Nigeria’s Macroeconomic Crisis

Executive Summary
For decades, Nigeria has wavered between the labels of low-income and middle-income country. In the better part of the last two decades, the country was middle-income. But it has recently slipped into low-income status, with current Gross Domestic Product (GDP) of about US$400 billion (down from US$540 billion), negative per capita income growth (less than US$2,500), rising unemployment which hovers around 33% and half of the country’s population in extreme poverty. The reason for this poor economic performance or status is not far-fetched. The economy has remained over-dependent on the life support of oil rents, as well as subsistence farming and non-business services for employment. No adequate attention has been given to industrialization and
technological advancement.

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