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Nigeria’s economy has been undergoing a lot of changes in the last 25 years. After a rebasing and recalculation of the country’s GDP in 2014, as well as decreasing oil output for the last 3 years, it appears the petrochemical industry makes up a smaller part of the economy (14%) than previously thought (35%). The services sector is responsible for a much more impressive 52% of the nation’s GDP, up from 29% before the rebasing. Nevertheless, the oil and gas sector still accounts for 95% of Nigeria’s exports, and yet only 10% of the labor force.
The mining industry in Nigeria is overshadowed by the nation’s fixation on petrol, but it should offer excellent opportunities in the future for expats working in Nigeria. The country has reserves of iron ore, gold, tungsten, and uranium, among others – all waiting to be exploited.
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