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Nigeria’s economy is going through a phase of development in the recent years. Nigeria’s economy has been traditionally dependent upon agriculture and animal farming to a large extent. Most of the lands in Nigeria are utilized for farming and grazing purposes. The agricultural economy of Nigeria allows hundreds of rural people to take up farming and cultivation as the main source of their livelihood.
NATURAL RESERVES OF NIGERIA
Nigeria is one of the most productive lands in the African continent, which is rich in different mineral resources. The major food crops grown in the land of Nigeria are soybeans, millets, peanuts, rice, corns and many others. These food crops are exported to other foreign countries and is one of the ways of earning huge amounts of revenue by the government of Nigeria. Oil is one of the natural resources found in plenty in the country of Nigeria and a wide variety of petroleum products are sold within the country, which generate a huge amount of revenue. A large number of international industries and companies are being set up in the land of Nigeria, providing employment to thousands of Nigerians. The famous industries that are currently doing great business in Nigeria are textile, footwear, fishing, steel, cement and tobacco. Nigerian economy is prospering due to the increase in the trading activities with other African, Asian and American countries.