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Nigeria Case Study (Economic structure and change (Industry Changes (now…
Nigeria Case Study
Economic structure and change
Largest economy in Africa
one of the fastest growing economies in the world
Most people in Nigeria are poor living on less than USD$1.25
inequality is growing with minority working in well-paid jobs in the city. Most of Nigeria's wealth is concentrated in the south leaving the poorest of people in the north
Industry Changes
Most of the GDP of Nigeria came from agriculture 30 years ago
now globalisation has bring many new industries such as:
telecommunications
retail and wholesale
Film industruy
'Nollywood' is the third largest film industry in the world
agriculture 30.5%
manufacturing 14.3%
Services 55.2
Oil
Oil and gas is vital to Nigeria's economy
14% of GDP, 95% of all exports
This income allows for Nigeria to grow
This makes Nigeria very vulnerable to changes In oil prices
Improves Nigeria's standard of living
Exports cheap manufactured goods
creates new jobs
TNCS
Multiple oil related TNC operate in the area
Royal Dutch Shell
Chevron
Exxon-mobil
Agip
Total
These companies create drilling platforms
Environmental Impact
oil spills damage farmland
gas flares - deteriorate environment and fumes affect people health
accidental explosions can occur
oil pollution
ADV / DISADV
ADV
New investment to countrys
Provide jobs at higher wages than informal emplyoment
bring expertise and new skills
international links with other countries and companies
provide new technologies
DISADV
Take profits out of country back to country of origin
allowed to pay lower wages
They can withdraw any investments made extremely quickly
deplete natural resources and cause environmental damage
can exert powerful influences over a government
Location and Economic Importance
In Africa
North of equator
largest population in Africa: 184 million people as of 2015
Large population because of high birth rates
seventh in world by population
LIC -> NEE
In the World
identified as a MINT contry
Mexico
Inonesia
Nigeria
Turkey
One of the worlds fastest growing economies
it is growing due to the high number of young people who are also educated allowing for skilled workers to contribute to the economy in 20 years or so
by 2050 it could be richer then France or Canada
Investment with over companies
relationship with Britain
Slave trade
export of palm oil
exports manufactured goods
CHINA
china invests up to $10 billion into Nigeria one of the highest in africa
Investment is needed for in infrastructure
Nigeria provides China with the resources it needs for its growing environment