Nigeria has a vast of rich resources, the valued of them all being oil wealth. The country achieved political independence in 1960 and though it was expected to have vast influence thanks to the oil wealth, this has not come to pass…
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overty in Nigeria can be attributed to a shortage of vital resources and the endurance of harsh and inhospitable conditions including the breakdown of economic, demographic, ecological, cultural and social systems and bad governance. A community living in the oil producing areas in south of Nigeria displaced by pollution or the migration from rural to urban areas which undermines infrastructural facilities is a good example. A publication courtesy of the UNDP categorised Nigeria as one of the poorest countries in the world. Moreover, there also came a report of the central bank of Nigeria reporting 69.2 per cent of the population being poor. Proportionally this statistics will conclude that two thirds of the Nigerian population are experiencing income poverty. As well in the remote areas of the country, to be specific those in the north east felt that 50 per cent of them were poor and the corresponding figure for the south east was 54.5 per cent (United Nations Development Programme (UNDP), 2009). The poverty gaps are widening and a greater proportion of the wealth is being concentrated in the hands of the wealthiest 20 percent.it is thought that the highest income earning statues is enjoyed by just 10 per cent of the population who have a 31.4 per cent share of the total national income. Nearly 50 per cent of the total income is owned by the twenty per cent of the highest income earning group. Only an insignificant ten per cent of the national income is owned by an estimated 20 per cent of the poorest portion of the population. Reports done by organisations such as UNDP highlights how the poor in Nigeria experience and understand their poverty as quoted by (Pyke and Ali-Akpajiak, 2003). This is so despite the fact that Nigeria’s average growth rate between 2003 and...
The country embarked on tenure of democratic change through repeated elections and competitive political structures set in place. However, the new institutions are weak and inchoate, political allies appear divided and self-serving, popular legitimacy is fragile at best and these fledging regimes face numerous challenges including detrimental economic conditions, (Lewis, 2007). The economy had a detrimental decline due to slow growth, joblessness; slack investment, institutional disarray and fitful policy changes. These pressures have contributed to mounting trends of ethnic, religious and local conflicts. Economic outlook A critical look at poverty measurements shows a grim picture. Statistics focus on just 0.2 per cent of GDP on health care and 0.7 per cent on education.
Though the country has its own share of problems, external investors have the capacity to contribute positively to its share of long-term investment through joint ventures. A huge beneficiary as an asset is the current high price of crude oil. Proper management and governance has the potential of sustaining Nigeria’s development and prosperity in this century and far beyond.
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Economic growth is one of the major macroeconomic objectives. Economic growth is regarded as a necessary and desirable feature of modern economies . Economic growth is widely defined as ‘the sustained increase in real per capita incomes’ .
Overtime the general level of prices rise due to inflation leading to increase in nominal GDP even if the volume of goods and services produced remain unchanged. Real GDP is that which has been adjusted for price changes. It measures the value of output in two or more different years by valuing goods and services adjusted for inflation.
These theories include the exogenous growth model as well as endogenous growth model. This paper will represent an examination of the viability of several governmental initiatives aimed determining the if certain policies will facilitate economic growth whereby a developing nation is able to catch up with already developed nations and to maintain a steady-state after catch up.
Although it is true that economic growth alone can not bring sufficient changes in the average level living standard of people living in a particular country, it is an important component for obtaining higher quality of life. So, one of the major aims of any country across the world is to attain higher level of economic growth.
However, the real GDP per person in the country more than doubled between 1963 and 2003 (Parkin 425). In the rest of the world, specifically Asia, the growth in real GDP was even greater.
Specifically, a look at the world's seven biggest economies (United States, Japan, Canada, France, Germany, Italy and United Kingdom) shows that real GDP per person has grown steadily from 1963 to 2003.
Percentages encompassed in 1980 sum to less than 100 owing to the explanation that contributors depicted meager values. For instance, population in 1980 encompassed undersized statistics. This expounds
The modern methods uses construction of an aggregate index that combines different attributes such as HDI index used by UNDP. HDI combines health, income and education to make a weighted average index. The index is used to
Negative growth is when the economy is in recession and depression and vice versa and that is, the reason and features the article covers effectively. I suggest that an increase in economic growth is associated with improvement in the living standards of people.
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