Economic Environment of Nigeria - Research Proposal Example

Creating a New Nigeria: What Ignored Sectors Must be reformed to Re-Brand the Giant of Africa. Lessons from Other Emerging Economies Table of Contents 1. Statement of the Problem 3 2. Justifying Importance and Originality of the Proposed Topic 4 3. Research Question 4 4. Research Objectives 5 5. Research Methodology 5 5.1. Data Collection Method 5 5.2. Data Analysing Method 6 6. Outline of the Proposed Thesis 6 7. Time Table for the Proposed Research 7 8. Conclusion 7 References 8 1. Statement of the Problem With due regard to the current economic environment of Nigeria, the nation is often recognised to face major issues due to less or inadequate focus on its various valuable sectors. Moreover, the changing political system along with deteriorating policy associated with the macro-economic factors has substantially overlooked the significance of many other valuable sectors (Bamiduro & Aremu, 2012). In this context, the sectors such as sports (football), education, entertainment and tourism are few of the major areas facing major challenges in the nation. In relation to the current competitive environment, these sectors are often recognised to play pivotal role for the countries to stimulate continuous growth and economic development. Therefore, rebranding of these particular areas has become a major concern for the Nigeria to improve its economic and socio-cultural development. In relation to the rebranding of the sectors, Aibueku (2011) has critically explored that education is one of the major sectors facing major challenges in Nigeria. According to the study, it has been perceived that the educational system of the nation is undergoing challenges due to the lack of effective mechanism and policy development measures (Aibueku, 2011). In addition, the sports and tourism development sector of the nation has also been recognised to face major hurdles during the past few decades. In this regard, rapid decline of the sports and tourism sector in the country has significantly lowered the opportunity for Nigeria to stabilise its economic development. Lack of policy measures along with support from governmental agencies and continuous instability of the political system have substantially influenced the current sports and tourism sector of Nigeria (Elendu, 2013). In addition, the media and entertainment sector in Nigeria is also considered to be ignored from its further development. Ineffective measures of using advanced technological aspects along with lack of policy developmental efforts of the nation are identified to reduce the scope of the current media and entertainment business sector of Nigeria (Obono & Madu, 2010). 2. Justifying Importance and Originality of the Proposed Topic The study of Nigeria always provides adequate information relating to the sectors, which are major contributor to its economic growth from the research work of other researchers. However, there is a lack of research study of the ignored sectors of Nigeria, which are affecting the economic as well as social growth of the country as a whole. In this regard, the proposed research study focused on examining various dimensions encompassing macro environmental factors of different African nations. In this regard, the macro environmental factors are examined to determine their contributing towards the development of Nigeria over the past decades. In a precise description, the key focus area of the research is to critically identify the major industry sectors of Nigeria and their importance to be reformed for obtaining economic, socio-cultural and environmental growth. In this context, key purpose of this research study is to re-brand the ignored sectors of Nigeria by emphasizing the key resources of the nation that are more likely to be overlooked by the governmental agencies or institutions. In this regard, the research will focus on evaluating the performance of different other nations along with their emerging economic growth throughout the decades. 3. Research Question Based on the proposed research study, the research question will be “What are the ignored sectors that are to be reformed for re-branding Nigeria?” 4. Research Objectives The key aims of the proposed research. The major objectives of the proposed research work have been briefly stated in the following discussion. Identifying the key sectors required to be re-branded across different regions of Nigeria Investigating the justifications for re-branding the major key economic sectors that have ignored in the nation Examining the efficiency of re-branding the key ignored sectors in response to the current macro-environmental factors of Nigeria Determining the key benefits that are derivable from the re-branding of the key sectors that have ignored by the nation for further development 5. Research Methodology In this proposed research study, a qualitative research framework will be followed, which can be highly useful to critically assess and determine the impact of issues associated with the ignored sector in Nigeria. In this context, the qualitative framework will be based on analysing data to be collected from different secondary resources. In this approach, the researchers are likely to collect relevant information with respect to the key objectives of the research. The proposed study will be based on qualitative research approach, as the research variables are based on behavioural factors (Merriam, 2009). 5.1. Data Collection Method The data collection process of the research will focus on gathering relevant information through secondary data collection approach. In this regard, different secondary sources including academic journal, governmental statistical reports along with books and online sources are considered. The exploratory technique of the collected data through different secondary sources is also a major characteristic of qualitative methodology, which will help this research to critically explore and justify relevant information relating to the determined objectives (Myoux, n.d.). 5.2. Data Analysing Method The data analysing technique of this proposed research will be complied with a case-study analysing methodology using different literatures along with governmental reports with respect to the sectors that are ignored in Nigeria. The procedure will further enable the research to effectively conduct an empirical study and analyse different factors associated with the research aim and objectives. Additionally, providing adequate understanding and description with respect to the relevant academic information will also facilitate the research to increase the viability and accountability of the overall study findings (Griffin, n.d.). 6. Outline of the Proposed Thesis The proposed outline of the thesis is provided hereunder. Chapter 1: Introduction Chapter2: Review of Literature Chapter 3: Research Methodology Chapter 4: Data Analysis and Findings Chapter 5: Conclusion and Recommendations 7. Time Table for the Proposed Research 8. Conclusion According to the recent trend of globalisation, economic and socio-cultural resources are observed to play major role for any nation to stimulate continuous growth. The economic industries such as educational system, sports, tourism and entertainment have long been witnessed to provide major support to the nations in terms of stabilising national economy. In case of Nigeria, the nation has been undergoing major challenges to increase the economic contribution levels of these particular sectors. Therefore, significant focus on revealing the paramount role of these sectors can substantially improve the nation to accomplish its long-term financial goals. In this respect, the proposed study should be conducted within the ‘International Development Institute at Kings College’, London for having a better of the importance of different sectors towards economic progress. References Aibueku, S. O., 2011. A Comparative Analysis of Nigeria’s Sports Development Policies: 1989 and 2009. Ozean Journal of Applied Sciences, Vol. 4, No. 2, pp. 115-120. Bamiduro, J. A. & Aremu, M. A., 2012. Assessment of the Need for and Effectiveness of Re-Branding in Nigeria. International Journal of Management and Administrative Sciences, Vol. 1, No. 4, pp. 11-22. Elendu, I. C., 2013. Sports Tourism as an Instrument for Nigerias Development in the 21st Century: Challenges and Way Forward. Journal of Education and Practice, Vol. 4, No. 4, pp. 143-148. Griffin, C., No Date. The Advantages and Limitations of Qualitative Research in Psychology and Education. Qualitative Method. [Online] Available at: http://www.pseve.org/Annals_el/UPLOAD/griffin2.pdf [Accessed November 04, 2014]. Merriam, S. B., 2009. Qualitative Research: A Guide to Design and Implementation. John Wiley & Sons. Myoux, L., No Date. Qualitative Method. Underlying Principles. [Online] Available at: http://www.proveandimprove.org/documents/QualMethods.pdf [Accessed November 04, 2014]. Obono, K. & Madu, O., 2010. Programming Content of Nigerian Broadcast Media: Towards an Indigenizing Paradigm. Estudos em Comunicação, No. 8, pp. 75-91. Read More