! In 2016, Nigeria fell into a recession that lasted
for five quarters. By the end of the year, GDP had contracted by 1.6%
y/y. The agricultural sector, however, sustained a positive momentum.
Ex- Agric, GDP would have contracted by 2.5% in 2016 and would still
be in a recession
Petroleum sector of Nigeria.

8. Nigeria is consisting of largest petroleum sector over Africa
It contributes about 14% in economy of country.
The revenue & foreign exchange still heavily relies on this sector. It
faces crisis related the natural the natural resources prices international
market which are crude oil & natural gas.
Production of raw materials:
according to the NBS oil production
averaged 1.63 million barrel per day.
Whereas 0.0million barrel from 1.69
million mbpd recorded in 2nd
quarter
2016 oil production another hand 0.54
mbpd where recorded in 2015.

9. foreign Exchange:
the main problem is of low oil prices & low output which forced down
the foreign exchange earnings and reduced & discourage country’s
revenue.
According to NNPC the crude oil & gas export the revenue generated
23.8855 Million to 44.125 million during 2015-2016.
Conclusion:
Oil sector contributed 8.26% of total real GDP 2016 & 10.27% recoded
during 2015.
Reference
Wikipedia (Petroleum sector of Nigeria)
www.vanguardngr.com
Currency and financial position of Nigeria
 Economic history of Nigeria
This is a chart of trend of gross domestic product of Nigeria at market
prices estimated by the International Monetary Fund with figures in
USD billions. Figures before 2000 are backwards projections from the
2000–2012 numbers, based on historical growth rates, and should be
replaced when data becomes available. The figure for 2014 is derived
from a rebasing of economic activity earlier in the year.
The US dollar exchange rate is an estimated average of the official rate
throughout a year, and does not reflect the parallel market rate at
which the general population accesses foreign exchange. This rate
ranged from a high of 520 in March 2017 to a low of 350 in August
2017, due to a scarcity of forex (oil earnings had dropped by half), and
to speculative activity as alleged by the Central Bank. All the while the
official rate was pegged at 360.

10. This is a chart of trend of the global ranking of the Nigerian economy, in
comparison with other countries of the world, derived from the
historical List of countries by GDP (PPP).
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2017
Ranking 52 47 38 37 34 31 31 30 23 20 21
22 23
This chart shows the variance in the parallel exchange rate at which the
Dollar can be obtained with Naira in Lagos, with "Best" being cheaper
for a Nigerian (i.e. stronger Naira).
Year 2015 2016 2017
Best 195 345 350
Worst 237 490 520
 Foreign economic relations
Nigeria's foreign economic relations revolve around its role in supplying
the world economy with oil and natural gas, even as the country seeks
to diversify its exports, harmonize tariffs in line with a potential
customs union sought by the Economic Community of West African
States (ECOWAS), and encourage inflows of foreign portfolio and direct
investment. In October 2005, Nigeria implemented the ECOWAS
common external tariff, which reduced the number of tariff bands.
Prior to this revision, tariffs constituted Nigeria's second largest source
of revenue after oil exports. In 2005 Nigeria achieved a major
breakthrough when it reached an agreement with the Paris Club to
eliminate its bilateral debt through a combination of write-downs and
buybacks. Nigeria joined the Organization of the Petroleum Exporting
Countries in July 1971 and the World Trade Organization in January
1995
 Financial Position
Nigeria is the 49th largest export economy in the world and the 107th
most complex economy according to the Economic Complexity Index

11. (ECI). In 2015, Nigeria exported $47.8B and imported $39.5B, resulting
in a positive trade balance of $8.26B. In 2015 the GDP of Nigeria was
$481B and its GDP per capita was $6k.
The top exports of Nigeria are Crude Petroleum ($36.9B), Petroleum
Gas ($7.39B), Refined Petroleum ($603M), Cocoa Beans ($504M) and
Rough Wood ($333M), using the 1992 revision of the HS (Harmonized
System) classification. Its top imports are Refined Petroleum ($6B),
Wheat ($1.09B), Packaged Medicaments ($954M), Cars ($809M) and
Telephones ($745M).
The top export destinations of Nigeria are India ($9.1B), Spain ($4.63B),
South Africa ($4.58B), Brazil ($4.14B) and the Netherlands ($3.37B). The
top import origins are China ($13.6B), the United States ($3.24B), the
Netherlands ($3.22B), India ($2.28B) and Belgium-Luxembourg
Nigeria borders Benin, Cameroon, Niger and Chad by land and Ghana,
Equatorial Guinea and Sao Tome and Principe by sea.
 Exports
In 2015 Nigeria exported $47.8B, making it the 49th largest exporter in
the world. During the last five years the exports of Nigeria have
decreased at an annualized rate of -11.9%, from $88.9B in 2010 to
$47.8B in 2015. The most recent exports are led by Crude Petroleum
which represent 77.2% of the total exports of Nigeria, followed by
Petroleum Gas, which account for export or import products or services
from Nigeria. There are 10 companies exporting and importing from
Nigeria including Manduna Commodities Group, Great Commodity
Group Ltd, and PRAMUKH ENTERPRISE. These companies export 16
products including Bovine cuts boneless, fresh or chilled, refined sugar,
in solid form, pure sucrose, and Swine meat, salted/dried/smoked not
ham/shoulder/bell
 imports
In 2015 Nigeria imported $39.5B, making it the 53rd largest importer in
the world. During the last five years the imports of Nigeria have
decreased at an annualized rate of -4.5%, from $49.2B in 2010 to
$39.5B in 2015. The most recent imports are led by Refined Petroleum

