Economic Growth And Development Of Lagos And Nigeria

Sub-Saharan Africa has been a laggard with regards to economic growth rates when juxtaposed with many emerging developing countries. Analysts believe this could be due to high import volumes along with population boom dogged by disproportionate income growth. Structural deficiencies have hampered domestic production from propelling as swiftly as upsurges in demand. Many of the North African countries face agro-climatic limitations to increased production so imports are believed to play a pivotal role in satiating consumption

The area of Lagos is 389.5 miles squared. The currency in Lagos is the Nigerian Naira. The religions of Lagos are 50 percent Muslim, 40 percent Christian, and 10 percent Traditional Beliefs. Languages spoken are English, Pidgin English, Yoruba, Ibo, and Hausa. The present governor and the 14th governor is Mr. Akinwunimi Ambode. The vision of Lagos is “Making Lagos Africa’s Model Mega City And Global Economic and Financial Hub.” (lagosstate.gov). This vison in ways can cause problems for Lagos “The irony is that the demolition of the slums of Lagos has occurred in the name of the government’s vision of creating a 21st- century mega city, replete with skyscrapers, beaches and foreign investment.” (usnews.com).

The Nigerian economy has quite the surplus of natural resources they offer the potential for economic growth. “Crude oil accounted for over 95% of exports and over 65% of government revenue in 2004;” Nigeria is number eight in the world's exporter for oil. But agriculture still is a big part in the basic economic activity for the Nigerians.

While attending Lynchburg College, the students are given an opportunity to interact with countless international students. I personally have been fortunate enough to interact immensely with multiple of them throughout my four years here. I developed close bonds with Nigerians, Ethiopians, Russians, Hungarians, and Jamaicans. However, when Dr. Nathan introduced the class to the interview paper at the beginning of the semester; I immediately thought of Sylvanus Chukwu Umahi.

Corruption, negligence and irresponsibility of the civil management have contributed to the continued spread of the slum in the city of Lagos.

Nigeria has a population of around 180 million, making it the most populous country in Africa. Nigeria is located in a region with tropical climate and that can grow variety of crops. With their numerous resources and growing technology they have been able to have positive economic advancement. Nigeria has had improvements in five of the ten economic freedoms. This includes Freedom of corruption, labor freedom, and management of government spending ("Nigeria." Economy: Population, GDP, Inflation, Business, Trade, FDI, Corruption.). Nevertheless these large improvements in their economy has not brought human development, where most Nigerians live under the poverty line. This paper will focus on why Nigeria has not been able to use their economic prosperity in the sector of human development, this includes standard of living, health, safety, and basic necessity one needs to live a stable life. We will compare it to the state of Ghana whose economy has also flourished but has been success in human development.

This paper is about Nigeria and their health care, lending institutions and human capital. It is how this country can grow because this country is capable of great things. They need help and It seems that they are trying to fix the problems in their country, but it s very hard to climb yourself out of a hole that seems impossible. They need a assistance but the World Bank and IMF see unable to provide the amount of care that they need or give them the financial push that is required to keep their country a float.

A governor is able to own a six-thousand square foot home fully equipped with multiple security guards, a swimming pool, and far more rooms than needed. Meanwhile, in a neighboring town just miles away is poverty stricken land where someone calls home. It is surrounded by trash, with little food to eat, as the stench of sewage from the local city coats the air. This scenario is foreign to people living in the United States. That is simply because this is a problem prevalent to ones living in Nigeria, West Africa. For decades, Nigeria has been infamously known for the non-progressive gap between the categorization of who is considered to be either wealthy or who is labeled as impoverished. It is a country filled with an abundance of resources, and in spite of this, Nigeria’s poverty rate continues to struggle. The leading factors currently contributing to the growing poverty rate in Nigeria are due to the lack of proper education, the increasing population, and corruption within the government.

