Nigeria is the most populous black nation in the world with estimated population of 180 million. Urban population is put at 49.6%. The demographic view of the country revealed a highly youthful population.
Nigerian economy is the 41st largest economy in the word and second largest in Africa. Although the economy is highly dependent on crude oil (Oil contributes over 85% of government revenue), the country is highly diversified with 45 other active sectors. Nigeria has the 12th largest petroleum reserve and it is the 5th Cocoa beans producing country in the world. It is also the 12th largest producer and 8th largest exporter of crude oil in the world
Here is the comparative analysis of the sectoral contributions to Nigeria’s Gross Domestic Product between 2016 and first half of 2017. Nigeria economy GDP
Crop production contributed over 20% to Nigerian economy in 2016 closely followed by trades at 17% and the telecoms sector at 9%. Crude production which is the largest source of revenue to the government contributed 8% to the nations GDP. The banking sector contributed only 2.76% while Motion pictures, road transport and insurance contributed the least at 1.35, 1.31 and 0.42% respectively.
In the first half of 2017 however, the contribution of crop production to Nigerian economy fell to 18 from 20% in 2016 while Trades inched up by 0.6% and so does Telecoms and Crude production that inched up by 0.2 and 0.5% respectively. The contributions of Motion pictures, Road transport and Insurance remains the least in 2017 half year just as it was in 2016.