Explain how Nigeria’s economy has changed over the past 40 years (4)
Over the past 40 years, Nigeria's economy has undergone a significant change. Here are four key ways in which the economy has changed:
1. Diversification: Nigeria's economy was heavily reliant on oil exports in the 1970s and 1980s. However, over the past few decades, the country has focused on diversifying its economy. This has included expanding into sectors such as agriculture, manufacturing, and services.
2. Privatization: In the 1980s and 1990s, Nigeria began a process of privatizing state-owned enterprises. This has led to increased efficiency and productivity in many industries.
3. Foreign investment: Nigeria has become an increasingly attractive destination for foreign investment over the past few decades. This has brought in significant capital, technology, and expertise, which has helped to spur growth in a range of sectors.
4. Infrastructure development: Nigeria has invested significantly in infrastructure over the past few decades, including roads, ports, and airports. This has helped to improve connectivity and reduce transportation costs, which has been a major boon for the economy.