which of the following economic system is in operation in Nigeria?
Answer Details
The economic system currently in operation in Nigeria is a mixed economy. This means that the economy combines elements of both capitalism and socialism, with both private and public sectors playing important roles in the economy. In Nigeria, the private sector is dominant in areas such as agriculture, manufacturing, and services, while the government plays a major role in the oil and gas industry, as well as in providing social services such as healthcare and education. The mixed economy model allows for some level of government intervention in the economy, while still allowing private businesses to operate and compete in the market.