Nigeria - Economic sectors

Despite the availability of natural resources, population, and domestic markets, all sectors of the Nigerian economy performed below their potential during the nation's first 40 years of independence. The structure of

the economy remained stagnant (unchanged) and over-dependent on the oil sector. The largely subsistent agricultural sector failed to keep up with rapid population growth, forcing the one-time food exporter to import food. Inter-sectoral linkages remain weak, and the rate of unemployment remains high and problematic.

Most observers of the Nigerian scene—domestic as well as foreign—attribute the poor performance and the over-reliance on the oil sector to a variety of reasons, including political instability, prolonged authoritarian rule by the military, poor macroeconomic management, inadequate infrastructure, and external financing. In November 1996, the military ruler Abacha set up the VISION 2010 Committee which looked into the general situation and recommended targets for year 2010. No tangible progress has so far been made.

The civilian administration of Obasanjo has proposed substantial reform in its economic policy for 1999 to 2003. The main thrust of the reform is to deregulate the economy and to disengage the state from activities which are private-sector oriented, leaving the state to act as a facilitator. The plan also concentrates on the provision of incentives, policy, and infrastructure essential to the private sector's role as the engine of growth. The administration's industrial policy seeks to generate productive employment and raise productivity, increase export of locally manufactured goods, create a wider geographical dispersal of industries, attract foreign investment, and increase private sector participation. The policy places highest priority on the agricultural sector— to achieve both poverty reduction, especially in rural areas, and sufficiency in food production and surplus for use as industrial raw materials for export. Other areas of high priority include manufacturing industries, solid minerals, oil and gas, small and medium enterprises, and tourism. Also, the industrial policy includes partial privatization of government-owned enterprises in such sectors as telecommunications, electricity generation and distribution, petroleum refining, coal and bitumen production, and tourism, in which citizens as well as foreigners may freely participate.

User Contributions:

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Nov 4, 2010 @ 9:09 am
THIS ARTICLE IS INFORMATIVE AND PLS CAN I GET MORE OF THIS DIRECTLY TO MY EMAIL?
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Jan 20, 2011 @ 9:09 am
This article is quite informative.Though brief it is precise & it covers the important issues.
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Jan 30, 2011 @ 6:18 pm
short and brief though very full of facts. i really like to read more of it it is possible snd it to my mail box. thanks
Dmuwo
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Mar 25, 2011 @ 5:17 pm
Its rich in content n brief, pls can u send it my email?
Salisu Negedu
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May 13, 2011 @ 12:12 pm
This article is splendid because it is quite informative. I wish and hope that after much political stability, Nigeria should be economically well to do.
Justus Odiagbe
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Jul 13, 2011 @ 2:14 pm
This is really nice. This has stated all the major problems facing the Nigerian economy. Please, I would like to subscribe to your updates or more articles on Nigeria and her economy through my e-mail. Thanks
Mike Ape
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Oct 8, 2011 @ 7:07 am
Write-up is quite expressive. Contains much. Keep it up. I'll appreciate if u can send me statistical facts about sectoral performance in nigeria,especiall btw '90 and 2010. Thanks. God bless u.
nweke valentine
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Nov 2, 2012 @ 5:05 am
a definite cut-2-d-chase comment, really appreciate ur economic insights...tnx, can u tel wat u mean by intersectoral linkages...also giv me statistics...God bles u
SEKUNDA BABATUNDE GABRIEL
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Jan 7, 2013 @ 6:06 am
IT IS GOOD TO KNOW IS COUNTRY IN ALL RAMIFICATION. THE NIGERIA ECONOMIC SHOULD BE AN INTERESTING TOPIC TO ALWAYS BE STUDY BY HER CITIZEN. IT ENCOURAGE ONE TO BE UPDATED ON THE PART OF OUR FINANCIAL LIFE AND HUMAN ALONG SIDE.

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