Nigeria
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"Nigeria's entire economy revolves around oil - with large reserves meaning the country has, in theory, the potential to build a very prosperous economy. But despite Nigeria's rich natural resources, poverty is widespread and Nigeria's basic social indicators place it among the 20 poorest countries in the world" (Hale).
Nigeria is a very oil rich country, and therefore the economy depends on it greatly. When there is a problem with the pricing of the oil, the economy suffers and often poverty levels are increased, as they are doing today. These current issues will be discussed in the latter part of this essay due to the fact that these greatly affect the Nigerian people today.
Nigeria's economy is completely dependant on their exportation of oil. Exportation of the country's oil earns them 95% of the money made through foreign exchange. This black gold, as it is sometimes referred to, also brings in 80% of Nigeria's revenue (CIA). Because oil is valuable around the world and Nigeria is oil rich, they have based their economy on it, which from the outside looks like a prosperous decision. However Nigeria has made themselves so dependant on their oil exportations that they have no other major goods or exports to lean on if the oil industry suffers...