SS1 Second Term Economics Lesson Note – The Nature of The Nigerian Economy

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WEEK 8

TOPIC: THE NATURE OF THE NIGERIAN ECONOMY

Content

1. General Overview of the Nigerian Economy and its

Economic potentials

2. 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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