A complete lesson that covers the economic development of nigeria and the changing economic structure nigeria as a country that making rapid economic development. Overview of the nigerian economy african development bank. Nigeria is sub saharan africas largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Also, most of the typically scanty empirical attempts have been, in the main, conducted at the crosscountry levels, thus, making it quite difficult to extrapolating to countryspecific cases. Since then, nigerias economic growth has been driven by growth in. Economic policies are normally formulated to solve identified and analyzed problems that stand between the economy and its goals over a defined period of time. Apr 30, 2018 structure of the nigerian economy the economy of a nigeria is built on her foreign policy, natural resources and other sectors that make up the economy such as agriculture, tourism, health, education, mining, petroleum, farming, currency, insurance, marine, transportation, aviation, and forestry. The kernel of the paper rest in the fact that political leadership and corruption were interwoven and it is against this background that it explored the corrupt tendencies of the political leadership class in nigeria since 1960 and its implication for socio economic development. Nigerias economic structure suffers from a lack of infrastructure and poor regulation related to foreign and private investments. Introduction to the history and structure of nigerian. The economic structure of nigeria by simon kolawole business nairaland. The recurrent expenditure are government expenses on administration such as wages, salaries. Because this led to a great influx of rural people into the larger urban.
Structure of the economy and the role of investment an econometric model of the nigerian economy m. Parents socioeconomic status as predictor of secondary. National security and development in nigeria article pdf available in african journal of business management 623. Today, we have about 24 strong banks and well functional stock market. Nigeria is engulfed with socio economic problems which have caused poverty and conflict in the country. The nature and structure of the economy of pre colonial nigeria abstract. The economic structure of nigeria by simon kolawole by salafiyy. The economic context of nigeria economic and political. The study examined the impact of tax revenue on the nigerian economy.
Economic development is defined conventionally in this. The growth of the country is still hampered by consumptive cultures, weak institutions and fragile political structures. Colonialism is a major feature of the economic history of nigeria. The economic context of nigeria economic indicators for the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus. Ecn2 history and structure of the nigerian economy 1 2. Structural change, economic growth and industrial policy in nigeria. The nigerian economy is one of the largest in africa. The political, economic and social dynamics of nigeria. This conversation is set to examine the nature and structure of the indigenous economies of the people of nigeria between 1500 and 1800 ad.
Extensive development being a feature of the 19th and 20th centuries, with concentration of economic and administrative decisionmaking in lagos, ibadan, kaduna, jos, and enugu, and high degree of specialization and larger. Mar 29, 2010 nigerias economic structure suffers from a lack of infrastructure and poor regulation related to foreign and private investments. According to oyesiku 2002, urbanization in nigeria has a long history in its growth and development. Economic development is defined conventionally in this text and it simply implies increased output, greater. With economic insecurity, high unemployment rates, and poverty the boko haram was able to emerge within nigeria as political protests. What are the socioeconomic problems facing nigeria that could be. What are the socio economic problems facing nigeria that could be. Ecn2 history and structure of the nigerian economy 1 2 units the course looks at the general overview of the nigerian economy, analysis of development in the precolonial and postcolonial periods with regards to developments of economic and social organisation, role of agriculture, industry magnetisation and banking, international trade in. This study believes that using a more robust estimation technique dynamic ordinary least squares which incorporates endogeneity and autocorrelation may yield more reliable result. The changing structure of the nigerian economy central bank of. Pdf the nature and structure of the economy of pre. Nigeria is engulfed with socioeconomic problems which have caused poverty and conflict in the country.
The economy of a nigeria is built on her foreign policy, natural resources and other sectors that make up the economy such as agriculture, tourism, health, education, mining, petroleum, farming, currency, insurance, marine, transportation, aviation, and forestry. Financial market structure, co integration test, ecm, economic growth, nigeria introduction since independence, the financial sector has been on the increase. Structure of the nigerian economy economics directs people on the way in which they will make choices in times where they are alternatives to the wants and needs of a person. Political leadership and corruption in nigeria since 1960. The lesson focuses on how the country has developed and shifted to secondary economic activity. For the latest forecasts on the economic impacts caused by the coronavirus pandemic, please consult the oecd economic outlook interim report coronavirus. Section 2 documents the performance of the nigerian economy focussing on the structure of economic activity on aggregate over time and comparatively with. Economic growth is expected to be maintained at about 3. Department of economics eco 215 history and structure of the. Iyoha the relative contribution of public sector and private sector investment to nigerias economic development since 1960 a. Data were sourced from central bank statistical bulletin and extracted through desk. Difference in wages and salaries structure in the nigeria. The nature and structure of the economy of precolonial nigeria. Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector.
A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. The organisation projects a population of 203 million in 2025 and 279 million in 2050, when nigeria is expected to have the worlds 6th largest population. Dec 07, 2019 nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the niger delta region, coupled with detrimental economic policies, including foreign exchange restrictions. Since the late 1960s it has been based primarily on the petroleum industry. The economic reforms and prudent policies have contributed to the consolidation of. Nigeria can be said to be a middleincome, mixed economy. It was one of the main sources of foreign currency. In this post, well take a look at the structure of the nigerian economy and how it has evolved from the precolonial times to the present day nigeria. The gross domestic product gdp in nigeria was worth 410 billion us dollars in 2019, according to official data from the world bank and projections from trading economics. Nigeria is the largest geographical unit in west africa, with land area of 923,768 square kilometers and estimated population of 122 million, 47% of whom are below 15 years of age and another 3% aged 65 years and above. Often, this is a composite of several sectors grouped for statistical purposes into agriculture. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate.
