The country's re-emergent manufacturing sector became the largest on the continent in 2013, and it produces a large proportion of goods and services for the region of West Africa.

[33] In 2006, Nigeria came to an agreement with the Paris Club to buy back the bulk of its owed debts from them, in exchange for a cash payment of roughly US$12 billion.

[1] [37] Human capital is underdeveloped, as Nigeria ranked 161 out of 189 countries in the United Nations Development Index in 2019[38]—and non-energy-related infrastructure is inadequate.

[39][40] A requirement for achieving many of its objectives is reducing endemic corruption, which obstructs development and stains Nigeria's business environment.

This rate ranged from a high of 520 in March 2017 to a low of 350 in August 2017, due to a scarcity of forex (oil earnings had dropped by half), and speculative activity as alleged by the Central Bank.

[57] In 2024, the Central Bank of Nigeria (CBN) raised the Monetary Policy Rate (MPR) again, this time to 18.5%, the 6th consecutive increase since September 2022.

[71] However, these mills have faced various challenges over the years, such as lack of maintenance, obsolete equipment, inadequate power supply, and scarcity of raw materials.

Importing paper products also exposes the country to fluctuations in foreign exchange rates and international market prices.

The rice mill in Imota, near Lagos, is expected to do the relevant processing domestically, improve the balance of trade and the labour market, and save unnecessary costs for transport and middlemen.

[74][75] A multi-billion Naira coconut oil refinery, first of its kind in Africa started business in Akwa Ibom State.

The governor of Akwa Ibom promised to commence immediate training of indigenous hands to man the refinery, said the facility has a daily capacity to crack 1,000,000 coconuts and will employ no fewer than 3,000 direct and indirect staff.

Fan Milk will launch a world-class dairy farm and training institute, leveraging the expertise of parent company Danone.

"Fresh bread and miscellaneous bakery" exceeded the figures recorded for the second-largest product group "gingerbread, sweet biscuits and waffles" (689K tonnes), more than tenfold.

In September 2024, Dangote Oil Refinery began operations with capacity to produce 650,000 barrels (~103 m liters) of petrol per day and the potential to significantly reduce Nigeria's reliance on imported petroleum products.

[79] The Colgate factory in the Lekki Free Trade Zone close to Lagos started to produce body care products in 2022.

They produce more than 140 pharmaceutical products, including painkillers, vitamins, haematinics, antimalarials, tussives, antibiotics, anthelmintics, antihistamines, antacids and cardioprotectants.

[102] Fidson Healthcare Plc produces painkillers, anti-allergies, blood pressure medicines, digestive aids, sleeping pills and cough syrup.

Jet Motor Company in Epe, Lagos State, is producing Nigeria's first electric-powered delivery trucks in partnership with GIG Logistics.

[128] The Nigerian Communications Commissions (NCC) said on January 14, 2022, the telecommunications sector contributed 12.45per cent to Nigeria's Gross Domestic Product (GDP).

The commission through its chief executive officer (CEO), Prof Umar Garba Danbatta, during his convocation lecture, titled, "Empowering the Nigeria Youth Through Information and Communications Technology (ICT)" held at Fountain University, Osogbo, made this known.

Extensive road repairs and new construction have been carried out gradually as states in particular spend their share of increased government allocations.

[136][137] Perhaps Nigeria's most famous musician is the inventor of Afrobeat Fela Anikulapo Kuti, who gave legendary concerts with his band "Africa 70" at the "Shrine" in Lagos.

Nigeria is the sixth largest leather exporter in the world, with brands such as Prada, Gucci and Louis Vuitton sourcing their goods here.

Fashion journalist Waridi Schrobsdorff even puts ‘Milan, Paris, Lagos’ on the same level on news channel N-tv.

[145] Since 1999, the Nigerian Labor Congress (NLC) a union umbrella organization, has called six general strikes to protest domestic fuel price increases.

The majority of immigrants in Nigeria (74%) are from neighbouring Economic Community of West African States (ECOWAS), and that this number has increased considerably over the last decade, from 63% in 2001 to 97% in 2005.

[149][150][151] Child labour in Nigeria is the employment of children under the age of 18 in a manner that restricts or prevents them from basic education and development.

[158] Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States (ECOWAS), and encourage inflows of foreign portfolio and direct investment.

In 2005 Nigeria achieved a major breakthrough when it reached an agreement with the Paris Club to eliminate its bilateral debt through a combination of write-downs and buybacks.

The Swiss foreign ministry says it has done all it can to ensure that funds stolen by the late Nigerian dictator Sani Abacha were used properly in his homeland.