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
Oil reserves in Nigeria Oil reserves in Nigeria Although Libya has more reserves, there were of proven oil reserves in Nigeria as of 2011, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging in 2006. At current rates this would be 45 years of supply if no new oil was found. Pipeline vandalism, kidnappings, and militant takeover of oil facilities have reduced production, which could be increased to in the absence of such problems. The Nigerian government hopes to increase oil production capacity to by 2010. Nigeria is the world’s eighth largest exporter of crude