General Overview And Structure of Nigerian Economy And Its Economic Potentials - SS1 Economics Past Questions and Answers - page 1

In terms of structure, the Nigerian economy can be divided into three main sectors: agriculture, industry, and services. Agriculture employs over half of the population and is the largest contributor to the economy, with products such as cocoa, rubber, palm oil, and cassava being major exports. The industrial sector is relatively small but growing, with a focus on petroleum refining, cement, and food processing. The service sector, including telecommunications, banking, and retail, is the fastest-growing sector and is expected to continue to expand.

Nigeria has significant economic potential due to its large population, abundant natural resources, and strategic location in West Africa.