WHY NIGERIA IS NOT THE RICHEST COUNTRY IN AFRICA|2018.

   Nigeria is still not the richest country in Africa despite being Africa's largest economy. Meanwhile this is attributed to the country bad government and corruption.




 The government has not made strong effort to diversify the economy to some other sectors, The government only focus on crude oil which is the main source of the country revenue. Unlike South Africa economy is diversified. South Africa's stock exchange is rated the 18th largest in the world.





Nigeria doesn't fit well among the richest African countries because few Nigeria make billions of naira at the expense of millions of poor Nigerians. The country would definitely emerge as Africa's richest country in view of its massive GDP with the largest market of 160million. Nigeria has the highest GDP of $594.257 billion. It is Africa's foremost economy but  with regard to it's massive GDP (PPP) per capita of $6,003.9






The country's economy is marjoly dependent on the oil sector with low focus on other sectors that can boost the country economy.
Although it is the largest oil producer in Africa. Nigeria has a population of 160million people which is seen as one of the largest market in Africa but the population is more of a consumer that buys more than it sells. This is the cause of few Nigerians making  billions of naira at the expense of millions of poor Nigerians.



I think the government should diversify to other  key sector like services and industries so it would boost the country economy.





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