12. which represent 15.2% of the total imports of Nigeria, followed by
Wheat, which account for 2.76% They import 2 products including
Wood charcoal (including shell or nut charcoal) and Petroleum oils, oils
from bituminous minerals, crude. r 15.5%.
The world bank loan:
The World Bank has approved a $200 million loan to Nigeria to support
the government’s effort to boost agriculture.
The loan from the International Development Association, World
Bank’s low-interest arm, has a maturity of 25 years with a grace period
of Five year
The loan, PREMIUM TIMES learnt, is to support small and mid-scale
farmers.
The bank, in a statement on Friday, said about 60,000 individuals will
benefit directly from the funding, of which 35 percent are women.
Similarly, about 300,000 farming households will be affected indirectly.
Nigeria slipped into its first recession in 25 years in 2016, brought on by
low prices of crude oil. It has been trying to diversify away from
hydrocarbons, build infrastructure and boost agriculture.
But the World Bank, in its statement, said, “Priority value chains … will
include products with potential for immediate improvement of food
security, products with a potential for export and foreign currency
earnings.”
The funds will help tackle low yields, lack of seed capital to set up agro-
factories, low-level adoption of technology and limited access to
markets, the bank said.
Records show that Nigeria, Africa’s largest economy, spends $20 billion
a year importing food.
Industrial sector of Nigeria

13. Industries contribution less than 5% of GDP in 1999s but experienced
4.9% growth in 2000s
Due to high cost of production that result from inadequate
infrastructure. Nigeria is presently 10th
largest ranking in Industrial
sector.
Textile Industry
It is widely contributing industry in
the path of Nigerian economy it is
early stage of development. 60% to
70% all raw material used in textile
production from local source.
Steel Industry

14. The setup of steel mill & production begun in 1982 by foreign support.
Nigeria is consisting of three heavy steel industries in Oshogbo, Kistna &
Jos
Other industries are actively working in Nigeria including cigarette
factories, breweries, sugar refining, rubber, paper, detergent, furniture
& etc.
References:
www.nationsencyclopedia.com .
Govt. of Nigeria
 Tax policy
o Guiding Principles of Taxation
Flexibility: taxation should be flexible & dynamics to respond to
changing circumstances in economy.
Equity & Fairness: Nigeria tax system should be fair & equitable
devoid of discrimination tax payers should be required to pay
accordingly their ability.
Low cost of Administration: tax administration in Nigeria should be
efficient & cost effective line with international best practice.
Low Compliance cost: financial & economics cost of compliance to
the taxpayer should be kept to the barest minimum.

15. o Challenges
Lack of clarity on taxation powers of each level of Govt. &
encroachment on the power of one level of govt.by another
Insufficient information available to tax payer.
Poor accountability.
Lack of strict guideline policy & tax authority.
o Tax rates:
The cooperate tax rate in Nigeria stand at 30% 2006-2016
Personal income tax rate 24% from 2011-2016.
Unemployment
Nigerians National bureau of Statistic (NBS)the unemployment rate is at
Currently 13.9% to 14.2% at last quarter at 2016 and youth
Unemployment rate is 42% in 2016.
About 10 million of children are absent from schools which encourage
the illiteracy rate.
Poverty Rate
Nigerians living poverty rises to nearly 61% presently.
Almost 100 million about Nigerian population effected with poverty.
Another report said 80 million or 64% of Nigerian population is below
from poverty line.
The Nigerian mostly rural areas are under high threat of hunger.
Population
The overall both gender and all ages Nigerians are about 185,989,640
rise 65% from previous year 2016 & 233,691,888 is expected in
2025.Nigeria is 7th
ranking country of world with his population.
Conclusion and Overall GDP 2016
The overall GDP of Nigeria is 405.1 billion of USD 2016 & 2655.16 USD
2015 per capita

16. Things to be focus
 Stable the political Matter because it widely effects the system
and encourage military against terrorism and revolt. Because it is
hugely effecting the business.
 Nigeria is rich with its Culture & natural Resources. If Govt. control
the check balance system and Discourage illegal trading of
Resources.
 Illegal Migration Hugely effect the population.
 Focus on education can discourage the crime rate.
 Focus effective relation towards other African countries to
promote trade.
 Currency should be follow the dollar or euro to economic stability.
By following these tips Nigerian may improve its status from
under develop to develop.
References:
www.PWCnigeria.tyoepad PDF (Nationaltax policy Report of Nigeria).
www.worldmeter.com (Nigerian population)
www.BBC.com (World AfricaReport)
www.tradingecnomics.com (Taxation rates of Nigeria)
www.QZ.com (Unemploymentrates of Nigeria).
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