Nigeria - Future trends



Nigeria's prospects for sustainable economic growth are mixed. Despite current hardships, Nigeria represents an important market in Africa with its vast human and natural resources. Its revenues from both the recent and ongoing recovery in oil prices and the export of liquified natural gas should help to rebuild the nation's shattered socio-economic infrastructure. The anti-corruption legislation, rigorously enforced, should help to restore transparency and accountability into economic decisions, which would boost national and international investor confidence in the nation. The liberalized rules for foreign investment and initiatives by the Obasanjo government to privatize some state-owned enterprises and promote tourism should help the nation move steadily towards targeted growth.

Nigeria has many impediments on its road to sustainable development. Earnings from non-oil exports are unlikely to improve significantly because of the high cost of production. Acrimony between the executive and legislative arms of the government continue relentlessly to the detriment of collective and decisive action. Painful and costly fuel shortages, caused by the inability of Nigeria's dilapidated refineries to produce anywhere near capacity, immobilize the nation. Inter-ethnic and religious conflicts continue to take their tolls in human lives and physical assets of the nation. Unemployment, especially among college graduates, has reached intolerable levels. Armed robbery and crime constitute a present danger to the economy. These impediments must be more determinedly addressed to enhance Nigeria's chances for growth and development.

User Contributions:

1
Report this comment as inappropriate
Oct 15, 2010 @ 8:08 am
I am a Nigerian, and am interested in d future of this country.
2
Report this comment as inappropriate
Nov 8, 2010 @ 3:15 pm
trade liberalization(deregulation) has made neo collonialism to control our economy, why will we say that we cannot control our tourism and others sector these multi nationals will continue to slow the pace of our growth, because the gains still goes back to their home state. symantilly the structures is a plus structurally to Nigeria bet economically which is pivotal is to them which is where we fail to look at. we should learn to look at the long term effect of a thing not the short term gains which at the end we suffer it
3
Zoe
Report this comment as inappropriate
Jan 2, 2011 @ 3:15 pm
What is the level of industrialization and urbanization in Nigeria?
4
Report this comment as inappropriate
Oct 26, 2011 @ 4:04 am
The future trend of nigeria should be not just encouraging effective and efficient supply of nations need, but a situation where all this needs can be access by lower majority citizens of Nigeria

Comment about this article, ask questions, or add new information about this topic:

CAPTCHA