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The Structure and Development of Nigerian Economy - Essay Example
Nigerian economy is a very strange case of a country having to start all over again after 40 years of independence. The economy nose dived into severe depths due to a plethora of problems such as coups and military rule, Muslim - Christian religious division and animosity, border demarcation issues with neighboring countries, poor banking infrastructure and corruption in all sectors…
The current president Umaru Yar'Adua came to power following a controversial election in 2007.
The economy of Nigeria has always been dominated by Petroleum accounting for about 25 percent of GDP. 90 percent of exports consist of petroleum and related products and 70 percent of government revenue comes from Oil. But lately its dependence on oil is set to change due to the constant disturbance in the delta region making oil production difficult. About 65% of the population is engaged in agricultural activities.
The Economic reform in Nigeria started in year 2000, but the growth has been very slow throughout the country. Corruption remains pervasive despite progress made by the Economic and Financial Crimes Commission.
-The paper aims to examine the overall economic development in Nigeria after its independence. The paper looks in detail how far the natural resources in Nigeria like petroleum, oil and gas sectors has helped the economic development of the country. It will also do an analysis of whether Nigeria depends too much upon the oil sector which provides 95% of its export earnings, and how this factor has weakened its agricultural potential. ...