Economic structure of Nigeria
Worldwide, it is the 30th largest economy, by GDP volume.
For instance, the Boko Haram terrorist group sprung up in 2008 and they have been involved in attacking schools, mosques, churches and markets.
Currently, over 64 million youths are unemployed while 1.6 million are underemployed.This has led to the high rate of crime and terrorist activities. The history of the Nigeria’s economy can be traced to the pre-colonial era when agriculture was the mainstay of the economy.In this post, we’ll take a look at the structure of the Nigerian economy and how it has evolved from the pre-colonial times to the present day Nigeria.From 1680 to 1800, the economy of Nigeria was dominated by the Atlantic slave trade because of the growth of the Atlantic plantation system.
The central bank of Nigeria’s recent decree that banks hold loan–deposit ratios of 60% bodes well for increasing lending to the real sector. The unemployment rate in Nigeria is still quite high.
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Also, foreign investors have withdrawn from the country because of the Boko Haram attacks and it is estimated that Boko Haram has led to the loss of over $1.33 trillion dollars in foreign investments.Currently, Nigeria is highly dependent on its earnings from crude oil however; the government is currently working hard to diversify the economy by using the revenue from crude oil to develop other sectors of the economy.
In this post, we’ll take a look at the structure of the Nigerian economy and how it has evolved from the pre-colonial times to the present day Nigeria. Following the 2008-09 global financial crises, the banking sector was effectively recapitalized and regulation enhanced.
A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Because the soil is not totally Root crops—notably yams, taro, and cassava—are the main food crops in the south, while grains and legumes—such as In 1982, in the first major step taken to halt the decline in industrial crop production, the government disbanded the produce marketing boards, which paid prices set by the government.
While the government is reliant on oil and gas for its revenue, the economy itself is more diversified, with manufacturing, banking and insurance, retail and agriculture all major contributors.
Nigeria Economic Outlook Top 10 themes for 2019 Nigeria not among the fastest growing economies in Sub-Saharan Africa (SSA) by percentage growth in GDP The largest economies in Sub-Saharan Africa offer opportunities for business growth, particularly when considering an expansion … The GDP value of Nigeria represents 0.37 percent of the world economy.
The cattle-herding Fishing has assumed greater importance as a food source following the loss of thousands of head of livestock during the recurring drought in the It was during this period that the World Bank classified Nigeria as a low-income country (based on the 1987 data).Another interesting aspect of the Nigerian economy was the increase in government expenditure which rose from 9% in 1962 to 44% in 1979.
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The economy is doing quite well as it has recently recovered from a recession and the inflation rates are nearing a single digit.But there have been some negatives.
As a result, the political parties between 1951 and 1960 had begun playing leading roles in unifying and mobilizing the economic elitesEventually, Nigeria became an independent nation in 1960.
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