Economy

Nigeria is classified as a mixed economy emerging market, and has already reached middle income status according to the World Bank. But the relatively high GDP with an average of about 1450 US dollars per capita is unequally distributed. Another serious problem is the corruption, also the economy is not very diversified and highly dependent on the crude oil export.

Previously, economic development had been hindered by years of military rule, corruption, and mismanagement. The restoration of democracy and subsequent economic reforms have successfully put Nigeria back on track towards achieving its full economic potential. With the aim of an abundant supply of natural resources, well-developed financial centers, independent justice, communications, transport infrastructure is Nigeria meanwhile the largest economy in Africa and has overtaken South Africa.

In the subsaharan region, Nigeria is the largest trading partner of the United States and exports a fifth of its oil into the U.S. market. Furthermore Nigeria counts to the 14th largest exporters of goods to the U.S. The United States is the country’s largest foreign investor. According to Citigroup, Nigeria will get the highest average GDP growth in the world between 2010–2050. Nigeria is one of two countries from Africa among 11 Global Growth Generators countries.

Among the flourishing areas include the metropolis of Lagos and recently also the capital Abuja. More economic centers are the port city of Port Harcourt and Kano in the north. Since the south of the country is more developed, many people move from other areas for economic reasons in the southern regions of the country. A total of 29 industrial unions under the umbrella organization Nigeria Labour Congress (NLC) are merged. Furthermore, there are also unions executives and unions of freelancers.