Nigeria is the biggest economy in Africa and is 21st biggest economy in the world is ranked as the 21st largest economy in the world in terms of nominal GDP, and the 20th largest in terms of Purchasing Power Parity. The Nigerian econmy was ranked 2nd in Africa unti it ws re-based in April 2014 to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry. The last time the Nigerian economy was rebased was 24 years previously in 1990. Nigeria’s GDP for 2013 stood at 80.3 trillion naira (�307.6bn: $509.9bn) 80.3 trillion Naira (�307.6bn: $509.9bn) compared with South Africa’s GDP of $370.3bn at the end of 2013. This figure excludes the informal sector, which if included would have brough the total to an estimated $650Billion
Nigeria is essentially a Nigeria is a middle income, mixed economy and emerging market, with expanding financial, services, manufacturing, communications, technology and entertainment sectors. With recent government reforms, including a national automotive policy, major automobile makers are starting to set up assemply plants in Nigeria to service the domestic market and the West / Central African region.
Nigeria is the biggest African crude oil producer with a daily production ranging between 2.1 – 24 Million barrels per day. With crude oil funding about 65% of its annual budget, Nigeria has been adversely impacted by the slump in crude oil prices in June 2014, leading to about 50% loss of revenue. Oil revenues form less than 20% of Nigeria’s GDP.