The Growth Rate Of Nigeria

Nigeria is an Agricultural and oil rich nation but characterised by Political instability, corruption, poor

The diversity of the country’s export base has been eroded by focus on hydrocarbon activities, however limited growth in the non-oil sector has helped diversify the economy during the past decade. Agriculture remains relevant as main source of employment. In the 1990’s, uncontrolled debt levels, debt restructuring, failure to meet payment deadlines and write-offs damaged Nigeria’s a reputation. Nigeria returned to civilian rule in 1999, after independence from Great Britain in 1960 was followed by years of military rule. (Nigerian Government, 2015).

Agricultural production, which used to be the mainstay of Nigerian economy, has been declining as results of crude oil discovery and subsequent increase in production and exportation of crude oil (Edo (2013). The discovery of crude oil and appreciation of oil price in the World market some years ago leads Nigerian government to abandon all other means of revenue generations, including agriculture, just to depend solely on crude oil revenue to finance most of her budgets. However, crude oil exports are no longer sustaining the economy due to the current downturn in crude oil price. For instance, the Nigerian government generated lots of revenues from crude oil exports, but majority of her populations are still under the poverty

In the last twelve months, the decline in oil and gas activities has not only led to retrenchment of workers in the oil and gas sector in the Niger Delta region in Nigeria, mainly within the International Oil Companies (IOC”s), but has also affected non-related oil and gas sectors such as the contractors and vendors to the Oil and Gas sector; this has triggered several thoughts outside the box to welcome an industry diversification. The Nigerian Government, which solely depends on the oil and gas exports has also been majorly affected by the downfall in oil prices, which has kept other government sectors such as works, healthcare, transportation, and mostly agriculture paralyzed in these twelve months.

(2011) to discuss the political economy of the Nigeria petroleum sector. These functions are clearly described in chapter four of this work.

Economic * A growing middle class with more buying power * GDP is growing due to oil revenues * Continued private sector investment * “Nigeria is one of the top 10 fastest-growing drinks markets in the world” (Sarah Rundell 1/10/2009 African Business magazine) * Nigeria has however been affected by the global downturn and this has affected Heineken owned Nigeria Breweries business * Nigeria is attracting investment from foreign retailers such as ‘Park n Shop’

During the period 1960-1997, Nigeria’s growth rate of per capital GDP of 1.45% compares unfavorably with that reported by other countries, especially those posted by china and the Asian Tigers such as Hong Kong, Singapore, Taiwan, and south Korea, viewed in this comparative perspective, Nigeria’s per capita income growth has been woefully low and needs to be improved upon.

Nigeria is largely a net importer of rice, tin tomato and fertilizer; while it majorly exports cocoa and cotton. Nigeria is the 4th largest exporter of cocoa with about 300,000 metric ton traded in year 2015. In order to stimulate agricultural production both for local consumption and international trade, the government has often been involved directly in fertilizer importation which is a major

In April 2014 statistical "rebasing" exercise, Nigeria has emerged as Africa 's largest economy, with 2015 GDP estimated at $1.1 trillion. Oil has been a dominant source of income and government revenues since the 1970s. Following the 2008-9 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Nigeria’s economic growth over the last five years has been driven by growth in agriculture, telecommunications, and services. In this paper I will be trying to marketing some of things in Nigeria that might have people interested in getting their hands on or even coming to Nigeria to see. For instance I will give you why some people

Alpha is the largest and most internationalised Nigerian manufacturing firms. The firm’s evolution, expansion and internationalisation is an example and a proof of a good government economic policy that propelled a visionary businessman with entrepreneurial abilities to build one of the largest…multinational firm in SSA (Interviewee Alpha_g1 September 2015). The firm’s domestic expansion had contributed to a large extent to the increased levels of industrial development and the economic growth of Nigeria in the past 15 years.

Increasing demand by the Nigerian people for visible contribution from the oil and gas sector to national economic growth

There are some applicable domestic laws and international treaties in Nigeria for regulating the activities of multinational oil companies through human rights enforcement and protection of the environment.

Before the discovery of oil in Nigeria, agriculture used to be the main sources of revenue and foreign exchange earning for government but regrettably this has been neglected. And since this is the major occupation of the rural people, their income has been the decline ever since.

According to the World Bank's report "Doing Business in 2007 - How to Reform", Nigeria’s reforms

The Federal Republic of Nigeria, Africa’s most populous country is in the West African sub-region, bordered by Niger in the north, Chad in the northeast, Cameroon in the east, and Benin in the west. Nigeria uses the presidential system of government and her currency is the Naira. Nigeria currently has 36 states with a Federal Capital Territory and a population of over 160 million people. Of this population, approximately 30 million are stu