Why Nigeria Should Be Able For Build A Prosperous Economy

I learned a plethora of information about the decades leading up to the Nigerian civil war as a result of this reading. Firstly, I never knew that the process of gaining independence was a systematized and prolonged one in the sense that there were 10-year programs established to facilitate this process, including the development and expansion of “social services, infrastructure, and local industries” (Falola and Heaton 146). I don’t know why I had always romanticized the independence of Nigeria to be an abrupt and quick toppling of the entrenched colonialist systems.

An important part of the transformation of the African markets into more productive and effective systems is the upgrading of technology throughout the economy. In addition to serving as a mechanism through which to promote productivity, gains in technology will allow the African economy to engage in more “sophisticated economic activities” like a more robust financial services industry and increase banking levels throughout the

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.

The Nigerian oil production has been an issue that has become a cruse to the people for so many years. According to reports, the oil production has lubricated to Nigeria’s failure because it has damaged the economy as well as the environment and democracy. Anyone would think that a country that has an enormous resource of petroleum would be economically stable but this is not the case in Nigeria. For many years Nigeria has suffered effects directly as well indirectly from the oil industry. For my research I am drawing from two sets of sources. I will be referring to the books that I have researched as my A-sources. The newspaper articles will be referred as my B-sources in this paper. Through out my paper, I will show you how and explain why the media today only reports one side of the story while the books on my geopolitical topic will tell the background to the events occurring.

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).

The history of modern Nigeria, which dates back to post-independence era starting from 1st October, 1960 when Nigeria got her independence from the colonialists is a checkered one. The Nigerian State upon independence has witnessed myriads of challenges and threats to its national security and cohesion, exemplified in coups and counter-coups, conflicts and war with grave implication on the polity, threatening our sovereignty as a nation and dislocating our fledgling democracy. These threats and security challenges are most times interpreted along ethnic lines with a combustible mix of religious colourations amidst other elitist interests. Like most countries of the world, having not envisaged an Utopian state free from all forms of threats

Nigeria is known for having a long, complicated and tragic history. Since achieving independence in 1960, Nigeria has struggled to stabilize its government. Nigeria’s history is studded with military coups and corruption. The rule of numerous coups, which have occurred relatively close together over a span of about twenty nine years, make it extremely difficult for a stable form of democratic government to be created. Instead of a true democracy, Nigeria suffers under a kleptocratic government. Nigeria’s corrupt form of government consistently takes from its people for their own reward. Another factor of government instability, is that Nigeria is a state comprised without regard to the nations within its borders. The people of Nigeria

An archetypal example of an oil state and primary exporting country, Nigeria is the largest oil exporter in Africa and the world’s tenth largest oil producer (Pyagbara 2007: 1). As of 2010, crude oil and petroleum gas accounted for approximately 80% of the country’s overall exports, totaling over $50.3 billion in revenues the next year (Pyagbara 2007: 2). Despite maintaining a lucrative resource that could arguably catalyze momentum towards economic development, poverty plagues Nigeria and continues to rise despite efforts to forge positive, developmental changes. In fact, areas showing the largest amounts of oil like the Niger Delta happen to be the country’s most economically marginalized region. A significant impetus of these tumultuous changes has been multinational oil corporations like Shell that have been extracting oil in Nigeria since 1956. This paper seeks to examine Nigerian development in the face of oil extraction and how MNCs such as Shell have played a role in the country’s development. I will argue that MNCs, specifically Shell, have had an adverse effect on development within Nigeria as a result of oil extraction and the establishment of dependency on oil, both of which are amplified by the deep-rooted intrastate issues present despite MNC intervention.

An example of how the oil production is the cause of Nigeria’s state is doing the opposite of helping the country is seen through the A-source in the Review of African Political Economy. In this book, there is a section where it specifically gives information about the Ogoni and how the oil production affected them. Even though Ogoniland has made billions of dollars in oil

Africa’s growth can be tracked in multiple areas, such as the improvement in democracy in government, population growth, demographics, education, and an uptake in IT and mobile phone usage.

South Africa (SA) stands out among the rest of Sub-Saharan Africa in terms of levels of development and the degrees of democracy. It is now regarded as the emerging middle power in the African continent. I argue that South Africa’s place in the economic world also has different implications to different populations in this nation state. Nigeria on the other hand, has failed to sustain democracy and economic development. In this paper, I am going to critically analyze the reasons why South Africa is relatively successful as compared to other African countries. In particular, the paper is going to critically examine the reasons why Nigeria has failed to achieve the same level of success regarding the fact that it gained its “independence”

The Petroleum industry in Nigeria is the largest source of government revenue and it occupies a pivotal position in term of foreign exchange earnings with about 90 percent and over 80 percent contribution to the Gross domestic product. Petroleum sector is the mainstay of Nigerian economy since its discovery in commercial quantity in Oloibiri, Bayelsa State Nigeria in 1956. From 1970 to 2009, the income from petroleum stood at 82 percent with 18 percent from non-oil revenue. According to the world bank, “Nigeria is the biggest exporter of oil in Africa with the largest natural gas reserve in the continent”.

In Nigeria — Africa 's largest exporter of crude oil which amounts to 80 percent of its earnings, the impact of the credit crunch has been enormous, the 3.1-trillion-naira-budget is in deficit. illiquidity and Credit crunch leading to confidence crisis, weak consumer demand, Sub-prime crisis of 2007 and breakdown of confidence in the banking system, De-leveraging and banks inability to improve capital adequacy, Possible protracted recession in the US and Europe with upturn expected perhaps in 2010 and 2011, Declining real output growth—slowed economic growth (threat of global recession), Weakened financial systems—takeovers and bankruptcy, Loss of jobs, Loss of confidence in financial markets- leading to inability to carry out their intermediation role in the economy, Stock Market Crashes omyiuke (2010)

In Nigeria, economic liberalization through deregulation and privatization, has been implemented for various reasons, such as the demand for efficient and effective Public Enterprises, reduction in external borrowing, stronger capital markets, and improve accountability, but most important of all, for generation of employment and sustainable livelihoods for the betterment of Nigerian welfare (World Bank, 2013).

Nigeria and indeed almost all the African countries are now facing an unprecedented debt crisis never known in the history of the continent. The rationale for raising external loan has always been to bridge the domestic resource gap in order to accelerate economic development. This is because nations just like individuals need loans to augment domestic resources. Nigeria decides to borrow in order to finance specific projects. As at today, Nigeria Local and international debt stands at US $60 billion according to The Vice President Yemi Osinbajo. Nigeria debt did not just happen overnight because during some of the successive governments and administration since Nigeria independent from the periods of General Obasanjo’s regime (1976-1979) till Babangida and Abacha regimes (1985-1998), surprisingly, caused the nation’s ‘boast’ to begin to fade. Then, it was discovered that to keep moving, Nigeria had to take foreign loans. In no time, Nigeria was caught up in a crippling foreign debt crisis that besides compromising its economic progress, political stability, social dignity and cultural integrity, also dealt a debilitating blow to the Nigerian masses. Because of the pains and sufferings they inflicted as a result of implementation of the World Bank IMF policies.