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What are the characteristics of the Nigerian economy?

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Nadia Thomas
4 months ago

Nigeria practices a mixed economy: capitalist and command. I should note that rural areas which still account for a large part of the population practice the traditional economy where they live off the land through farming, fishing etc. The society is close knit and economic decisions culturally based. This will of course phase out as people abandon the old rural way of life. According to the World Bank, in 1960 85% of Nigerians lived in rural areas. Today less than 50% do. There is a lot of entrepreneurial drive in the country especially amongst the young who account for 70%… Read more »

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