Nigeria recent economic developments the performance of the nigerian economy was mixed in 2001. The industrial sector accounts for 6 per cent of economic activity, while in 2011, the manufacturing sector contributed only 4 per cent to gdp. After her independence in 1960, nigeria was classified as a country operating a mixed economic system, though the government owned and managed most public enterprises to derive its activities but recently the wave of privatization and deregulation in the late eighties has really changed the structure of nigerian economy. Our discussion will be centered on agriculture, industry and services. In this study, we analyze all the three explanations together. Appendix 3 available geographical map of nigeria showing mineral occurrences appendix 4 list of other relevant regulatory agencies appendix 5 key action items and timelines for executing the mining sector roadmap. The economic reforms and prudent policies have contributed to the consolidation of. Because this led to a great influx of rural people into the larger urban centres, agricultural production stagnated to such an extent that cash crops such as palm oil, peanuts groundnuts, and. The share of the oil sector in gdp increased from 28. Monetary policy, capital accumulation and output in the nigerian economy s.
Today, we have about 24 strong banks and well functional stock market. Pdf the nature and structure of the economy of pre. Ecn2 history and structure of the nigerian economy 1 2 units the course looks at the general overview of the nigerian economy, analysis of development in the precolonial and postcolonial periods with regards to developments of economic and social organisation, role of agriculture, industry magnetisation and banking, international. The implications of nigeras population structure to her. Country report nigeria raboresearch economic research. The efcc was established in 2003, partially in response to pressure from the financial action task force on money laundering fatf, which named nigeria as one of 23 countries noncooperative in the international. The authorities, through a combination of devices, stimulated the production of such industrial raw. The choice of the study period provides an opportunity for a comprehensive assessment of the effect of taxation on the nigerian economy.
Granted that nigeria is a colonial creation, the paramount determinant of political party formation was the nationalist opposition to colonial rule. From 1680 to 1800, the economy of nigeria was dominated by the atlantic slave trade because of. The structure of the nigerian economy is typical of an underdeveloped country. The primary sector, in particular, the oil and gas sector, dominates the gross. Determine the level of economic development achieved in the nigeria economy during the period under consideration. Economic history of nigeria precolonial era to date. Nigeria s economy is based on the traits and characteristics of the capitalist economic system and the capitalist system.
The industrial sector accounts for 6 per cent of economic activity, while in 2011, the manufacturing sector contributed only. The nigerian financial system central bank of nigeria. Determine whether the nigerian economy is developed or underdeveloped. However, the introduction of the structural adjustment programme as one of the means actualizing the goals of its economic brought untold economic hardships, political unrest in the country. Some of the reasons identified for nigeria s poor economic performance include. Employing the ordinary least square test and vector auto regression technique, a percentage increase in. The literature is awash with several studies on the issues relating population growth, demographic structure and economic growth in different countries of the world. Imperial britain acquired and administered nigeria like other colonial possessions for economic gains and to fully actualize this mandate excluded the emerging crop of. The institutional perspective of crosscountry differences in economic outcomes gives contrasting explanations on the persistence of extractive institutions in developing countries.
In the early 2000s, a comprehensive economic reform programme was initiated to fast track economic growth. The relative contribution of public sector and private sector investment to nigeria s economic development since 1960 a. It is no longer news that nigeria s economy is experiencing total collapse and if. In 1985, the objectives of the policy were broadened to include free primary education among others. The nigerian economy is one of the largest in africa. Money supply ms, exchange rate er, interest rate ir, and liquidity. This paper made on analytic discourse on the implications of nigeria s population structure on her economic growth and development. Relative to nigeria, atoyebi, ishola, kadiri, adekunjo and ogundeji 20 study the impact of capital market on economic growth using annual data of 1981 to 2010. There was also a significant growth in the financial services, communications, and entertainment sectors. The economic and financial crimes commission efcc is a nigerian law enforcement agency that investigates financial crimes such as advance fee fraud 419 fraud and money laundering. Structure of the economy and the role of investment.
