The Nature of the Nigerian Economy.

Economics S.S.S 1 Second Term

WEEK 9

The Nature of the Nigerian Economy.

Performance Objectives

Student should be able to:

1. State the nature and structure of the Nigerian Economy
2. Identify the contribution of the primary, secondary and tertiary sectors.

Content

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. Because this led to a great influx of rural people into the larger urban centres, agricultural production stagnated to such an extent that cash crops such as palm oil, peanuts (groundnuts), and cotton were no longer significant…