...AND THERE WAS NIGERIA, "THE GIANT OF AFRICA".

                    

        Nigeria which ranks as the tenth largest nation in the world, and by far the largest nation in Africa, with an estimate of 150 million people as at a time has been seen as the "Giant of Africa" because of its enormous natural mineral resources, agriculture, and not forgetting its role in international institutions. Petroleum is the leading mineral produce in Nigeria and provides about 95% of foreign exchange earnings and the minority of government revenues. It is found in the Niger Delta and in the bights of Benin and Biafra in Nigeria. Petroleum production on an appreciable scale began in the late 1950s, and by the early 1970s it was by far the leading earner of foreign exchange. Nigeria's external position is heavily influenced by developments in the internal oil market. The country is both a major exporter of crude oil and a major importer of petroleum products. Nigeria is the world's eighth largest exporter of crude oil but imports almost 90% of domestically consumed petroleum products. Except when oil prices are low, Nigeria generally earns more from exports than it spends on imports. other important exports include cocoa, rubber, and palm products. The main import are machinery, chemicals, transportation equipment, manufactured goods, food, and live animals. The United States is by far the largest trading partner, followed by China, Brazil, Spain, and Great Britain.
The growing oil industry attracted many to urban centres, to the detriment of the agricultural sector. In the 1980s a decline in world oil prices prompted the government to bolster the agricultural sector. Nonetheless, both refinery capacity and agriculture have not kept pace with population growth, forcing the nation to import refined petroleum products and food. Other minerals extracted include tin, iron ore, coal, limestone, columbite, lead, zinc, gold, and other natural resources.

Industries in Nigeria include the processing of agricultural products and minerals, and the manufacture of textiles, construction materials, chemicals, fertilizer, and steel. Fishing and forestry are also important to the economy, and there is also a small commercial shipbuilding and repair sector. in addition, traditional woven goods, pottery, metal objects, carved wood and ivory are produced. Nigeria's road and rail systems are constructed basically along north-south lines; the country's chief seaports are Lagos, Port Harcourt, Warri, and Calabar.

What is your take on these Nation? is it investment friendly as the "Giant of Africa" as it is popularly known?