Nigeria’s economy has passed through several stages.
Before colonial rule, the economy was based on agriculture, fishing, crafts, and local and trans-Saharan trade. During British colonial rule (1900–1960), Nigeria focused on exporting cash crops like cocoa, groundnuts, and palm oil, while importing finished goods.
After independence in 1960, agriculture remained strong until the 1970s when oil became the main source of revenue. The oil boom made Nigeria heavily dependent on petroleum exports. When oil prices fell in the 1980s, the country faced economic problems and introduced reforms like the Structural Adjustment Programme (SAP).
Today, Nigeria is working to diversify its economy into agriculture, manufacturing, technology, and services, although oil still plays a major role.