Coat of arms :
Nigeria or officially the federal republic of Nigeria consists of 36 states and one federal capital. Nigeria lays west of Africa and is adjacent to Benin, Chad, Cameroon and Niger. The capital city of Nigeria is Abuja and the three largest ethnic groups are the Hausa, Igbo and Yoruba.
History of Nigeria dates back to 9000 BCE were fossils of the first human race “Bantu” who traveled to central and southern Africa back in the 1st to 2nd millennium BCE. Nigeria’s name was given by Flora Shaw who combined the two words “Niger” and “Area” to make up what is now Nigeria. Nigeria is the most populated country in Africa and 8th most populated in the world with a population of 150million making it the most populated “black” country.
Nigeria’s economy has been growing steadily and accurately in the past couple of years. Nigeria has a stable economy yet most of its citizens are middle class Nigeria has its own Stock exchange and which is the 2nd largest in Africa. Nigeria is now ranked 37th country according to GDP in the world. Nigeria is US largest Sub-Saharan partner and supplies a fifth of its oil and is the 50th largest trader with the US.
Previously business and the economy was controlled by military forces thus decreasing foreign exchange but in the recent years when the UN came in and people started to trade globally Nigeria’s economy become spread more to the people than the government.
According to world wide statistics it’s been graphed that Nigeria had doubled its GDB in 2005 to 2007 and is still doubling in the previous years.
During the Oil boom in 1970 Nigeria got foreign loans to finance major infrastructural investments. During the oil crisis in the 1980’s Nigeria had a lot of debts to pay to foreign countries. So Nigeria couldn’t pay back its debts which then piled up into fines until Nigeria with Paris club made a deal to reduce it’s the debt to 60%. Later on Nigeria used a part of its oil profits to pay the money back.