Economy of Nigeria of 5%. By 2012, expenditures stood at $31.61 billion, while revenues was $54.48 billion. Nigeria ranks sixth worldwide and first in Africa in farm output. The sector accounts for about 18% of GDP and almost one-third of employment. Nigeria has 19 million head of cattle, the largest in Africa. Though Nigeria is no longer a major exporter, due to local consumer boom, it is still a major producer of many agricultural products, including: cocoa, groundnuts (peanuts), rubber, and palm oil. Cocoa production, mostly from obsolete varieties and overage trees has increased from around 180,000 tons annually to 350,000 tons. Major
Corruption in Nigeria friends and cronies, which eventually gave rise to the current class of nouveau riche in Nigeria. From banking to oil and import licenses, IBB used these favors to raise cash for himself and his family, and is regarded as one of the richest ex-rulers of Nigeria supposedly with significant investment in Globacom—one of the largest telecom operators in Nigeria, regarded as a front for his empire. The death of the general Sani Abacha revealed the global nature of graft. French investigations of bribes paid to government officials to ease the award of a gas plant construction in Nigeria revealed the