The nature and structure of the economy of pre colonial nigeria abstract. Nigeria s economic performance showed resilience to the financial crisis in 2008, but the financial sector was hit hard and the financial markets collapsed. The paper examined the impact of monetary policy on economic growth in nigeria by developing a model that is able to investigate how monetary policy of the government has affected economic growth through the use of multivariable regression analysis. Tax structure and economic growth in nigeria damian nwosu 208 masters thesis. Economic development of nigeria pdf project topics. What are the socio economic problems facing nigeria. Dynamics of demographic structure and economic growth in nigeria. This would be evaluated using the aid of descriptive statistics and causal analysis. We are all longing for the month to end for the federation account allocation committee faac to meet and distribute the. This course is a study of the economic history and the structure of nigeria. The structure of the nigerian financial system has been through remarkable changes, ranging from their ownership structure, the length and breadth of financial instruments used to the number of institutions established, regulatory and supervisory frameworks as well as the overall macroeconomic environment within which they operate.
A country that recorded an average gdp growth of 6. Nigeria s galaxies of economic challenges by adopting several economic policies like structural adjustment programme. In 2008, the central bank of nigeria developed a macroeconometric model of nigeria to assist the bank in policy analysis. The changing structure of the nigerian economy central bank of. World bank rising oil prices will not be sustained in the long term as oil production increases globally and demand stagnates. Nigeria the structure of nigeria s gdp showed a major change in 2000 with the oil sector emerging as the dominant contributor to gdp ahead of agricultural activities as was the case in 1999. Nigeria economic outlook top 10 themes for 2019 source. Structure of the energy sector conventional energy resources recent estimates of. Apr 30, 2018 nigeria s economy is based on the traits and characteristics of the capitalist economic system and the capitalist system. The measures taken by the central bank of nigeria cbn, including a restructuring of the sector and the creation of a bad bank, have helped restore confidence in the sector and in its.
The economic structure of nigeria by simon kolawole. In terms of nominal gdp, the country is ranked as the 30thlargest economy in the world while it is the largest economy in africa. Consolidate armed forces salary structure conafss for nigerian military the economic confidential provides the table of consolidated armed forces salary structure conafss of the army, airforce and navy from the rank of recruit to general in the nigerian military. The nigerian economy in the last few years has been going through some turbulence. To a large extent, the nigerian film industry remains informal. Oil accounts for more than 95 per cent of exports and foreign exchange earnings while the manufacturing sector accounts for less than. The method is descriptive, using previous works and nigeria s census. The study period spans economic cycles for about 66 percent of the life of the country, since attaining political independence in 1960. Overview of the structure of the nigerian economy by amaka metu. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. The international monetary funds standard practice is to update gdp numbers every five years to reflect changes in pricing patterns and an economy s structure, but nigeria s gdp numbers had not been updated since 1990. Overall, nigeria is said to be one of the emerging marketing in the world when it comes to manufacturing, financial, service, communications, technology and the entertainment sectors. Consolidate armed forces salary structure conafss for.
Because this led to a great influx of rural people into the larger urban centres. Pdf manufacturing sector performance and economic growth. Monetary policies have no significant impact on economic growth in nigeria. The economy maintained its moderate rate of growth with real gdp growth of 3. Nigeria is engulfed with socio economic problems which have caused poverty and conflict in the country. Other financial institutions like insurance companies, finance companies etc are growing. S n army rank navy rank airforce rank annual lowest annual highest monthly. Political leadership and corruption in nigeria since 1960. The political, economic and social dynamics of nigeria. Nigeria economic outlook top 10 themes for 2019 top 10 economies in africa in 2018 egypt 8. Since the late 1960s it has been based primarily on the petroleum industry. Oil provides 90 percent of export earnings of the country. Agriculture, manufacturing, mining, building and construction and general commerce. Financial market structure, co integration test, ecm, economic growth, nigeria introduction since independence, the financial sector has been on the increase.
Overview of the nigerian economy african development bank. The growth of the country is still hampered by consumptive cultures, weak institutions and fragile political structures. This chapter discusses the factors that influenced economic performance in nigeria and provides an overview of the structure of the nigerian economy by. Industrial development and growth in nigeria brookings institution. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications. Nigeria can be said to be a middleincome, mixed economy.
