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The Changing Economic World (Nigeria (Changing industrial structure…
The Changing Economic World
Nigeria
Importance
In Africa
Most populous country
Rich culture
Music
Nollywood
Literature
Globally
7th most populous country
Large producer and exporter of petroleum
NEE, increase in GDP by 400% over 10 year span
Changing industrial structure
Primary sector has shrunk significantly
Secondary sector has remained roughly the same, grown slightly
Tertiary sector is now the largest industrial sector
Reasons for economic growth (HIT)
High value exports : natural resources such as petroleum
Increasing use of machinery ; improved productivity
Economy more balanced between different sectors ; many income sources
Rapid advances in technology ; IT driving economy
Investment in science and technology training, huge population is an asset
Telecommunication use is increasing : Able to benefit from global finance and trade more
Manufacturing is significant (COM)
Cheap labour force
Multiplier effect and foreign investment
Oil processing creates chemicals which spawns the growth of the chemical industry
TNCs
Advantages
Improves infrastructure
Invest in the economies of developing countries ; helping raise living standards
Offer consumers a large degree of consumer choice
Lower unemployment rate
Disadvantages
Exploitation of cheap labour ; poor pay
Profits don't generally remain in the country the goods are manufactured in
TNC's avoid paying full taxes in the countries they operate in
Responsible for a growing global wealth divide
Effect on the environment
Aid
Limited access to necessary services
NGOs such as IDA support health projects to raise standards of living
For
Helps in short term
Educates about important issues like disease spread
Against
Country becomes dependent
Political ties / influence from donor
Environmental impacts of economic development (bodo oil spills)
Advantages shell bring
Employ 60,000 people and 200,000 indirectly
Pay billions to government in tax and roaylties as well as social investment programs
Disadvantages
Hundreds of oil spills in Niger Delta caused by old and poorly maintained pipelines
Devastating impact on the fields, forests and fisheries that are depended on for food and livelihood
Pollutes and contaminates water ; health risk
Bodo oil spill
55 year old pipline owned by Shell ruptured twice
600,000 barrels of oil leaked
Destroyed fishing grounds
Long lasting ill health
Polluted fresh water sources
Rapid urbanisation ; low standards of living
General info
Neighbours Niger and Chad
West Africa
Political
Officially a democratic country
Since independence in 1960, civil wars but now a stable democracy
Economic
2010 : 30% employed in agriculture
Petroleum accounts for 40% of GDP
Social
Very young population, almost half of population are under 14
Still majority rural
Birth rate is more than double the death rate
Tourism on development
Tunisia
7 UNESCO heritage sites
Disadvantages
Tourism companies keep most profit
Terrorist a ttacks aimed at tourists, disrupting the income
Pollution of beaches from untreated hotel sewage
Improvements
Companies such as Thomas Cook have helped to develop the country's tourism
2009 : Tourism industry provided 400,000 jobs
Benefited hotel industry, agricultural sector (provides food) and taxi companies
Increase in life expectancy, health and literacy rate
More equality for women, with increased exposure to more socially developed countries