The dependence on oil
Nigeria has recently been on the watch list of a lot of investors due to the rising oil price, and after speaking with @ogoowinner on Steemit.chat, the country has been hit hard economically recently due to the slump in oil price, hence a huge reduction in the countries overall export market.
The oil and gas sector in Nigeria is huge, and forms over 90% of Nigerian total exports. This is an ill balanced economy, and these exports by value contribute to only half of all Government fiscal revenues.
For now the outlook for Nigeria is good at 1.5% GDP growth predicted for 2017, but it's still way behind other emerging economies like Taiwan and Poland. Poland's GDP is expected to hit 5% this year for example.
The GDP of Nigeria is expected to grow to around 3-4% between 2017-2020. I also discussed with @ogoowinner that this is where the blockchain can really make inroads into Africa - being one of its most populous countries.
Speaking of the black gold again, its become painfully aware that Nigeria's fate is tied very closely to the oil price. Any price movements here can be devastating. The government of Nigeria has not diversified the economy well enough on the back of these revenues, and if Nigeria truly wishes to become the true engine room of Africa, then government reforms will need to take place. Nigeria and @ogoowinner deserve better.