Nigeria (Nigeria's economy and development (impact of economic…
Nigeria's economy and development
Nigeria Economic Structure: GDP. Agriculture was central to Nigeria's economic structure till the early 1990s. It was one of the main sources of foreign currency.
As seen previously Nigeria's main source of income used to be agriculture these include: Major crops include beans, sesame, cashew nuts, cassava, cocoa beans, groundnuts, gum Arabic, kola nut, maize (corn), melon, millet, palm kernels, palm oil.
Although Libya has more reserves, there were 37.2 billion barrels (5.91×109 m3) of proven oil reserves in Nigeria as of 2011, ranking the country as the largest oil producer in Africa and the 11th largest in the world, averaging 2.28 million barrels per day (362×103 m3/d) in 2006.
Major companies include: Nestle, Nigerian breweries and the Dangote groups
The rural-urban divide is a challenge in Nigeria as it is in countries across the world. According to the World Bank, in 1960 85% of Nigerians lived in rural areas.
impact of economic development
The structure of the Nigerian economy is typical of an underdeveloped country. ...
The mining, quarrying, and oil and gas extraction sector is part of the natural resources and mining super sector.
The increase in the proportion of urban population over time, calculated as the rate of growth of the urban population minus that of the total population.
Impact of Aid
emergency aid follows natural disasters or war and developmental aid is long term aid given by charities or governments
provides packages for orphans and vulnerable children. Protection from mosquitoes carrying malaria. Provides health and education in rural areas
Aduwan's health centre used the communities only shop as a clinic which immunises children against polio, tests for HIV and other infections, as well as educating mothers about these topics.
Importance of Nigeria
2014 - 21st largest economy, highest GDP in Africa and 3rd largest manufacturing sector. Supplies 2.7% of world's oil. Important role in UN Peacekeeping Force
70% employed in agriculture mainly subsistence.
Yet highest farming output in Africa but Land ownership arguments corruption.
Poor infrastructure - road and power supplies.
Nigeria supplies 2.7% of the world's oil and is the 12th largest supplier in the world. has a diverse economy with telecommunications and media.
Contributes 5th largest number of troops to UN Peacekeeping Froce
Gained independence from the UK in 1960 and now belongs to the Commonwealth, the UN, OPEC, the African Union (Peacekeeping and economic planning group) + trading groups; ECOWAS & CEN-SAD
Impact of Trans National Companies
Unilever produces a range of foods, drinks, and general household items. It employs about 1500 people and has increased the secondary sector in Nigeria, as well as improving the quality of life.Comes from sustainable sources and works with local cultures/markets. promoted improvement in health care, education and water supply
Shell is one of the worlds largest oil companies and has invested lots of money into extracting oil in the Niger delta. 90% of the people they employ are locals and supports growth of Nigeria's energy sector
Changing quality of life
Nigeria is still very poor in places. Gap between rich and poor has become wider.
There is limited access to services such as clean water, sanitation and reliable electricity.
Oil wealth hasn't been used affectively.
Higher disposable income to spend on schooling, home improvements, food, clothes and recreation.
Improvements to infrastructure such roads.
Reliable, better paid jobs, in manufacturing industries or services for example health care and education.
Better access to safe water and sanitation.
Reliable electricity supplies providing lighting and heating, easier to go out at night, and for children to do homework.
Better-quality health care, with more doctors and better-equipped hospitals.
Improved access to a better diet means higher productivity at work and in school.