Why Nigeria is Referred to as the Giant of Africa. Nigeria boasts various natural landmarks and
animal sanctuaries being an African country on the Gulf of Guinea. Waterfalls, deep rainforest,
savanna, and uncommon primate habitats can be found in protected locations like Cross
River National Park and Yankari National Park. Zuma Rock, a 725m-tall monolith outside Abuja
that is depicted on the Nigerian money, is one of the most well-known sights.
Nigeria has been dubbed "Africa's Giant" due to its population of almost 200 million people.
Nigeria is Africa's most populous country. It is also the world's most populous black country,
placing eighth among the world's most populous countries. A large population
is thought to be a source of labor, a military strength/force/advantage, and a real or projected
vast market. Many countries, such as China and India, have made the most of their vast
populations, which is reflected in their economic growth. Nigeria is a growing global power,
a regional force in Africa, and a middling power in international affairs. Nigeria's economy is the
largest in Africa, ranking 27th in nominal GDP and 25th in terms of purchasing power parity.
Nigeria is known as the "Giant of Africa" due to its massive population and economy,
and the World Bank classifies it as an emerging market. Join us as we investigate and learn more
about why Nigeria is known as Africa's behemoth. If this is your first time viewing our channel,
please Like, Share, and Subscribe to remain up to date on future upcoming videos on our channel.
Population Size. Nigeria has Africa's greatest population.
Nigeria's population is expected to reach 401.31 million people by the year 2050,
according to the United Nations. Nigeria's population will exceed 728 million by 2100
if current trends continue. Nigeria's population will surpass that of the United States in 2047,
according to the United States Census Bureau, when Nigeria's population would reach 379.25 million.
Nigeria will become the world's third most populous country with these figures.
Early marriages, high birth rates, and a lack of family planning access are all key contributors
to Nigeria's population increase. Nigeria has a birth rate of around 37 per 1,000 inhabitants.
Wealth. Nigeria was a global economic giant thanks to an
industrious populace with an unrestrained desire to succeed, amazing agriculture, massive natural
resources, and a high GDP. The currency (Naira) was substantially stronger than the US Dollar
in the 1970s and until 1985. Nigeria implemented the Structural Adjustment Programme (SAP) in 1986,
which requires the IMF/World Bank to restructure the foreign exchange market.
From there, things just got worse. The foreign exchange rate fell to almost N2 to USD1 in 1986.
It increased in 1987 and then plummeted to N4 to USD1 in 1988. Nigeria was able to establish strong
infrastructure, universities, arts (Nigeria hosted FESTAC 77), music, a national airline
(Nigeria Airways) that was the greatest in Africa, sports, poetry and other literary works, military,
telecommunications, television, and so on thanks to the discovery of crude oil. They aided other
countries by providing food to famine-stricken areas, resolving internal problems, and
providing scholarships to Africans. Despite this, Nigeria continues to be Africa's largest economy.
"The nation's Gross Domestic Product (GDP) expanded by 1.40 percent in real terms in Q3 2017,
the second consecutive positive growth since the economy emerged from recession in Q2 2017,"
according to Nigeria's National Bureau of Statistics. Given today's available technology and
prospects, as well as Nigeria's growing population of highly educated and technically proficient
people, the economy is likely to become more diversified and wealthy than it has ever been.
Political Influence. This argument is notably
linked to wealth since it enabled Nigeria to exert political influence around the world
and at the UN, particularly through the OAU, which granted independence to the rest of Africa.
Nigeria was able to participate actively in the pan-Africanism movement that swept over the
continent as a result of this. Nigeria was also actively active in anti-apartheid and anti-racism
movements in South Africa. Nigeria's current efforts to attract foreign direct investment
(FDI) may probably prove futile in the future. Nigeria needs to clean house and address internal
problems, as well as eliminate corruption through a public inquiry and rethink some of the terrible
economic decisions that have wrecked the economy. Furthermore, we at HetoGrow Capital feel that the
business climate needs to be redesigned and repositioned in order to attract foreign direct
investment (FDIs). Nigeria offers fantastic cultural and tourist features that can be
commercialized and promoted around the world. In Nigeria, summer is usually always present.
This is ideal for promoting the country's main attractions, showcasing the finest of Nigerian
tourism, and encouraging local ecotourism and consumption to reduce cash outflow.
Nigeria is not just Africa's largest country, but also the AFRICA's largest economy and GDP.
Nigeria's development is rapid, as seen by its numerous development initiatives. Thank
you for joining us on this adventure. For more incredible videos, stay tuned to Africa Reloaded.