Economy. The Nigerian economy is one of the largest in Africa. Since the late 1960s it has been based primarily on the petroleum industry. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services.Click to see full answer. Hereof, what are the economic activities in Nigeria?The economy of 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 27th-largest economy in the world in terms of nominal GDP, and the 22nd-largest in terms of purchasing power parity.Subsequently, question is, what is economic development in Nigeria? Economic development and growth in Nigeria. Economic development has direct relationship with the environment. Whereas economic development is a policy intervention endeavour with aims of economic and social well-being of people, economic growth is a phenomenon of market productivity and rise in GDP. Similarly, you may ask, what drives the Nigerian economy? Nigeria is Sub Saharan Africa’s largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Since then, Nigeria’s economic growth has been driven by growth in agriculture, telecommunications, and services.What is the major source of income in Nigeria? crude oil