The current socioeconomics for Nigeria are extreme poverty and it is estimated around 62% of it current population live below its poverty line, which equates to under $1 day a day (Nigerian Millennium Development Goals, 2015). Nigeria’s gross domestic product per capita in 2015 is estimated at $6,400, and its unemployment rate in was estimated at 23.9% in 2011(Central Intelligence Agency, 2016).

Due to the fast pace of urbanization and population growth in urban centers, the pace and growth rate have outstripped the carrying capacity and resources being used to maintain public health standards, environmental conditions, sanitation, and sustainable economic growth. (Adedeji, 2005) Urbanization is a growing global issue and its impact is inevitable in Nigeria. Due to the many challenges posed by the diverse problems associated with urbanization, the need for sustainable development in Nigeria is immediately required especially from the government and developers who are responsible for urban growth. The right policies and incentives need to be put in place if we are to have any hope in preserving the existing cities and surrounding environments of these flourishing urban centers not only for the well-being of inhabitants, both physically and economically, but also for the future survival of Lagos. Urbanization is defined as the ability of urban areas and their immediate regions to be able to function at levels currently obtained and to maintain the quality of life residents have without reducing options available to them in the current or future generations. Urbanization is a “process of human agglomeration in multi-functional settlement of relatively substantial size.” (Mabogunje, 1985) This process is the key initiator for the transformation of cities, towns, and metropolitan areas

Lagos is an extraordinary and unique city within the global south. The movie shared some of the nuances that occur in the city that is a common within African in general. It also showed the city in a more positive light. Despite the struggles that the people have to face trying to survive in the city, it is seen as progressing and developing. The narrator has shown the difficulties of the poor and of those who are on the island regardless of their wealth. There unfortunately structural problem that make it impossible for anyone escape not having all of their basic needs met every day. Colonialism and Global programs where Western powers are in dominate control have caused the current condition of this city and places all over Africa.

It is no secret that much of the world has been concerned over the course of the past century with the amount of poverty that is existent in various parts of the globe, and how the rate of poverty seems to only be increasing. Consider the abject poverty and poor economic infrastructure that has been endemic to the countries of Africa for all of the modern era. According to Ana (2007) one of the primary reasons limiting economic expansion in countries such as Nigeria is that basic lack of access to financial capital that is necessary to usher in an era of expansion and prosperity.

Local, regional and global markets have easy access to Lagos due to its strategic location. Over fifty percent of the major ports in Nigeria are located in Lagos.

Nigeria obtained their independence from Britain on 1st October 1960. Within the country of Nigeria, they have over 371 tribes, but the main three that is well known are, Igbo, Hausa, and Yoruba. Within those 371 tribes, they have 521 languages. Nigeria is well known for their petroleum, and they have other natural resources include tin, iron ore, coal, limestone, niobium, lead, zinc and arable land. The maximum crude oil production capacity of Nigeria is 2.5 million barrels per day, and the whole world consumes an average of about 19.4 million barrels per day. One might ask, what is the problem with a country with the maximum capacity of oil production at 2.5 million a day? The problem with the country of Nigeria, according to my research, shows that its people are living in poverty. The country does have people who are blessed with money, but it also has people who cannot afford anything to eat for a day. According to the Food Aid International organization (FAI), “3000 adults and children die every day of hunger and poverty,” (Xinhua).“BBC news.” Another statistic from, “UNICEF, ORG,” illustrates, “About 70.8 percent of the population lives on less than $1 a day, and 92.4 percent lives on less than $2 day.” My research shows that the contributing factor of these massive poverty among citizen is caused by, unemployment, high inflation rate, high-interest rate, poor economic planning, high taxation, policy conflict, and corruption. But my study focuses on the leading factor

Nigeria faces vast inequality with a gini coefficient standing at 48. 8 (United Nations Development Programme, 2013). Lagos is home to the largest slum in the country, which is Ajungle. Nearly thirty kilometers away from the cities largest slum is a landfill where nearly 1000 people live and work. Despite being characterized as scavengers of garbage, they are actually entrepreneurs. These people have created a business from what they find in the dump and how they are able to make a profit from what others didn’t find value in. This essay