How is Nigeria's economy changing?

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  • How is Nigeria's economy changing?
    • sources of income
      • traditionally primary products such as cocoa and cotton were the main source of income
        • now oil accounts for 95% of export earnings
    • more balanced economy
      • industrialisa-tion and economic growth has increased employment in oil production, manufacturing etc.
      • the growth of communications, retail and finance in the tertiary sector
      • employment in agriculture has fallen, due to increasing use of farm machinery and better pay and conditions elsewhere
    • manufacturing
      • was previously hindered by the dependence on the export of raw materials
        • now accounts for 10% of Nigeria's GDP
      • economic development
        • regular paid work = secure income = large home market for products manufactured in Nigeria such as cars
        • manufacturing industries stimulate growth for other companies
          • e.g supplying parts to make cars
        • increased employment = increased revenue from taxes
        • thriving industrial sector attracts foreign investment
        • oil processing = growth of chemical industries incl. soaps and plastics


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