The Development Tendencies of Nigeria as a Major Economic Center in West Africa

Abstract

The article carries out an analysis of Nigeria’s economic development tendencies. This country is one of the largest economies in West Africa and is heavily dependent on oil production as the main source of both foreign currency earnings and public funds. On the basis of the study of Nigeria’s main socio-economic indicators, it has been concluded that the country’s economy is being actively developed, although it is encountering a number of problems in its path. These problems relate primarily to low economic efficiency (in agriculture and oil production), activities of the underground sector, which exacerbate the existing difficulties and the low standard of living of the population. The value of the Nigerian index of involvement in international trade was analyzed. It has been concluded that in 2016 the indicators on the internal market access, accessibility and quality of transport services have deteriorated in comparison to 2014. However, the status of external access to the market and the use of information and computer technology has improved. The directions of improving the efficiency of Nigeria’s external trade have been indicated.

Keywords

• African continent
• index of engagement
• investments
• credits
• agriculture