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    Economy of Nigeria: Submitted by

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    chiamity
    Nigeria has a population of over 200 million people from 250 ethnic groups. Agriculture was historically the main economic driver but the economy became reliant on oil exports in the 1970s. This led to declining economic conditions when oil prices dropped globally in the 1980s. The economy suffered from corruption, mismanagement, urbanization, and neglect of the agricultural sector. Recent trends show GDP growth around 4% annually with services and industry becoming more important. The government is pursuing diversification and attracting foreign investment beyond oil to support continued economic development.

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    Economy of Nigeria: Submitted by

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    chiamity
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    Nigeria has a population of over 200 million people from 250 ethnic groups. Agriculture was historically the main economic driver but the economy became reliant on oil exports in the 1970s. This led to declining economic conditions when oil prices dropped globally in the 1980s. The economy suffered from corruption, mismanagement, urbanization, and neglect of the agricultural sector. Recent trends show GDP growth around 4% annually with services and industry becoming more important. The government is pursuing diversification and attracting foreign investment beyond oil to support continued economic development.

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    Nigeria has a population of over 200 million people from 250 ethnic groups. Agriculture was historically the main economic driver but the economy became reliant on oil exports in the 1970s. This led to declining economic conditions when oil prices dropped globally in the 1980s. The economy suffered from corruption, mismanagement, urbanization, and neglect of the agricultural sector. Recent trends show GDP growth around 4% annually with services and industry becoming more important. The government is pursuing diversification and attracting foreign investment beyond oil to support continued economic development.

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    17 views11 pages

    Economy of Nigeria: Submitted by

    Uploaded by

    chiamity
    Nigeria has a population of over 200 million people from 250 ethnic groups. Agriculture was historically the main economic driver but the economy became reliant on oil exports in the 1970s. This led to declining economic conditions when oil prices dropped globally in the 1980s. The economy suffered from corruption, mismanagement, urbanization, and neglect of the agricultural sector. Recent trends show GDP growth around 4% annually with services and industry becoming more important. The government is pursuing diversification and attracting foreign investment beyond oil to support continued economic development.

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    of 11

    ECONOMY OF NIGERIA

    Submitted By:
    Abhishek Sinha A1802009032
    Chinmaya Ku. Mishra A1802009377
    Aijaz Anees A1802009077
    Jasjeet Singh A1802009193
    Abhishek Nigam A1802009385
    Tanvi Gupta A1802009021
    Presentation On Economy Of Nigeria
    PRE-CRISIS
    • Nigeria is located in west coast of African continent.
    • Nigeria was granted full independence from Britain on 1st October
    1960.
    • Most populous country in Africa, with 30 states under a constitution
    that provides a parliamentary form of government.
    • Nigeria constitutes 1/5th of sub-saharan African’s people.
    • The country have 250 ethnic groups which gives Nigeria a rich
    diversity.
    • Two third of the country’s population is Hausa Fulani and mainly
    Muslims.
    • Agriculture Based economy.
    • Exports- Cocoa, Pea nuts and Palm products.
    • The per capita income GNP of only $90 in 1968.
    • The GNP grew by 1000% to $1020 between 1968 and 1980.
    DURING CRISIS

    •Nigeria relies on oil for more than 90% of its exports earnings, which is
    30% of GDP and 70% of its federal budget resources.

    Major Causes Of Decline in Economy:-


    1)Declining of oil prices globally reduced the export earnings.
    2)Overly ambitious industrialization programs.
    3)Negligence of agricultural sector.
    4)Excessive foreign borrowings.
    5)Widespread economic corruption and mismanagement.
    POST CRISIS
    • The GNP per capita had declined by 70% to $240 same as on 1972.

    • Population grew rapidly but the growth rate became almost 3% per
    annum.

    • Due to the negligence in agriculture during 1970s and early 1980s


    caused a massive movement from rural to urban centres which
    causes urban unemployment.

    • Regional income disparities became 5:1.


    PESTLE
    POLITICAL ECONOMICAL

    • On 1st October 1960 • Nigeria is the worlds


    parliamentary form of poorest and least
    government was formed. economically developed
    country.
    • Ethnic, regional and • Relies mostly upon export
    religious tensions between of oil during 1970s and
    south and north. 1980s around.
    • Between 1968 and 1980 per
    capita GNP grew more than
    1000%.
    SOCIAL
    TECHNOLOGICAL
    • Varieties of customs, languages
    and traditions. • Overly ambitious
    industrialization program.
    • 2/3rd of the population is Hausa
    Fulani of whom most them are
    • Negligence to agriculture.
    muslims.
    • Major structural formation
    • Other ethnic groups are Nupe, during the oil boom in
    Tiv, Kanuri. 1970s.
    • Languages used are hausa, Ibos
    and Yoruba.
    LEGAL
    ENVIORNMENTAL
    • Widespread corruption and
    mismanagement during • Nigeria has Had diverse &
    1970s and 1980s. valuable resources.

    • Massive movement of • Only one exploitable oil


    people from rural to urban field, govt initiation to find
    areas due to oil boom. more oil & gas field.
    RECENT TREND
    • GDP growth rate has come down to 3.8% in 2009 from 5.3% in 2008 and 6.4%
    in 2007.

    • Per capita income is estimated around $2400 in 2009.

    • The growth rate in different sectors(Esti. 2009):-


    I. Agriculture: 33.4% Ranks-21
    II. Industry: 34.1% Ranks-53
    III. Services: 32.5% Ranks-159

    • Major exporter of Cocoa, Rubber, and Petroleum Products(95%).


    • Gross external debt of $9.686 billion by 31 dec 2009.
    • Nigeria received a net inflow of US$5.2 billion of foreign direct investment
    (FDI), much of which came from Nigerians in the diaspora. Most FDI is directed
    toward the energy and banking sectors.
    • The foreign export is of around $45.43billion in 2009.
    • Diversification of the economy into manufacturing industries.
    RECOMMENDATION
    • Should raise its domestic food production and labor productivity.
    • The oil revenues more rationally to diversify economic activity and
    reduce burden of foreign debt.
    • Should Lower the population growth with help of some family planning
    programs with improved rural health and education programs.
    • The country should seek increased foreign aid and investment which
    would help in debt relief.
    • Should make greater use of market price incentives to allocate resources.
    • Should maintain political stability transparency, deregulation,
    liberalization and privatization to have a prosperous economic growth.
    THANK YOU…

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