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Nigeria’s economy overtaken as services surge and oil industry shrinks

Photo by Mihai @ Unsplash | oil field
Photo by Mihai @ Unsplash

Dulue Mbachu

Dulue Mbachu, an experienced journalist, covers business and politics for Allen Dreyfus.
  • Nigeria falls to fourth place in Africa’s economic rankings due to currency devaluation
  • Services and agriculture now dominate the economy, with oil contribution dropping sharply

 

ABUJA, NIGERIA – Nigeria’s recalculated gross domestic product (GDP) has revealed a major shift in the country’s economic structure, with services and agriculture now leading growth, while the once-dominant oil industry continues to decline.

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