Department of economics eco 215 history and structure of the. Module 1 understanding nigerian economic structure and system unit 1 concept of economic structure unit 2 concept of economic system and structural dualism unit 3 profile of the nigerian economy unit 4 overview of the nigerian economy module 2 the nigerian agricultural sector unit 1 the characteristics and importance of the nigerian. Because the dominant motives of colonialism were the search for cheap raw materials and expansion of markets for the products of the colonialists, the colonial economy was dominated by agriculture and trade. In this post, well take a look at the structure of the nigerian economy and how it has evolved from the precolonial times to the present day nigeria. The traditional finance theory as indicated by solomon 1963, western 1963, lintner 1963 posit that. It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 24thlargest in terms of purchasing power parity. We proxied the variables of monetary policy instruments to include. Between 2011 and 2012, the primary sector, in particular the oil and gas sector, dominated gdp, accounting for over 95 per cent of export earnings and about 85 per cent of government revenue. The nigerian services sector has shown impressive gains. Also, the country has been tagged as one of the emerging marketing in the world with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Feb 23, 2015 according to the central bank of nigeria research series 1993 the nigerian financial system refers to a set of rules and regulations and the aggregation of financial arrangements, institutions, agents, that interact with each other and the rest of the world to foster economic growth and development of a nation. Brief history of nigeria from 1960 till date oasdom.
Read online the structure of the nigerian economy pdf. Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector. This conversation is set to examine the nature and structure of the indigenous economies of the people of nigeria between 1500 and 1800 ad. Pdf nigeria is endowed with vast natural resources such as. The objectives of this study is to examine the structure and the state of the nigeria economy with a view to. It is the structure of a society that determines to a large extent the type of leadership that can emerge from it.
A major reason that has been responsible for her socio economic stagnation is the phenomenon of corruption. The structure of the economy remains highly import dependent, consumption driven and undiversified. The economy was driven by growth in agriculture and services. Nigeria is the most populous country in africa, which now can boost continents largest economy ahead of south africa. Introduction to the history and structure of nigerian economy ajidani moses sabo 2007. Monetary policies have a significant impact on economic growth in nigeria. Economic structures, institutions and economic performance. Since 2003, the government of nigeria has sustained farreaching economic reforms. Ecn2 history and structure of the nigerian economy 1 2 units. Colonization, social fragmentation and the existence and use of natural resources are the most frequently discussed causes in the available literature.
Great attention will be focussed on the foundation of the economy. Thus, advancement of the financial sector development, including diversification of financial instruments should be pursued to facilitate economic development in nigeria. This further illustrates that the country has a dual economy system in which private individuals and the state government handle and control the means of production, distribution, and exchange in the country. What are the socio economic problems facing nigeria that could be. For further background, see usitc, recent trends, 2011, 35. Eze department of geography and meteorology enugu state university of science and technology abstract. The organisation projects a population of 203 million in 2025 and 279 million in 2050, when nigeria is expected to have the worlds 6th largest population.
Until 1984, the structure of nigeria education system was 6 years. Nigeria, a country richly endowed with natural resources and high quality human capital is yet to find its rightful place among the comity of nations. Impact of monetary policy on economic growth in nigeria. Its structure benefits a cartel of nigerian film marketers who have for many years controlled the financing, production, and distribution of films in nigeria. Nigeria is endowed with vast natural resources such as petroleum, limestone, tin, columbine, coal, led, marble, graphite, etc. There is a relationship between monetary policies and economic growth in nigeria. Pdf manufacturing sector performance and economic growth in. Fluctuating prices leave nigeria s oildriven economy vulnerable to external shocks the oil production curve continues to slope downward and below the 2 mbpd. Structure of nigeria economy nigeria economy is structured on the basis of resources generated from sectors including oilenergy sector, agriculture, manufacturing, forestry, general merchandise, tourism, ocean and marine resources, and freshwater resources.
The economic structures remain highly undiversified, with oil accounting for than more 95% of exports and manufacturing sector accounting for less than one per. Nigerian economy in perspective contents module 1 understanding nigerian economic structure and system unit 1 concept of economic structure unit 2 concept of economic system and structural dualism unit 3 profile of the nigerian economy unit 4 overview of the nigerian economy. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Nigeria oec the observatory of economic complexity.
1428 686 1204 1650 445 913 115 571 1087 433 1419 1237 137 1514 1403 1019 1460 618 400 1590 289 137 792 23