Nigeria
The importance of Nigeria
Global importance
Supplies 2.7% of the world's oil
Diverse economy
5th largest contributor to the UN global peacekeeping missions
Regional importance
One of the fastest growing economies in Africa
In 2014 it had Africa's largest GDP and third biggest manufacturing sector
Largest population of any African country
Highest farm output in Africa
Political Context
Became independent of British rule in 1960
Political instability has affected Nigeria's development due to wide spread corruption
Since 1999 it has had a stable government
Many countries are beginning to invest in Nigeria
In 2014, it was the 21st largest economy
TNCs - Transnational Corporations
Advantages
Companies provide employment and development of skills
Investment in services and infrastructure
Other local businessesbenefit from increaed orders
valuable export revenues are earned
Disadvantages
Local workers are sometimes poorly payed
Working conditions can be poor
Management jobs go to foreign employees
Much of the profit goes abroad
Shell
Employees 65 000
Indirect employment: 250 000
91% of contracts given to Nigerian companies
Invested £6 billion
Aid
How has aid benefited Nigeria?
2014 - World Bank loaned US$500 million for development projects
'Nets for life' provides education on the prevention of malaria and distributes anti-mosquito nets
Aid from the USA helps to protect against the spread of AIDs/HIV
How can aid reduce the development gap?
Must be long-term and sustainable
Means countries can invest in services and infrastructure
Improves healthcare and education
Improves quality of life
UK spends 0.7% of its GDP on aid