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I have read in the news severally about how large Nigeria’s economy is. But it amazes me how other African states compete better on the global stage than Nigeria. Why is it so? Is Nigeria truly the largest economy in Nigeria?
Nigeria is the largest economy in Africa, yet there are several reasons why it cannot compete on a global scale. One example is a lack of infrastructure and insufficient investment in important areas such as manufacturing and technology. Nigeria's history of corruption and political instability hasRead more
Nigeria is the largest economy in Africa, yet there are several reasons why it cannot compete on a global scale. One example is a lack of infrastructure and insufficient investment in important areas such as manufacturing and technology. Nigeria’s history of corruption and political instability has also hampered economic progress and foreign investment. The second issue is that many Nigerians lack access to education and training, limiting the country’s capacity to build a highly trained workforce. Finally, the oil and gas industry, which is the major influence on Nigeria’s economy and is susceptible to changes in world oil prices. Because of this, Nigeria finds it challenging to broaden its economy and lessen its reliance on just one industry. Nigeria has made significant headway in recent years toward resolving some of these problems, but much more has to be done before it can seriously compete on the world stage.
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