What are some recommended upgrades for the Ford Ranger's engine?

I recently purchased a Ford Ranger and I'm interested in improving its performance. What are some modifications I can make to the engine to give it more power and better fuel efficiency?

One option is to install a cold air intake system, which can increase horsepower and improve fuel economy.

Another option is to upgrade the exhaust system with a high-performance exhaust, which can improve engine efficiency and give your truck a deeper, more aggressive sound.

Installing a performance chip or programmer can also give your Ranger a boost in horsepower and torque.