Nigeria case study - Industrial sector and economy
- Created by: 15j.price
- Created on: 28-02-19 20:12
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- INDUSTRIAL SECTOR AND ECONOMY
- how is Nigeria's economy changing?
- Before 2011 many of Nigeria’s new industries had not been included yet in figures
- In 2011 GDP more than doubled
- Due to the new and more accurate way of measuring the economy, the contribution of manufacturing and service industries increased
- It is among one of the fastest growing economies in the world
- GDP has grown, however most of Nigeria’s population is still poor, living on less than US$1.25 a day
- Nigeria has the largest growing economy in Africa
- There is a minority of well-paid jobs which is mainly located in Lagos
- The regional inequalities are that the wealthiest area is in the south (around Lagos) and the greatest poverty is in the north and south-east
- how is Nigeria's industrial structure changing?
- This is an effect of urbanisation and a rural population to an urban population
- 59% of Nigeria’s GDP comes from manufacturing and services industries
- Some
of the fastest growing industries include:
- Retail and wholesale
- many small businesses that used to be in the informal sector are now in the formal sector. This means that new are now included in the calculation of GDP
- telecommunications
- In 1990 there were less than 1 million landline users in Nigeria. However now there are over 115 million mobile phone users
- Film industry
- after Hollywood (USA) and Bollywood (India), Nollywood is the third largest film industry in the world
- Retail and wholesale
- Nigeria is changing from a mainly agricultural economy to an industrial economy
- how is Nigeria's economy changing?
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