How Africa’s Biggest Economy Lost 50% of Its GDP
Economics Explained
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Historical Context and Economic Evolution of Nigeria
This chapter examines Nigeria's historical background and economic development, focusing on the impacts of the Atlantic slave trade and the journey toward independence from British colonial rule. It also highlights the transformative discovery of oil in 1956 and the optimism that followed Nigeria's independence in 1960, projecting its potential as a leading nation in Africa.
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