But still, lets point out what are 10 economic problems facing nigeria economy today. This study argues the thesis that government has become indispensable in the quests for socio economic growth and development of states including nigeria. Crude oil export has continued to account for over 80% of the total federal government revenue, while the remaining 20% is contributed by nonoil. In these studies, researchers used economic development and economic growth interchangeably. The economic problems in nigeria have always been a topic of discussion. Use system dynamics to gain insights into the problem. Nigeria is now in a political mess, lots of killing, kidnapping and also. Time series data was used and sourced from the cbn statistical bulletin and annual reports. National interest and national development the term national interest is characterized with inconsistency. Lots of economic challenges have faced nigeria overtime. Nigeria could be a critical role towards achieving sustainable economic growth and development. Nigeria is a middleincome country, with emerging market and mixed economy.
Nigeria has seen remarkable economic growth in recent years, linked to a potentially transformative urbanisation process. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Economic development nigeria product, growth, economic. Resources, environment and economic development in nigeria. There is the urgent need to put nigeria into a rapid economic growth to achieve its vision 20. In that region, kfw development bank has long supported nigeria in eradicating the polio virus. An overview of the nigerian economic growth and development.
This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in nigeria, employing the johansen cointegration and granger causality tests. Industrial development and growth in nigeria brookings institution. Nigeria becomes africas largest economy get the data. The study period spans economic cycles for about 66 percent of the life of. Agricultural development should involve changing rural land use practices, using technology that is appropriate to the climate, crops, and culture of the people, and introducing agroforestry. Objectives of taxation the main purpose of tax is to raise revenue to meet government expenditure and to redistribute wealth and management of the economy ola, 2001. Ever since then, there has been accumulation of loans aimed at various development projects without obvious results as expected. By q217, the nigerian economy exited its recession, severely affected the nigerian economy. Agriculture is an important sector in the developing world. Achieving sustainable economic development in nigeria through.
Pdf effect of business on economic development in nigeria. Problems of economic development in nigeria and solutions. For taxation to make the desired impact on the economic development of nigeria as the major source of government revenue. Infrastructure development and economic growth nexus in nigeria. The mdg survey report for 2014 provides the most recent education indicators. Subsaharan africa region fdi indicators south east asia 35 no. With a population of 140 million people, nigeria is the most populous country in africa, with a gdp second only to south africas. A theoretical discourse article pdf available in mediterranean journal of social sciences november 2015 with 20,831 reads how we measure reads.
Nigeria country profile growth and development economics. However, shell is attempting to act more responsible by adjusting its position in order to have a more positive impact on economic development. Relying on post paper placed special emphasis on the integration. Entrepreneurship and economic development in nigeria. However, the results emanating from these studies have been inconclusive. The correlation test shows that employment generation had positive correlation at 5% level of significance. What are 10 economic problems facing nigeria in 2019. This act regulates the personal income tax throughout the federation. Efforts to achieve the millennium development goals have paid off in some areas but challenges remain. Issues, challenges and prospects tolu lawal1 and abe oluwatoyin2 1department of general studies, rufus giwa polytechnic, owo, ondo state, nigeria. Diversification of nigeria economy through agricultural. In recent years, all her efforts to grow the economy, nigerias rate of economic growth has remained very volatile and sluggish.
Nigeria is now at the midpoint of carrying out its development plan 19621968. Nigeria has been going through a lot of economic problems in the recent years. Economic report on nigeria 2015 1 introductory remarks this special edition of the economic report on nigeria aims at serving a dual purpose. It contributes to economic growth and development as well as a major employer to majority of the people of subsaharan africa including nigeria, especially those in the rural areas. Falodun, omogiator and ezeaku 1997 observed that economic development is the attainment of ideals of modernization such as the rise in productivity, social and economic equity, improved institution and values. Achieving sustainable economic development in nigeria through technical and vocational education and training. Nigerias economic recovery defining the path for economic growth. What factors contributed to the divergence in economic, political, and social stability of these two nations.
Nigeria abstract the small and medium scale enterprises smes dominate the real sector and play roles in the economic development of countries around the world. The term economic development refers to the improvement in the general standard of living of the people of the society. The nigeria economic report represents a new world bank product intended to be produced on a biannual basis. Public disclosure authorized nigeria economic report. Effect of business on economic development in nigeria article pdf available in journal of business economics and management volume 54. Globalization and nigerian economic development yusuf. On the other hand, the imf has not adapted to nigeria but obliges the country to adapt to the institutions demands hindering economic development.
