Nigeria

A service economy, backed by a solid industrial base

Africa's largest oil producer and a member of OPEC, Nigeria draws most of its export and budget revenue from Niger Delta crude, while its GDP is dominated by services and agriculture, which still employs a large share of the workforce. Since 2023, Bola Tinubu has removed fuel subsidies and floated the naira, ending decades of managed exchange rates: inflation soared and GDP in dollars collapsed. The country remains marked by mass poverty, a wide gap between an industrialised south and a rural north, and dependence on imports of refined fuel, for lack of functioning public refineries.