Economic Survey Of Nigeria Case Study

Economic Survey Nigeria’s key economic matter would be its oil export. Even though it is the eighth major oil distributor it is still one of the poorest countries (Green and Luehrmann 177). Nigeria also has the largest natural gas reserves ("Nigeria Overview"). When oil prices started to decrease, Nigeria started to face trials to their exterior stability and public finances (“Nigeria Overview”). All but 10% of oil in Nigeria counts for their exports and around 75% of their merged financial incomes (“Nigeria Overview”). With having low oil prices, Nigeria will face financial difficultly and will not be able to engage in stating their new determined programs. In 2006 Nigeria’s GDP was around $145 billon and continued to go up by about $21 billion in 2007 and about $48 billion in 2008. In 2009 it dropped $39 billion, then it rose greatly in 2010 by $200 billion and has continued to rise. As of 2014 Nigeria’s GDP was at $568.5 billion (GDP current US$). The general trend for Nigeria’s GDP …show more content…
In order to have development you need growth in “capital stock, employment, investment, savings, consumption, government speeding, imports, and exports” (Economy & Growth). When one of these starts to grow the development will also start to rise. For Nigeria I am going to focus on their exports of goods and services. Nigeria’s export of goods consist of anything they send out to the world. This consist of “merchandise, freight, insurance, transport, travel, royalties, license fees, and other services, such as communication, construction, financial, information, business, personal, and government services” (Exports of Goods and Services). Starting with 2006 their export is at its highest. Every year since then their export numbers keep going down, there are two exceptions to this 2008 their exports number went up from what it was in 2007, and from 2011-2012 their export number stayed the same before dropping