care to explain ?
Nigeria's mixed economy is the largest in Africa, the
26th-largest in the world by nominal GDP, and
25th-largest by
PPP. It is a lower-middle-income economy,
[132] with its abundant supply of natural resources, well-developed financial, legal, communications, transport sectors and
stock exchange (the Nigerian Stock Exchange), which is the second-largest in Africa.[
citation needed]
Economic development has been hindered by years of
military rule, corruption, and mismanagement. The restoration of democracy and subsequent economic reforms have successfully put Nigeria back on track towards achieving its full economic potential.
As of 2014 it is the largest economy in Africa, having overtaken South Africa. Next to petrodollars, the second-biggest source of foreign exchange earnings for Nigeria are
remittances sent home by Nigerians living abroad.
[133]
During the
oil boom of the 1970s, Nigeria accumulated a significant foreign debt to finance major infrastructural investments. With the fall of oil prices during the
1980s oil glut Nigeria struggled to keep up with its loan payments and eventually defaulted on its principal debt repayments, limiting repayment to the interest portion of the loans. Arrears and penalty interest accumulated on the unpaid principal, which increased the size of the debt. After negotiations by the Nigerian authorities, in October 2005 Nigeria and its
Paris Club creditors reached an agreement under which Nigeria repurchased its debt at a discount of approximately 60%. Nigeria used part of its oil profits to pay the residual 40%, freeing up at least $1.15 billion annually for poverty reduction programmes.
Nigeria made history in April 2006 by becoming the first African country to completely pay off its debt (estimated $30 billion) owed to the Paris Club
but carry on!
shits insane bruh! id say next to some horn women ghana too!
