1. Overview

Nigeria has the largest economy in Africa by nominal GDP, driven by a mix of petroleum production, agriculture, telecommunications, and services. Despite this scale, the country faces significant challenges including infrastructure deficits and income inequality.

2. Petroleum

Petroleum extracted from the Niger Delta, described in Geography: Rivers, has been the dominant source of government revenue and foreign exchange since the 1970s. Nigeria is a member of OPEC and one of the largest oil producers in Africa.

3. Agriculture

Before the oil boom, agriculture was the backbone of the Nigerian economy, and it remains a major employer. Common crops include cassava, yam, rice, cocoa, and palm oil, many of which also appear as staples in Culture: Cuisine.

4. Technology and Services

Nigeria has developed a growing technology sector, particularly in fintech, with Lagos serving as the primary hub. This sector has attracted significant venture investment in recent years and has become an important part of urban employment.

5. Economic Challenges

The economy has historically been vulnerable to fluctuations in global oil prices due to its heavy reliance on petroleum revenue. Diversification efforts continue across agriculture, manufacturing, and technology to reduce this dependence, alongside ongoing governance reforms tied to the political system outlined in Nigeria: Government.