This indicates that agriculture through employment generation tends to contribute to nigeria economic development. Population growth in nigeria puts pressure on the fragile ecosystem. The key issue of why high rates of economic growth in recent years have. Economic development through globalisation in nigeria. The world bank in nigeria 1998 2007 nigeria country. Economic development, nigeria, basic needs approach. Section 2 documents the performance of the nigerian economy focussing on the structure of economic activity on aggregate over time and comparatively with. The main problem is that our citizens and leaders have always failed to make things right. Role of transportation in the economic development of nigeria by oguike, matthew. The purpose of this study is to examine the human resources development of nigeria as the road map for vision 20. This paper discusses the challenges of nigeria s economy problems, causes and the way forward.
This study assessed the impact of entrepreneurship on economic development in nigeria. Nigeria has overtaken south africa as the continents largest economy after it overhauled its gross domestic product data for the first time in more than two decades official figures for 20. There are recent macroeconomic statistics on economic growth which raise hopes, but the larger impact on development particularly industrialization, production. Some researchers estimated the effect of tax revenue on the economic development of nigeria using gross domestic product gdp. These economic challenges happen, at times, simultaneously.
Economic diversification for sustainable development in nigeria. The economic situation of nigeria nigeria is a monoeconomic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. Nevertheless, the niger delta development commission nddc was created to coordinate economic and social development in the oilproducing region. This study concluded that the resultant effects of external debt on economic development in nigeria are negative and significant. 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. Globalization and nigerian economic development yusuf abdulraheem. Before the prominence of petroleum industry, nigerian economy was dependent on agriculture. Economic liberalization policies have been widely acknowledged in development finance literature as a critical factor in economic performance. National interest and national development in nigeria. This paper investigates the efficacy of nigeria s development policies in improving the standard of living of the people by adopting the basic needs approach bna to development. Achieving sustainable economic development in nigeria. A mutual correlation exists between infrastructural development and economic growth in nigeria. The quest for economic growth and development compelled nigeria to acquire external debt.
An endless search for appropria te development strategy iheanacho, e. Students work in groups to identify the differences in development and the issues and challenges this brings for nigeria. In a situation such as this, national interest does have a negative contribution to national development. Mar 27, 2016 for taxation to make the desired impact on the economic development of nigeria as the major source of government revenue. It has expanding manufacturing, service, financial, technology, communications, and entertainment departments. Nigerias ranking in the 20 human development index at 0. Umoh introduction this article overviews the growth and development of the nigerian economy from inde pendence to present times. There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth.
However, existing literature on the smes financing and economic development provide a contrasting results. It thus becomes imperative that the main problem confronting the growth and development of nigeria. First, it serves as an instrument for engaging the new administration of the federal government on the policy imperatives for sustainably transforming the nigerian economy. 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. The nigerian perspective is because the bulk of revenue needed for development purposes is derived from oil. International journal of economic development research and investment, vol.
The economic situation of nigeria nigeria is a mono economic nation with its economy heavily dependent on petroleum revenue which accounts for about 80% of government revenue and 90% of foreign exchange earnings. 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. Each report will provide an assessment of the current economic situation in the country and give special attention to selected topics of high policy relevance for nigeria. This paper examines the causal relationship between globalization and economic growth in nigeria from 1981 to 2012. A lot of literature exists on tax revenue and economic growth of nigeria adereti et al. Nigeria is threatened by economic decline, economic stagnation, stunted economic development and economic recession. Development cooperation with nigeria focuses on sustainable economic development including job. International journal of development and economic sustainability vol. Nigerian cities and towns need an integrated approach to local economic development that recognises and responds to the specific needs of its industrial clusters. The missing link yusuff, mulkat ajibola department of general studies, federal polytechnic, ilaro soyemi, jumoke department of computer science, federal polytechnic, ilaro abstract. People do hide under the cover of national interest to project and protect their own individual or group interest. The study was carried out at ilorin, capital city of kwara state, nigeria. Economic growth and development of nigeria economics essay.
What are the socio economic problems facing nigeria that could be responsible for the weak government. Infrastructure development and economic growth nexus in. Role of transportation in the economic development of nigeria. Federal ministry for economic cooperation and development nigeria. The growth of the country is still hampered by consumptive cultures, weak institutions and fragile political structures. A synopsis of the linear programming and inputoutput models asserts a preference for the linear programming optimizing model due to the heterogeneous development pattern in the country coupled with gaps between the achievements visa. Yet, following several years of military rule and poor economic management, nigeria experienced a prolonged period of economic stagnation, rising poverty levels, and the decline of its public institutions.
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