Why Nigeria Should Be Able For Build A Prosperous Economy

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Nigeria has a current GDP of 568.5 billion and a population of 178.5 million. It is the largest country in Africa with approximately 47% of West Africa’s population. It is the main oil exporter in the continent, has around 44 solid minerals in commercial quantity, and is a leading global player in a variety of commodities. Neoclassical Exogenous Growth theory argues that technology enables persistent increase in growth rate. Neoclassical Endogenous Growth argues growth comes by investing in key areas such as education, R&D, skills and knowledge. Both explain why Nigeria should be able to build a prosperous economy, reduce poverty and create wealth once investments are shifted to key areas and technology is imported and implemented. To attract capitals, including foreign direct investments, Nigeria will focus on developing the manufacturing sector (World Bank, 2014). 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). (+) Generous natural resources Nigeria has suitable climate and
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