The Nigerian economy is one of the largest in Africa. Since the late 1960s, it has been based primarily on the petroleum industry. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services.
Enhance factor quality by investing in infrastructure, strengthening land tenure security, improving educational outcomes, liberalizing the trade regime, and enhancing trade and transport facilitation to help develop value chains and facilitate the efficient reallocation of factors of production, making Nigeria more
Economic growth is driven oftentimes by consumer spending and business investment. Tax cuts and rebates are used to return money to consumers and boost spending. Deregulation relaxes the rules imposed on businesses and has been credited with creating growth but can lead to excessive risk-taking.
Three factors can create economic growth: more capital, more labor, and better use of existing capital or labor. The growth that results from increases in capital and labor represents growth due to increases in inputs.
In the year 2021, the Nigerian economy recorded the highest growth of its GDP since 2014, beating the expectations of economists and the projections of the International Monetary Fund (IMF) and the World Bank.
The economy grew by 3.4 percent in the full-year 2021 compared to a contraction of 1.94 percent in the full-year 2020, according to data from the National Bureau of Statistics (NBS).
In order for Nigeria to meet its human development targets of dramatically increased access to housing, education, electricity, food, etc., for a majority of its citizens, there needs to be a radical shift in the governance structure of the country.
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