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Nigerias Growth and Economic Experience - Essay Example

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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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Nigerias Growth and Economic Experience
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Download file to see previous pages 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. ...Download file to see next pagesRead More
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