The Nigerian economy during the pre-colonial era has been sustained through the means of agricultural activities.
When Nigeria gained Independence in 1960 from Great Britain, agriculture had always been the major source of foreign revenue, including oil after its discovery in 1956.
According to the article by W. T. Oshikoya titled "Balance of Payments Experience of Nigeria: 1960-1987, entails that before the oil boom in the 1970s, agriculture had the largest contribution of 64.10% to the GDP in terms of output, while services, mining, manufacturing and construction contributed only 25.60%, 1.2%, 4.8% and 4% respectively.
The era of the oil boom in the 1970s has led to a shift in focus from the non-oil tax revenue. Up until 2023, the economy has witnessed different phases of economic diversification and operates a dual-economic sector.
There have been more economic activities in the services sector which got a boost from 25.60% in 1960 to 58.42% in 2023 and a reduction in the agricultural sector to 23.01% within the same period.
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