Agriculture was central to Nigeria’s economic structure till the early 1990s. It was one of the main sources of foreign currency. However, over the years, the agricultural sector has become a grey area for the Nigerian economy. According to the 2009 estimates, the sector provides employment to more than 70% of the working population but contributes only 33.4% of the total national production. The country has not been able to satisfy internal demand and has to import a considerable amount of food products.
The Nigerian industrial sector primarily depends on oil extraction and refining. It employs approximately 10% of the labor force and accounts for 34% of the GDP. The service sector is also gradually emerging in the country. Almost 20% of the population is engaged in service sector jobs. This sector contributes 32.5% of the total GDP.
Nigeria Economic Structure: Business Climate
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