Economic development in Nigeria: The role of agriculture, FDI and trade relations with China, India and the USA
Nigeria is one of the countries in Africa which have a large economy. It is also one of the most populated countries in Africa with the highest number of labor. The country is well endowed with mineral resources compared to other countries in Africa. It is the largest oil producer in Africa and is recognized in the OPEC circles as one of the important oil producers in the world. However, Nigeria is yet to reap maximum economic benefits from its vast resources due to rampant civil conflicts and institutional weaknesses.
Nigeria is the most populous nation in Africa. Global Edge estimates indicate that Nigeria had population of 135,031,164 as of July 2007. Nigeria is also one of the richest countries in Africa in terms of resource endowments. It is one of the OPEC countries with large oil reserves. Global Edge statistics further indicate that Nigeria registered a GDP (real growth rate) of $191.4 billion by purchasing power parity in 2006 with the statistics from Economist indicating that the country achieved GDP growth of 6.2% in 2007 and a projected growth rate of 6.8% in 2008. By sector, agriculture accounts for 17.3%, industry 52.3% and service sector 29.5% according to Global Edge 2007 estimates.
[...] Impact of Trade in the Economy of Nigeria Like many other developing countries, Nigeria is seeking to achieve accelerated pace of economic growth and development through strategic pursuit of increased capital formation, industrialization, and larger share of the gains from international trade. However, according to the Economic Report on Africa the Trade Competitive Index (TCI) 1997-2001 lists Nigeria among the least competitive countries in Africa alongside Burkina Faso, Mali, Sierra Leone, and Democratic Republic of Congo, thanks to high inflation rates, weak institutional structures and poor governance prevalent in the country, as well as poor telecommunications and energy infrastructure relative to the size of the country’s population (p. [...]
[...] Rationale of Research The rationale behind the study is to carry out an inquisitive study that will look in the agriculture, energy and the industrial sector of the Nigerian economy. To carry out an effective research, the research will develop a framework that will enable it to look into details the overall development and growth of the sector under the study. Therefore the most important factor that will enable the overall success of the study will be to understand each sector in details. [...]
[...] Impact of Trade Relations with China, India and the USA in the Economy of Nigeria Nigeria has been keen on developing closer relations with the China, India and the USA with the objective of negotiating greater economic opportunities with due recognition to the resource and factor parities between the county and China, India and the USA, the fastest growing economies in the world. The basis for Nigeria’s political and economic relations with China, India and the USA draws impetus from several models of international trade. [...]