File Name: nigeria economic growth and development .zip
The economy of Nigeria is a middle-income, mixed economy and emerging market , with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Nigeria produces only about 2. Although the petroleum sector is important, as government revenues still heavily rely on this sector, it remains a small part of the country's overall economy. The largely subsistence agricultural sector has not kept up with rapid population growth, and Nigeria, once a large net exporter of food, now [ when?
According to a Citigroup report published in February , Nigeria will have the highest average GDP growth in the world between and In , Nigeria changed its economic analysis to account for rapidly growing contributors to its GDP, such as telecommunications, banking, and its film industry.
In , Nigeria reached an agreement with the Paris Club of lending nations to eliminate all of its bilateral external debt. The purpose of the NEEDS was to raise the country's standard of living through a variety of reforms, including macroeconomic stability, deregulation , liberalization , privatization , transparency, and accountability.
The NEEDS addressed basic deficiencies, such as the lack of freshwater for household use and irrigation, unreliable power supplies, decaying infrastructure, impediments to private enterprise, and corruption. Under the program, which covers the years from to , Nigeria is committed to achieving a wide range of ambitious objectives involving poverty reduction, education, gender equality, health, the environment, and international development cooperation.
In an update released in , the UN found that Nigeria was making progress toward achieving several goals but was falling short on others. Specifically, Nigeria had advanced efforts to provide universal primary education, protect the environment. A prerequisite for achieving many of these worthwhile objectives is curtailing endemic corruption, which stymies development and taints Nigeria's business environment.
President Olusegun Obasanjo 's campaign against corruption, which includes the arrest of officials accused of misdeeds and recovering stolen funds, has won praise from the World Bank. However, while broad-based progress has been slow, these efforts have begun to become evident in international surveys of corruption. The Nigerian economy suffers from an ongoing supply crisis in the power sector. Despite a rapidly growing economy, some of the world's largest deposits of coal, oil and gas and the country's status as Africa's largest oil producer, power supply difficulties are frequently experienced by residents.
Two thirds of Nigerians expect living conditions to improve in the coming decades. This is a chart of trend of gross domestic product of Nigeria at market prices estimated  by the International Monetary Fund with figures in USD billions. Figures before are backwards projections from the — numbers, based on historical growth rates, and should be replaced when data becomes available. The figure for is derived from a rebasing of economical activity earlier in the year.
The US dollar exchange rate is an estimated average of the official rate throughout a year, and does not reflect the parallel market rate at which the general population accesses foreign exchange.
This rate ranged from a high of in March to a low of in August , due to a scarcity of forex oil earnings had dropped by half , and to speculative activity as alleged by the Central Bank. All the while the official rate was pegged at These are estimates and are intended to get a feel for the relative wealth and standard of living, as well as the market potential of its middle class.
This is a chart of trend of the global ranking of the Nigerian economy, in comparison with other countries of the world, derived from the historical List of countries by GDP PPP. This chart shows the variance in the parallel exchange rate at which the Dollar can be obtained with Naira in Lagos, with "Best" being cheaper for a Nigerian i.
In Nigeria's inflation rate was an estimated Nigeria ranks sixth worldwide and first in Africa in farm output. Nigeria has 19 million head of cattle, the largest in Africa. Cocoa production, mostly from obsolete varieties and overage trees has increased from around , tons annually to , tons.
Major agricultural products include cassava tapioca , corn, cocoa, millet, palm oil, peanuts, rice, rubber , sorghum, and yams. In , livestock production, in order of metric tonnage, featured eggs, milk, beef and veal, poultry, and pork, respectively.
In the same year, the total fishing catch was The agricultural sector suffers from extremely low productivity, reflecting reliance on antiquated methods. Agriculture has failed to keep pace with Nigeria's rapid population growth, so that the country, which once exported food, now imports a significant amount of food to sustain itself.
In addition to smaller productions of other agricultural products. Nigeria's proven oil reserves are estimated to be 35 billion barrels 5. Efforts are underway [ when? The U. Although the trade balance overwhelmingly favors Nigeria, thanks to oil exports, a large portion of U. To counter smuggling and under-invoicing by importers, in May , the Nigerian government instituted a full inspection program for all imports, and enforcement has been sustained.
On the whole, Nigerian high tariffs and non-tariff barriers are gradually being reduced, [ when? Exxon Mobil and Chevron are the two largest U. Significant exports of liquefied natural gas started in late and are slated to expand as Nigeria seeks to eliminate gas flaring by The pump price of P. Then President Goodluck Ebele Jonathan later reached an agreement with the Nigerian Labour Congress and reduced the pump price to 97 naira.
