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
Nigeria and the World Bank Nigeria and the World Bank The World Bank is an institution that was established in 1944 and since 1958 has provided Nigeria with low interest rate loans through the International Development Association(IDA) and International Bank for Reconstruction and Development (IBRD). As of 2018, it constitutes of 189 member countries. It’s primary goal was to help and rebuild countries after the World War 2. After its independence in 1960, Nigeria officially joined the World Bank on March 30, 1961.As the World Bank's goals and outreach in different countries have diversified, they have gradually over the years organized the bank into five