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Nigeria is one of the founding members of the African Union (AU), formerly Organisation of African Unity (OAU), which was established in May 1963. Nigeria supports the AU, and takes its membership seriously in this primary African political group. The creation of the AU brings the dream of a common African currency, foreign policy, defence structure and economic programme closer to reality. The AU has a number of official bodies, some of which are not yet fully functional.
Nigeria is the largest economy in Africa. However, growth has fallen sharply since 2010, with the economy falling into recession in 2016 due to an oil-induced crisis
