The economy is anchored in hydrocarbon extraction, with currency and fiscal constraints limiting the conversion of resource revenues into broad-based domestic capital circulation. Oil export revenues generate the dominant share of foreign exchange and fiscal receipts, but the transmission from resource income to household and private sector activity is structurally weak. The naira's chronic instability and the fiscal pressure created by subsidies and revenue volatility compress the state's capacity to invest in the infrastructure and institutional conditions that would broaden the anchor. The non-oil economy — agriculture, services, and nascent manufacturing — operates largely outside formal capital flows, constraining productivity and wage growth. The structural question is whether currency stabilisation and subsidy reform can create the conditions for capital to circulate beyond the extraction sector.