Page 70 - ie2 August 2019

WORLDVIEW

OIL WEALTH IN NIGERIA

An offshore drilling well in the Gulf of Guinea

IGERIA is one of sub-Saharan Af- ness climate, increased transparency, fis- sion; and governance and security.
rica’s largest economies. Its GDP cal management, have improved signif- For fostering industrialisation in the
Nin 2017 was estimated at $376.4 icantly. The government also is working country, the Nigeria Industrial Revolu-
billion. The Nigerian economy relies to develop stronger public-private part- tion Plan (NIRP) has been implemented
heavily on oil as its main source of for- nerships for roads, agriculture, and pow- on a priority basis. The priority sectors
eign exchange earnings and government er. The beginning of Nigeria’s recovery in identified under the plan are mining and
revenues. Within the economy, servic- early 2017 opened new ways for invest- quarrying and manufacturing. Nigeria
es are the largest sector of the economy, ment inflows into the country. Also the aims at encouraging manufacturing in-
accounting for about 50 percent of total real GDP of the country is projected to dustry and business activities through
GDP. Agriculture, which in the past was grow at 2.2 percent, spurred by increased this plan.
the biggest sector, now weights around infrastructure spending and restoration
23 percent. Crude petroleum and natural of oil production. The Nigeria Economic India-Nigeria bilateral trade
gas constitute 11 percent of total GDP. Recovery and Growth Plan (2017-20), fo- India is the sixth-largest exporter to Ni-
Industry and construction account for cuses on five key areas, namely: improv- geria for the pharma machinery sector,
the remaining 16 percent of GDP. ing macroeconomic stability; economic covering 10 percent of the import market
Over the last one decade, the country’s growth and diversification; improving of the country. India exported over $8.1
fundamentals like growth in GDP, busi- competitiveness; fostering social inclu- million worth of goods to Nigeria for the

70 l INDIAN ENGINEERING EXPORTS l AUGUST 2019