Nigeria is the largest economy in Africa; in 2013 its population was in excess of 170 million, with GDP of over US$500 billion (World Bank 2014). The continent’s biggest oil exporter is also home to large natural gas reserves. The economy has recorded considerable acceleration in growth; real GDP grew by 6.3 per cent, 7.6 per cent, and 7.4 per cent in 2009, 2010, and 2011 respectively. Despite this, poverty is persistently high, and the structure of the economy is that of a typically underdeveloped country.

Over half of GDP is accounted for by primary sectors, with agriculture continuing to play an important role. The oil and gas sector is the major driver of the economy, which in 2011 made up over 95 per cent of export earnings and about 85 per cent of government revenue. The sector contributed 14.8 per cent to GDP in 2011—in contrast, the industrial sector accounts for a tiny proportion of economic activity (6 per cent) while the manufacturing sector contributes only 4 per cent to GDP.