section_path: Economy
section_name: Economy
paragraph_text: Economy
  
  Nigeria's economy is the largest in Africa, the 31st-largest in the world by nominal GDP, and 30th-largest by PPP. GDP (PPP) per capita is US$9,148 (as of 2022), which is less than South Africa, Egypt or Morocco, but a little more than Ghana or Ivory Coast.
  
  Nigeria is a leader in Africa as an energy power, financial market, in pharmaceuticals and in the entertainment industry. After petroleum, the largest source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad.
  
  Nigeria has a highly developed financial services sector, with a mix of local and international banks, asset management companies, brokerage houses, insurance companies and brokers, private equity funds and investment banks.
  
  Nigeria has a lower-middle-income economy with an abundant supply of natural resources. Its wide array of underexploited mineral resources include coal, bauxite, tantalite, gold, tin, iron ore, limestone, niobium, lead and zinc. Despite huge deposits of these natural resources, the mining industry in Nigeria is still in its infancy.
  
  Before 1999, economic development has been hindered by years of military rule, corruption, and mismanagement. The restoration of democracy and subsequent economic reforms have supported economic potential.
  
  After 2015, the Nigerian economy was able to diversify somewhat. Apart from oil and gas, Nigeria exports fertilisers and cement /cement board, moulded polypropylene (plastic) products, personal care products, paint, malt beverages and armoured vehicles.