The pump price was further reduced by 10 to 87 naira in the run-up to the general elections. However, after the elections of Muhammadu Buhari , the fuel subsidies was removed again, and the pump price increased again, despite the fall in oil price.
Since the fall in oil prices in and , the government exchange rate policy has limited devaluation of the naira due to inflation concerns by the President Muhammadu Buhari.
Nigeria ranks 27th worldwide and first in Africa in services' output. Since undergoing severe distress in the mids, Nigeria's banking sector has witnessed significant growth over the last few years [ when? Private sector-led economic growth remains stymied by the high cost of doing business in Nigeria, including the need to duplicate essential infrastructure, the lack of effective due process, and nontransparent economic decision making, especially in government contracting.
While corrupt practices are endemic, they are generally less flagrant than during military rule, and there are signs of improvement. In , The World Bank in stated that since , the Nigerian Stock Exchange has enjoyed strong performance, although equity as a means to foster corporate growth is being more utilized by Nigeria's private sector. Extensive road repairs and new construction activities are gradually being implemented as state governments, in particular, spend their portions of enhanced government revenue allocations.
There are several domestic private Nigerian carriers, and air service among Nigeria's cities is generally dependable. The mining of minerals in Nigeria accounts for only 0.
The domestic mining industry is underdeveloped, leading to Nigeria having to import minerals that it could produce domestically, such as salt or iron ore. Rights to ownership of mineral resources is held by the Federal government of Nigeria, which grants titles to organizations to explore, mine, and sell mineral resources. Organized mining began in when the Mineral Survey of the Northern Protectorates was created by the British colonial government. A year later, the Mineral Survey of the Southern Protectorates was founded.
By the s, Nigeria was a major producer of tin , columbite , and coal. The discovery of oil in hurt the mineral extraction industries, as government and industry both began to focus on this new resource. The Nigerian Civil War in the late s led many expatriate mining experts to leave the country. Nigeria 's primary energy consumption was about Mtoe in Electricity — production by source: fossil fuel: Oil - production: 2.
A major source of foreign exchange earnings for Nigeria are remittances sent home by Nigerians living abroad. On the African continent, Egypt, Equatorial Guinea, Chad, Libya and South Africa are important source countries of remittance flows to Nigeria, while China is the biggest remittance-sending country in Asia. In , Nigeria had a labour force of 74 million. In , the unemployment rate was Since , the Nigerian Labor Congress NLC a union umbrella organization, has called six general strikes to protest domestic fuel price increases.
However, in March the government introduced legislation ending the NLC's monopoly over union organizing. According to the International Organization for Migration , the number of immigrants residing in Nigeria has more than doubled in recent decades — from , in to , in The government has to pay a high interest rate on bonds in part because of the high fertility rate; there are many children and less savings. As of , Nigeria's HDI is ranked nd at 0. The comparative value for Sub-Saharan Africa is 0.
The value for the education index is 0. The expected years of schooling in Nigeria is 9. Additionally, Nigeria is also facing a relatively high inequality, worsening the problem regarding the formation of human capital. In the light of highly expansionary public sector fiscal policies in , the government sought ways to head off higher inflation, leading to the implementation of stronger monetary policies by the Central Bank of Nigeria CBN and underspending of budgeted amounts.
As a result of the CBN's efforts, the official exchange rate for the Naira had stabilized at about Naira to the dollar. A key condition of the Stand-by Arrangement has been closure of the gap between the official and parallel market exchange rates. Much of the informal economy, however, can only access foreign exchange through the parallel market. Companies can hold domiciliary accounts in private banks, and account holders have unfettered use of the funds.
Expanded government spending also has led to upward pressure on consumer prices. Inflation which had almost disappeared in April reached State and local governments demanded access to this "windfall" revenue, creating a tug-of-war between the federal government, which sought to control spending, and state governments desiring augmented budgets, preventing the government from making provision for periods of lower oil prices.
The Obasanjo government supported "private-sector" led, "market oriented" economic growth and began extensive economic reform efforts. Although the government's anti-corruption campaign was left wanting, progress in injecting transparency and accountability into economic decision-making was notable. The dual exchange rate mechanism formally abolished in the budget remains in place in actuality.
During the government's privatization program showed signs of life and real promise with successful turnover to the private sector of state-owned banks, fuel distribution companies, and cement plants.
The successful auction of GSM telecommunications licenses in January has encouraged investment in this vital sector. Although the government has been stymied so far in its desire to deregulate downstream petroleum prices, state refineries, almost paralyzed in , are producing at much higher capacities.
