Nigeria - Economic development



Nigeria Economic Development 1244
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The agriculture sector was the focus of intense development interest during the 1990s, with food self-sufficiency the goal. In 1990, agriculture was the subject of a separate three-year development plan involving public and private spending targets concentrating on the family farmer. The program included price stabilization plans and schemes to revitalize the palm oil, cocoa, and rubber subsectors. The Agricultural Development Projects continued through the decade, but implementation of goals was difficult. The country still imports most of its wheat from the United States.

An integrated petrochemical industry was also a priority. Using the output of the nation's refineries, Nigeria produced benzene, carbon black, and polypropylene. The development of liquid natural gas facilities was expected to lead to the production of methanol, fertilizer, and domestic gas. Nigeria's refineries operated at less than optimal rates throughout the 1990s.

In the manufacturing sector, the government was backing a policy of local sourcing whereby locally produced raw materials were converted into finished products. By 1999, manufacturing accounted for less than 1% of gross domestic product (GDP).

By the beginning of the 2000s, the government was more concerned about halting corruption and reigning in the state budget than economic development. Nevertheless, the Niger Delta Development Commission (NDDC) was created to coordinate economic and social development in the oil-producing region.

Nigeria's foreign debt stood at around $28.5 billion in 2001, a large portion of which was interest and payment arrears. The Obasanjo administration in the early 2000s was supporting private-sector-led, market-oriented economic growth, and had begun economic reform programs. Privatization of state-owned enterprises continued. A Stand-By Arrangement with the International Monetary Fund (IMF), approved in 2000, lapsed in 2001 as the government's economic reform program went off track. There were indications a new IMF program for the country would be negotiated in 2003–04.

User Contributions:

