Tag Archives: Nigeria

According to allcountrylist, Nigeria is a diversified economy with numerous economic sectors. The primary sector is the largest contributor to Nigeria’s GDP and includes agriculture, forestry, fishing, and mining. Agriculture is the most important sector of the Nigerian economy, contributing about 40% of the country’s GDP and providing employment for more than 60% of its labor force. Crop production is the major component of this sector, with major crops including yams, cassava, maize, rice, sorghum, millet, plantains and beans. Livestock production also plays an important role in this sector as livestock products are a major source of income in rural areas. The secondary sector accounts for about 20% of Nigeria’s GDP and includes manufacturing activities such as textiles and clothing production as well as food processing. Oil refining is also a major component of this sector due to Nigeria’s large oil reserves. The tertiary or service sector accounts for about 40% of Nigeria’s GDP and includes activities such as banking and financial services, transportation services such as shipping and air transport services; communication services such as telephone; health care; education; real estate; hospitality services; retail trade; tourism; IT services etc. This sector has experienced significant growth over the years due to increasing demand from both local consumers and foreign investors. Nigeria has a long and rich history of agriculture that dates back centuries. During the pre-colonial era, the people of Nigeria were able to sustainably cultivate crops such as millet, sorghum, and yams. These crops provided a significant source of food and nutrition for the population. In addition to this, they also kept livestock such as cows, goats, sheep, and chickens. This livestock provided an additional source of food and income for many Nigerians. The colonial period of Nigeria saw dramatic changes to the agricultural sector. New crops such as cotton and cocoa were introduced from Europe and other parts of Africa. This led to an increase in agricultural production in Nigeria which allowed for more trade with other nations. As a result, greater wealth was generated in the country which allowed for economic development throughout Nigeria. Additionally, during this period there was an influx of new technology which helped improve farming practices by increasing yields and efficiency. After independence in 1960, the Nigerian government implemented various policies aimed at improving agricultural production in the country. These included subsidies on fertilizer inputs and improved access to credit for farmers through government initiatives like Operation Feed the Nation (OFN). In addition, improved infrastructure such as roads connected rural areas with urban centers allowing more efficient distribution of produce throughout Nigeria. The establishment of research institutions like IITA (International Institute of Tropical Agriculture) also helped improve technology related to agriculture in Nigeria leading to better yields over time. See smber for Nigeria Agriculture and Fishing.