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The Federal Republic of Nigeria: the Country With Rich Natural Resources - Research Paper Example

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The paper describes The Federal Republic of Nigeria in West Africa. It is a very populous country endowed with rich natural resources. The laws practiced in the country are English law inherited from British rule, Common law developed post independence from British rule, Law…
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The Federal Republic of Nigeria: the Country With Rich Natural Resources
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Download file to see previous pages The problem with Nigeria is that the system lacks checks and balances (or mechanisms) to control the autocratic tendencies in government and to hold political actors accountable for their actions. Also, politicians do not practice ethical politics and their actions do not add values to the system. Lack of ‘ethical politics and values’ (Dike, January 15, 2007) and politics of hate and destruction contribute to the economic and political hiccups in the society.11. The results of the financial sector reforms undertaken in the country have been disappointing. Huge fiscal deficits, persistent depreciation of the exchange rate and tight credit policies may create or worsen an existing inflationary situation. 12 One of the main areas for concern in Nigeria is the country’s banking sector. A large degree of fraudulent activities has occurred in this sector.13 Liberalization of economies and the concept of globalization in the marketplace forced the commercial undertakings/countries to integrate their activities into the international practices for expanding their business in international trade. In developing countries such as Nigeria, there are also causes for concern. Although corruption is a global scourge, Nigeria appears to suffer the most from it because the leaders are pathologically corrupt…Nigeria could become an economic power-house and command the attention of the international community only if it can give proper attention to education and technological development, learn to reward hard work and creativity, and ensure constant power supply and produce high-quality goods and services.14 A clear understanding of the international laws, the local laws in relation to international trade and the cultural background and values of the society is very important for successful operations. ...Download file to see next pages Read More
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