CHIADIKAOBI
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Feb 29, 2008 @ 5:05 am
this is my favourty subject in school l can not do without this subject and l am doing econminc in the school so l also visit my email so that l can receive more information about economic development in Nigeria.
seun Geroge
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Apr 5, 2008 @ 6:18 pm
Highly interesting, i love it,one of the best topic i've ever talked about.
ibigbami oluwatoyin
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Sep 1, 2009 @ 8:20 pm
This is a very great web site, please send me articles on neconomic development in Nigeria or articles related to law and development, i am interested in that area.
Thank you.
qashif
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Dec 14, 2009 @ 6:18 pm
Im doing macro economics devlepoments for nigeria anybody passionaite about this topic and willing to give us a hand, as this is not my best subject
Okonkwo Yoni Dubem
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Dec 17, 2009 @ 10:10 am
Please am writing a term paper on science and technology as basis for the social and economic development of Nigeria
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Feb 22, 2010 @ 12:12 pm
Thanks for this beautiful website. Please I will appreciate it if you can send me related materials on Nigerian Economic Development till 2009. Thanks.
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Aug 31, 2010 @ 12:12 pm
this is very good work and i like the whole idea. nice job thanks. pls i will like you to send me all the economic data like GDP, UNEMPLOYMENT,ECONOMIC GROWTH, INFLATION RATE btw 2000 to date
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Nov 27, 2010 @ 10:10 am
THANK 4 UR CONTRIBUTION TOWARDS HELPING STUDENTS LIKE ME WITH BASIC INFORMATION ABOUT NIGERIAN ECONOMY. GOD BLESS YOU PEOPLE.
ABDULLAHI LABARAN UDUS SOKOTO
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Dec 17, 2010 @ 11:11 am
i love this site It educative. Please keep it updated often.
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Jan 19, 2011 @ 3:15 pm
its good to know my country's Economic status.nice one, keep it on.
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Mar 17, 2011 @ 5:05 am
role of geoscientist in the economiy development of Nigeria
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Mar 30, 2011 @ 5:17 pm
Thanks for the good job.Send details of nigeria's development profile since 1970 to date.Am interested in knowing about my country's development.
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Apr 6, 2011 @ 5:17 pm
Please, help send me aticle on the roles of geoscientists in Nigeria`s economic development.
Thanks,
Israel.
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Apr 27, 2011 @ 4:04 am
Thanks 4 yours good jobs. Please send me The ROLE of DISTRIBUTION in ECONOMIC DEVELOPMENT of NIGERIA
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May 12, 2011 @ 12:12 pm
Please could you send me an updated Nigeria's debt profile? your site has been of immense help to me. Thanks.
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May 26, 2011 @ 1:01 am
My question is how has ICT affected the economic development in Nigerian
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Jun 1, 2011 @ 5:17 pm
WHAT ARE THE IMPORTANCE OF RIVER NIGER TO THE DEVELOPMENT OF NIGERIA ECONOMY?
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Jun 13, 2011 @ 7:07 am
Thanks a lot for this work. Please I'm researching on Nigeria's economic development before 2020. Thanks!
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Jun 18, 2011 @ 1:13 pm
We have noted the generally dismal performance of the Nigerian economy for most of the period since independence and the myriad of problems and unfinished business facing the country. We have also noted both the imperative of, and imperatives for, growth. The task of achieving economic recovery and sustained qualitative growth is rather daunting, as Nigeria appears to be sucked into the vortex of interlocking vicious circles, which have interacted to keep it in a low growth equilibrium trap. Thus, the question may be posed: Is economic development in Nigeria an impossible task? Put more specifically, what are the prospects for achieving much higher GDP growth rates of 7-10% per annum over the next 10 years, which would be needed to reverse the poverty trend and to cope with rising population? What are the implications of the current global economic recession on Nigeria?
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Jun 22, 2011 @ 8:08 am
i want to be getting current information on nigeria's economic development.
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Aug 29, 2011 @ 4:16 pm
PLEASE SIR HELP ME OUT I WILL BE APPRETIATE YOUR HELP. AM CARRYING A RESEARCH WORK FOR DEGREE PROGRAMME. MY TOPIC IS, PRIVATISATION AND NIGERIA ECONOMICS DEVELOPMENT : A STUDY ON MTEL. AM IN POLITICAL DEPARTMENT
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Sep 30, 2011 @ 7:07 am
Thanks alot, this information have just help me do my assignment. I am very happy and wishes to get more of it.
Uchechi
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Oct 9, 2011 @ 8:20 pm
I like your website, it has helped me with my research work on manufacturing and economic growth in Nigeria. please,can you send me economic data/index on manufacturing and GDP from the year 1990 to 2010 and its capacity utilization. Thanks.
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Oct 17, 2011 @ 6:18 pm
tanx a lot sir. I ve been well educated about developmental issues. Now i know better. Plz write on the imperatives of nation building.
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Nov 1, 2011 @ 3:15 pm
pls kindly send me materials on economic development in nigeria
kelly
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Mar 8, 2012 @ 2:14 pm
please can i know the economic importance of the nigerian rivers?
hassan ramalan
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Apr 9, 2012 @ 3:15 pm
please kindly assist me and send me material on economic development in nigeria
Scholastica Ekwube
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May 1, 2012 @ 5:17 pm
I really enjoy the article about the development in Nigeria but I still need more about the development in Nigeria. Thanks
Akinyele Adesola Patrick
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May 10, 2012 @ 5:17 pm
THANKS FOR THIS WRITE UP. IT WAS A SPLENDID ONE. I STILL NEED MORE OF IT TO ENHANCE MY UNDERSTANDING ABOUT THE SUBJECT MATTER.
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Jun 14, 2012 @ 8:08 am
I SO MUCH APPRECIATE YOUR EFFORTS:PLEASE I NEED MATERIALS ON NIGERIA AGRICULTURAL PRICE STABILIZATION AND SUPPORT POLICES
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Jun 18, 2012 @ 1:01 am
Thanks, please, i need Nigeria debt profile both internal and external from 1970 till 2012
Onyilo Biddy
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Jul 3, 2012 @ 11:23 pm
Please, i want to know the role of economic models in the development of Nigeria economy. Thanx
Nasir
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Jul 12, 2012 @ 5:05 am
PLEASE I WANT TO KNOW THE ROLE OF ECONOMIC MODELS IN THE DEVELOPMENT OF NIGERIA ECONOMY. THANK YOU
Emilia
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Jul 13, 2012 @ 10:22 pm
So interesting, please send me data for economic development of Nigeri before and after independent. Also govenment expenditure on economic development of Nigeria. Thanks
Koko
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Jul 17, 2012 @ 12:00 am
Thanks for choosing this site for us.please send me the rol of son in product development in nigeria economy.
boman clement
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Jul 23, 2012 @ 11:11 am
WHAT IS THE RECENT OF NIGERIA ECONOMIC DEVELOPMENT SINCE THE YEAR 2000
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Sep 8, 2012 @ 4:04 am
Your site is the best, please send me an article on the pattern of development in Nigeria,thanks.
Selina
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Nov 7, 2012 @ 8:08 am
Pls, i want to know the policies adopted by Nigerian government since independence to revitalize the Agricultural sector
obinna
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Nov 16, 2012 @ 12:12 pm
i need answers on the various policies adopted by the nigerian government since independence to revitalise the agriculturl sector..thank u very much
christian
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Dec 11, 2012 @ 8:20 pm
Pls help me send,consumption is a vehicle to economic growht and development in nigeria discuss
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Dec 13, 2012 @ 3:03 am
PLS send me budgeting and economic development in nigeria
Wilson.O.A
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Feb 10, 2013 @ 1:01 am
Your artcle was wonderful and enlighning, pls. I want an article on The Differnt Growth Stages and Development in Nigeria. Thanks if you people can please send it to my mail.
iyke
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Mar 3, 2013 @ 7:19 pm
nice article, keep it up... Am an undagraduate, finalist. Am writing a project 'the impact of government expenditure on economic growth of nigeria'. Pls i need information on government expenditure that will enable me write a reliable project.
johnbosco
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Apr 18, 2013 @ 4:16 pm
please help me with this assignment: a catalyst of socio-economic development in contemporary Nigeria

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