Boko haram is a violent social group that arose, partly in response to the social and economic deprivation of nigeria s northeastern population. In 2014, following the rebasing exercise, nigeria became the biggest economy in africa. Agriculture was central to nigeria s economic structure till the early 1990s. A series of unfortunate political and economic events have stalled. Following the 200809 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. At a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. The economic structure of nigeria by simon kolawole. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors.
Nigeria joined the ranks of oil producers in 1958 when its first oil field came on stream producing 5,100 bpd. Other financial institutions like insurance companies, finance companies etc are growing. Gdp growth turned positive in 2017 as oil prices recovered and output stabilized. The structure of nigerian public expenditure can broadly be categorised into capital and recurrent expenditure. Also, the country has been tagged as one of the emerging marketing in the world with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Pdf structural change, economic growth and industrial policy in. The study focuses on the impact of petroleum profit tax, company income tax, personal income tax, value added tax revenue on nigerias economic growth between 1980 and 20. The nigerian economy is characterized by structural challenges that limit its ability to sustain growth, create jobs and achieve real poverty reduction. History of the nigerian petroleum industry oil was discovered in nigeria in 1956 at oloibiri in the niger delta after half a century of exploration. Just to be clear, gdp is the market value of final goods and services produced within the boundaries of a country.
Publication date 2007 title variation introduction to topics in the history and structure of nigeria economy history and structure of nigerian economy series arts, management and social sciences handbook series isbn 9782056650 9789782056658. This study seeks to evaluate the difference in wages and salaries structure in the nigeria economy as case study of unth health sector. Data were sourced from central bank statistical bulletin and. The kernel of the paper rest in the fact that political leadership and corruption were interwoven and it is against this background that it explored the corrupt tendencies of the political leadership class in nigeria since 1960 and its implication for socioeconomic development. Recently i got into banter with someone over the composition of nigerias gdp and the result is this blog post. Nigeria economic outlook top 10 themes for 2019 top 10 economies in africa in 2018 egypt 8. Great attention will be focussed on the foundation of the economy. The lockdown measures imposed in the countryas major economic centers will only amplify the blow as the services sector reels from the severe pullback in consumption. This of course abstracts from the aberration of selfinterest motivated economic policies, which are common with rogue governments and leaders. The economic scenario has drastically deteriorated amid the twin shocks of the covid19 pandemic and global oil price crash.
A declining proportion of children and a simultaneous increase in the share of the youth and workingage adult. The highlights of the structure of the nigerian economy and changes therein are as follows. It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 22ndlargest in terms of purchasing power parity. This course is a study of the economic history and the structure of nigeria. Youth should be one of the main economic assets for a country or a region. From 1680 to 1800, the economy of nigeria was dominated by the atlantic slave trade because of the growth of the atlantic plantation system.
After independence, the nigerian economy seemed very promising. Government expenditure and economic growth in nigeria. To encourage foreign direct investment in the oil and natural gas sector, the country has aligned trade tariffs with the economic community of west african states ecowas standards. Britain eventually gained control of nigerian administration. Nigeria economy gdp, inflation, cpi and interest rate. The study period spans economic cycles for about 66 percent of the life of. However, the growth process in 2000 introduced macroeconomic instability as inflation rose sharply and the foreign exchange rate became unstable. Industrial development and growth in nigeria brookings institution. Because this led to a great influx of rural people into the larger urban centres. The size and structure of public expenditure will determine the pattern and form of growth in output of the economy. This study a nalyses the impact of non oil tax revenue on economic growth from 1993 to 2012 in nigeria.
Much of the countrys manufacturing is based around lagos. The present study examines the longrun and shortrun relationship between tax structure and statelevel growth performance in india for the period 19912016. The nigerian film industry 7 the states in the south and around the major urban centers, such as lagos state and rivers state, have the highest population and the most developed economic structure. However, over the years, the agricultural sector has become a grey area for the nigerian economy. The discovery was made by shellbp, at the time the sole concessionaire. In this regard, the federal government has developed a framework in the nigeria economic recovery and growth plan 201720. This instability is expected to continue in 2001 and 2002. Jul 28, 2012 the structure of nigerias economy july 28, 2012 by wallesmit in nigerian economy 28 comments recently i got into banter with someone over the composition of nigerias gdp and the result is this blog post. The economic structure of nigeria by simon kolawole by dimssy m.
Iyoha the relative contribution of public sector and private sector investment to nigeria s economic development since 1960 a. Abstract this paper investigated parents socioeconomic status on secondary school students academic performance in ekiti state. It depends on implementing the economic recovery and growth plan 201720, which emphasizes economic diversification. The lesson is fully resourced and includes a concise knowledge organiser. Many saw nigeria, with 15% of africas population, as an emerging economy. Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the niger delta region, coupled with detrimental economic policies, including foreign exchange restrictions. However, the study introduces a new perspective on the role of corruption in economic growth and provides quantitative estimates of the impact of corruption on the economic growth in nigeria as well as their causal relationship. Unit health sector every day the problem of a functional wage and salary burdens.
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