ECONOMY OF NIGERIA

Economy of Nigeria

Gross domestic product (GDP in U.S.$) $58 billion (2003)
GDP per capita (U.S.$) $430 (2003)
Monetary unit 1 naira (N), consisting of 100 kobo
Number of workers 54,461,574 (2003)
Unemployment rate 3.2 percent (1997)
Nigeria’s economy, traditionally based on agriculture and trade,
changed profoundly under colonial rule, beginning in the late 19th century.
The need to pay taxes to the colonial government forced Nigerian farmers
to replace food-producing crops with cash-producing crops, which the
government bought at low prices and resold at a profit. In the 1960s and
1970s the petroleum industry developed, prompting greatly increased
export earnings and allowing massive investments in industry,
agriculture, infrastructure, and social services. Many of these large investments,
often joint ventures with private corporations, failed.