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WEEK 8
TOPIC: THE NATURE OF THE NIGERIAN ECONOMY
Content
- General Overview of the Nigerian Economy and its
Economic potentials
- Nature and Structure of Industries in Nigeria: Contribution of
The primary sector, the secondary sector and the Tertiary sector
Sub-Topic 1: General Overview of the Nigeria Economy
What does the word ‘Economy’ mean?
The word economy refers to the mechanism through which labour, land, structures, vehicles, equipment and natural resources are organized to satisfy the desire of those who live in a society.
General Overview of the Nigerian Economy
Nigerian is a richly endowed nation in terms of her physical and human resources.
Nigeria’s physical Endowment
Land
Nigeria covers about 923,768 square kilometers. About 85% of the land area is suitable for agricultural production. 12.2% is covered by forest resources while 1.4% contains water bodies which are richly endowed for fishery. Only about 42.3% have been put into cultivation as at 2010.
Natural Resources
Nigeria is also richly endowed with crude oil deposits. The crude oil reserve as at 2008 was 36.2 billion barrels, while crude oil production was 2.4 million barrel per day.
Human Resource
Nigeria is THE MOST POPULOUS COUNTRY IN AFRICA AND THE SEVENTH LARGEST IN THE WORLD. Her current total population is put at over 150million. The breakdown is shown in the table below.
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