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A large majority of Nigeria’s GDP and foreign exchange is generated through the exploitation of hydrocarbon resources, namely oil and gas resources. The revenues from the sale of petroleum are the primary source of funding for the rest of the economy. Consequently the availability of large reserves of petroleum has hampered investment and diversification in other economic areas (outside of consumption).
In regards to manufacturing, most of the heavy industries are geared towards the servicing of the petrochemical industry. There has however been a recent push for economic diversification, with a resulting property and construction boom. In terms of the percentages that manufacturing and construction contribute to Nigeria’s GDP, the breakdown for 2012 according to the Nigerian Bureau of Statistics were as follows:
- Manufacturing- 4.20%
- Construction – 12.58%
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