By August , gasoline lines disappeared throughout much of the country. The government still intends to pursue deregulation despite significant internal opposition, particularly from the Nigeria Labour Congress. To meet market demand the government incurs large losses importing gasoline to sell at subsidized prices. Nigeria's foreign economic relations revolve around its role in supplying the world economy with oil and natural gas, even as the country seeks to diversify its exports, harmonize tariffs in line with a potential customs union sought by the Economic Community of West African States ECOWAS , and encourage inflows of foreign portfolio and direct investment.
The study investigates the relationship between foreign direct investment flows and economic growth in Nigeria. The study became necessary because as never before, the civilian governments since have employed several strategies to ensure increased flow of FDI into Nigeria because of its perceived benefits as lauded in the theoretical literature as the panacea for economic underdevelopment. The study utilized simple OLS regression analysis and conducted various econometrics tests on our model so as to obtain the best linear unbiased estimators. The study confirmed the beneficial role of FDI in growth. However, the role of FDI on growth could be limited by human capital.
So, All of authors and contributors must check their papers before submission to making assurance of following our anti-plagiarism policies. The essence of revenue generation is to advance the welfare of citizens of a country with focus on promoting economic growth and development through the provision of development activities. Despite remarkable growth recorded in revenue generation the physical state of the nation in terms of social amenities and infrastructure remain backward. The aim of this study is to examine the contribution of revenue generated by the federal government on economic growth of Nigeria, while looking at the specific objectives: examine the influence of oil revenue on economic growth of Nigeria; examine the influence of non-oil revenue on economic growth of Nigeria. The study is backed up with theory of economic growth. Ex-post facto research designs was adopted in the work to examine the contribution of revenue generated on economic growth in Nigeria for the period of 30 years. Secondary data were sourced from Central Bank of Nigeria Statistical Bulletin for the purpose of this study.
Abstract The World Bank asserts that corruption is the single greatest impediment to economic growth in third world countries. This study was set out to investigate the impact of corruption on economic growth in Nigeria from to A Barro-type endogenous growth model was adopted and reconditioned to suit the purpose of the paper. The Engle-Granger cointegration and error correction mechanism ECM techniques were employed to unit root properties of the variables, their long run relationship and to determine values of long run parameters. The results show that corruption exerts significant direct effect on economic growth and indirectly via some critical variables examined by the paper which include Government Capital Expenditure, Human Capital Development and Total employment. It is, therefore, recommended that the government should consolidate on its efforts to fight corruption to a standstill in the country. Abed, G.
Items in EconStor are protected by copyright, with all rights reserved, unless otherwise indicated. This study empirically examines the relationship between financial intermediary development and economic growth in Nigeria over the period using the auto-regressive distributed lag ARDL approach to co-integration analysis. The results show that the relationship between financial development and economic growth in Nigeria is not significantly different from what has been observed generally in oil-dependent economies. The relationship between financial intermediary development and economic growth in Nigeria is found to be insignificantly negative in the long-run and significantly negative in the short-run. The results highlight the dominant role of the oil sector in economic activities in Nigeria.
Глаза Клушара расширились. - Так полицейский сказал вам, что это я взял кольцо. Беккер смущенно подвинулся. Клушар вдруг разбушевался.
- Человек Стратмора его нашел. Сьюзан, больше не в силах сдержать слезы, разрыдалась. - Да, - еле слышно сказала. - Полагаю, что. ГЛАВА 111 В комнате оперативного управления раздался страшный крик Соши: - Акулы.
Безопасность шифра не в том, что нельзя найти ключ, а в том, что у большинства людей для этого нет ни времени, ни необходимого оборудования. Стратмор покачал головой: - Это шифр совершенно иного рода. - Иного рода? - Сьюзан смотрела на него вопрошающе. Невзламываемый шифр - математическая бессмыслица. Он это отлично знает. Стратмор провел рукой по вспотевшему лбу. - Этот шифр есть продукт нового типа шифровального алгоритма, с таким нам еще не приходилось сталкиваться.
В ответ - тишина. Его руки крепче сжали ее шею. - Я сейчас ее убью. Сзади щелкнул взведенный курок беретты. - Отпусти ее, - раздался ровный, холодный голос Стратмора. - Коммандер! - из последних сил позвала Сьюзан.
Ой, дорогие мои… - сказала вдруг Соши. Она открыла на экране второе окно и просматривала остальную часть документов Лаборатории вне закона. - В чем дело? - спросил Фонтейн.
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