According to a report published by National Chronicle on the top 10 Richest countries in Africa in 2014, Nigeria is third with a GDP (Gross Domestic Product) at Purchasing Power Parity (PPP) of444.3 billion. Nigeria is third richest country in Africa after South Africa and Egypt respectively.
Nigeria sits proudly on top of Africa’s agricultural output list. It comes as a surprise, therefore that agriculture makes up less than a third of the total GDP. Though this is a major component of Nigeria’s economic DNA, agriculture is not the biggest breadwinner in the country. As for many countries on the top ten, it’s the oil industry that drives Nigeria’ economy. Nigeria provides about 10% of the oil imports into the United States. This makes the fossil fuel vital to sustaining Nigeria’s economic growth.
Due to recent growth in Africa, Nigeria is set to become the largest economy in Africa in just 2 days from now (March 31st, 2014)