Mainly attributed to the large oil and gas reserves, Nigeria’s economy has developed rapidly and Nigeria is becoming one of the world’s largest economies. From 2001 to 2010, Nigeria had the fourth highest of GDP growth rate in the world. It is estimated that the country’s GDP will exceed 580 billion U.S. dollars by 2020, after a slight slump in 2016 and 2017. GDP per capita, i.e. the total output of a country that takes the gross domestic product and divides it by the number of people in the country, has also increased over the past decade. It is considered a measure of living standards, and a country with high GDP per capita is considered having a high standard of living. Despite its increasing unemployment rates, Nigeria manages to maintain a stable economy with a positive trade balance - which, however, dipped below the base line in 2016, showing the first trade deficit in over a decade. A regional power in Africa, Nigeria’s national debt in 2016 is estimated to have been about 18.62 percent of GDP, ranking 15th among the countries with the lowest national debt.
Recently, Nigeria has been in the news due to violent attacks of Islamist terrorist movement Boko Haram, who have killed, injured and kidnapped thousands of civilians until today and continue to threaten the population. Boko Haram is mainly active in Northeast Nigeria, but also in bordering countries Niger and Cameroon. A clear majority of Nigerians oppose Boko Haram’s methods, and millions have fled the conflict zone already.