- Contributes over 9% of GDP and 70% of government revenue - Crude oil is the primary export, accounting for 80% of exports - Overdependence on oil has led to economic volatility
Agriculture: Subsistence and Small-Scale
- Contributes about 25% of GDP but mostly subsistence farming - Main crops include cassava, yam, millet, sorghum, and rice - High potential for growth and diversification
Services Sector: Growing But Fragmented
- Includes telecommunications, banking, finance, transportation, and tourism - Contributed about 53% of GDP in 2022 - Still fragmented and underdeveloped, but has growth potential
Manufacturing Sector: Small and Import-Dependent
- Contributes less than 10% of GDP - Dominated by small-scale businesses - High reliance on imported raw materials
Other Sectors:
- Mining: Includes solid minerals such as coal, iron ore, and limestone - Construction: Contributes about 3% of GDP - Information and Communications Technology (ICT): Has potential for growth but underdeveloped
Challenges:
- Overdependence on oil - Weak infrastructure - Corruption and mismanagement - Security concerns - High unemployment and poverty
Government Initiatives:
- Diversify the economy away from oil - Improve infrastructure - Promote investment and entrepreneurship - Reduce corruption and improve governance - Invest in education and skills development