Description
ERP Software In Nigeria: Quick Tour To Nigerian Economy.
The Nigerian economy is a mixed and middle-income economy and emerging market, which is gradually developing and expanding in the financial, services, manufacturing, mining, communications and technology, and entertainment sectors. Nigeria is globally ranked the 27th-largest economy concerning the nominal GDP, and the 24th-largest concerning the purchasing power parity. Industries here mainly include oil mining, service, transport and tourism, and energy sectors. Out of these, the petroleum sector is the one the government there largely relies on. However, it forms a small part of the country s all-in-all economy. The good part is that the country has the widest economy in Africa. In 2013, the country s upsurging manufacturing field became the largest on the continent. A notable proportion of goods and services are produced by the country for its neighboring West African nations. In 2019, the debt to GDP ratio turned out to be 16.075%.
The minimal GDP growth rate in the first quarter of 2021 was largely comparable to the 12.01% growth as recorded in the Q1 of 2020 alongside the 10.07% growth recorded in the previous quarter. The GDP rate will keep on shooting even higher in the coming years. With that being said, as per the GDP report published by Citigroup in February 2011, Nigeria is expected to have the highest average GDP growth globally between 2010 and 2050. Nigeria is currently one of the 11 Global Growth Generators from the African continent.