Nigeria ranks first in farm production and include cassava, corn, cocoa, millet, palm oil, peanuts, rice, rubber, sorghum, and yams.
Nigeria’s proven oil reserves are expected to amount to 35 billion barrels. Nigeria’s foreign economic relations revolve around its role in supplying the world economy with oil and natural gas.
The United Kingdom is Nigeria’s largest trading partner followed by the United States. Nigeria owns numerous positive elements and will develop as both a regional and international market player. A highly profitable niche market is that of the energy sector.
Mining in Nigeria
Mining in Nigeria formally began over a century ago and it is the Ministry of Solid Minerals Development who controls ownerships rights, allowing companies to explore, mine, and trade. Traditionally Nigeria has been a key producer of tin, columbite, and coal. Gold can be located north of Nigeria. Iron ore and uranium also comprise Nigeria’s mineral resources.
Oil and Gas in Nigeria
The petroleum industry in Nigeria is the largest industry within this region and it is what the economy relies on. According to the Ministry of Petroleum Resources, Nigeria has a total of 159 oil fields and 1481 wells in operation. Nigeria’s petroleum is predominately lacks sulphur and is therefore described as “light” and sweet”. Nigeria is the largest producer of this oil type in OPEC.
Engineering in Nigeria
2013 saw Nigeria’s United Bank for Africa (UBA) invest $700 million as a means to finance the regions power assets. Nigeria is the second-biggest economy in Africa and over the next couple of years this nation plans to further invest $2 billion into power projects across the continent.
Banking in Nigeria
Nigeria’s economy is emerging and comprises of growing financial, service, communications, and entertainment sectors. Nigeria is committed to achieve a wide range of ambitious objectives involving advanced efforts to provide primary education, protect the environment, and develop a global development partnership. The Nigerian currency is 1 Naira (NGN) = 100 kobo.