What Type of Economic System Does Nigeria Have?

What Type of Economic System Does Nigeria Have?

What Type of Economic System Does Nigeria Have?

Nigeria operates a mixed economic system that is a blend of socialism and capitalism. The various private freedoms are still government regulated and are included in centralized economic planning.

Nigeria is considered to have the biggest economy in Africa. It is a country rich in resources, particularly oil. Over the past decade, the country's average economic growth rate has been around 7 percent every year. Despite this, Nigeria is ranked 153rd in the UN’s Human Development Index, a comparison among 187 countries. This means that, despite its rapid economic growth, the country is still poor, with a high unemployment rate and an increasing population that lives in poverty.