Nigeria is a middle-income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. It is ranked as the 21st-largest economy in the world in terms of nominal GDP, and the 20th-largest in terms of purchasing power parity. It is the largest economy in Africa; its re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the West African subcontinent. In addition, the debt-to-GDP ratio is 11 percent, which is 8 percent below the 2012 ratio.
International Monetary Fund (IMF)
The International Monetary Fund, IMF, Tuesday, projected that Nigeria’s economic growth would rise by 0.8 per cent in 2017.
The agency, in its World Economic Outlook report unveiled in Washington, said continued growth in agriculture, rise in oil output and big government spending will drive the nation’s growth.
The outlook also explained how Nigeria will return to growth after an economic decline of 1.5 percent in 2016.
“In sub-Saharan Africa, a modest recovery is foreseen in 2017. Growth is projected to rise to 2.6 percent in 2017 and 3.5 percent in 2018, largely driven by specific factors in the largest economies, which faced challenging macroeconomic conditions in 2016,”
The economy looks to be slowly on the mend, with the PMI remaining in positive territory in June and the non-oil sector returning to growth in Q1, while the recent approval of the long-delayed 2017 budget should provide greater policy certainty in the months ahead. In addition, oil production has increased so far this year as the threat from Niger Delta militants recedes. However, despite initially being excluded from further OPEC output cuts, there is now talk of including Nigeria in the deal in a bid to curb the supply of oil on the market and boost prices, which could hamper the sector’s return to full strength. Encouragingly, the foreign exchange window introduced in April, which allows buyers and sellers to agree on an exchange rate, is succeeding in attracting dollars from abroad; over USD 3 billion have been traded since the launch, and the stock market has boomed in recent months
Source
https://en.wikipedia.org/wiki/Economy_of_Nigeria
http://www.premiumtimesng.com/news/headlines/229039-nigerias-economy-rise-0-8-per-cent-2017-imf.html
http://www.focus-economics.com/countries/nigeria