Nigeria is one of the largest (923,768 km2) and geographically, socially and culturally most diversified African countries. It is the most populous country of Africa (the population estimated at 110 million in 1990), and potentially one of the richest. Richly endowed with human and natural resources, benefiting of a large internal market, Nigeria is, however, highly dependant on external economic sector, particularly oil revenues (93 per cent of exports in 1989). The domestic industry is import dependant. More then 60 per cent of population is employed in agriculture, which provides the bulk of Nigeria's food and raw materials supply and non-oil exports.
Rich resources, large internal market and human potentials did not prevent Nigeria from being a low income country with GDP per capita declining from about 1,000 US dollars in 1980 to about 250 dollars in 1990. The world oil crisis, poor agricultural development, and internal civil war are usually cited as the main reasons for such an economic decline.
