The richest country in Africa

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Nigeria is the richest country in Africa

The reports of the International Monetary Fund for the year 2015 confirmed that the richest country in the continent of Africa is the state of Nigeria, and the fund has adopted in its classification on the presence of raw resources from petroleum materials, and the high level of per capita income relative to the national product, in addition to other water and agricultural resources.

basic information

Nigeria is located in West Africa, separated between it and the Atlantic Ocean in the west by the State of Benin, and bordered by the Niger in the north, to the east by Cameroon and Chad, and overlooks the south to the Gulf of Guinea, and its current capital city of Abuja, and given the large population in Nigeria in addition to the growing economic power Because of the crude oil reserves, it is known as the African giant, and some studies indicate that Nigeria is expected to become one of the 20 largest economies in the world by 2050.

Nigeria’s economy

Nigeria’s economy depends on several things, the most important of which are:

  • The Nigerian economy depends mainly on oil production, and most of the oil fields are in the south and center of the country where international oil companies manage most of these wells, and the government’s share is more than half of the profits of those companies, and the volume of oil exports to the world is more than 2.7 million barrels per day, Most go to the United States, which is the most important economic partner in the field of oil, and besides liquefied oil, Nigeria exports large quantities of natural gas at a daily rate of eight billion cubic feet.
  • Besides oil, Nigeria has a great diversification of natural resources, and the proportion of arable land in the country is more than half. However, the area actually cultivated does not exceed 15 percent and forests cover a large part of the land area. Nigeria produces large quantities of the cocoa crop globally, In addition to other agricultural products such as peanuts, palm oil, rice, and tobacco, in addition to agricultural lands, there is a wealth of fish from lakes and rivers, as well as producing mineral materials from tin mines in the center of the country, with other mines producing coal, iron, zinc, lead, and limestone. Yeh.
  • The industry in Nigeria is not developed due to its dependence on exporting raw products to European and North American countries. However, there are major industries such as cement, chemicals, and fertilizers, which are not environmentally friendly industries that distinguish the third world countries, along with food products, textiles, and auto, steel and rubber assembly plants.
  • The network of transportation between and within cities in the country represents the infrastructure of the economy, and links between major cities railroads and paved roads, and with this, the road network still needs major developments.

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