Economy of Nigeria

Nigeria ranks sixth worldwide and first in Africa in farm output. The sector accounts for about 18% of GDP and almost one-third of employment. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products. Further agricultural products include palm oil and rubber.

The types of crude oil exported by Nigeria are Bonny light oil, Forcados crude oil, Qua Ibo crude oil, and Brass River crude oil. The U.S. remains Nigeria's largest buyer of crude oil, accounting for 40% of the country's total oil exports; Nigeria provides about 10% of overall U.S. oil imports and ranks as the fifth-largest source of U.S. imported oil. The United Kingdom is Nigeria's largest trading partner followed by the United States. The stock of U.S. investment is nearly $7 billion, mostly in the energy sector. ExxonMobil and Chevron are the two largest U.S. corporations in offshore oil and gas production.

Nigeria hosts about 60 percent of the pharmaceutical production capacity in Africa (status 2022) and is projected to grow between $60 billion to $70 billion after COVID-19, experts say. The pharmaceutical industry in Nigeria has headroom for growth and can potentially reach $4 billion over the next 10 years. Goldstein Market Intelligence analysts forecast the Nigeria pharmaceuticals market size is set to grow at a CAGR of 9.1% over the forecast years of 2017-2030. Most large pharmaceutical companies in Nigeria are located in Lagos.

Nord Automobiles Ltd has two assembly plants: one in Sangotedo, where all eight models are currently assembled; a plant in Epe is still under construction. The company currently manufactures its own plastic parts and plans to add steel stamping in the future. Thirty kilometers northeast of Lagos, Proforce Ltd. produces armoured vehicles. Proforce sold an unknown number of armoured vehicles to Belarus in March 2022. This is the first time that vehicles manufactured in Nigeria have been supplied to a European country. Jet Motor Company in Epe, Lagos State, is producing Nigeria's first electric-powered delivery trucks in partnership with GIG Logistics. In Idah, Kogi State, Electric Motor Vehicle Company manufactures electrically powered vehicles.

According to its website, Ajaokuta Steel Company Limited produces 1.3 million tonnes of steel per year. This would be equivalent to one-sixth of the UK's steel production in 2021.

The Nigerian Communications Commission (NCC) reported on January 14, 2022, that the telecommunications sector contributed 12.45% to Nigeria's Gross Domestic Product (GDP). The ICT sector has been consistently contributing above 10% of Nigeria's GDP for over 10 years. Nigeria is Africa's largest ICT market with 82% of the continent's telecoms subscribers and 29% of internet usage. Nigeria ranks 11th in the world in the absolute number of internet users and 7th in the absolute number of mobile phones.

Due to Nigeria's location in the centre of Africa, transport plays a major role in the national service sector. The Buhari administration made improvements to the infrastructure after 2015. Extensive road repairs and new construction have been carried out gradually as states spend their share of increased government allocations. Representative of these improvements is the Second Niger Bridge at Onitsha, which was nearly completed in May 2022. Five of Nigeria's airports (Lagos, Kano, Port Harcourt, Enugu, and Abuja) currently fly to international destinations. The new national airline, "Nigeria Air", is scheduled to start operations in mid-2022.

Tourism in Nigeria centers largely on events, due to the country's ample number of ethnic groups, but also includes rain forests, savannah, waterfalls, and other natural attractions. Tourists spent US$2.6 billion in Nigeria in 2015.