What Type of Economic System Does Nigeria Have?


Quick Answer

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.

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What Type of Economic System Does Nigeria Have?
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Full Answer

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.

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