Economic Challenges in Nigeria
Added on 2019-12-03
17 Pages3896 Words236 Views
|
|
|
Issue in global business strategicconcepts1
Table of ContentsEXECUTIVE SUMMARY.............................................................................................................3INTRODUCTION ..........................................................................................................................4Part 1................................................................................................................................................4Nigeria’s recent developments and its contribution to the African economy .............................4Part 2................................................................................................................................................9Critically evaluate 3 key points that Nigeria should prioritise over the next 2-3 years so as tobe emerge as the next economic giant.........................................................................................9CONCLUSION .............................................................................................................................11RECOMMENDATION ................................................................................................................11REFERENCES .............................................................................................................................13Illustration IndexIllustration 1: Nigeria and South Africa GDP indicator ...............................................................4Illustration 2: GDP estimation ........................................................................................................5Illustration 3: IMF GDP estimations 2014 ......................................................................................6Illustration 4: Macroeconomic indicators of Nigeria......................................................................72
EXECUTIVE SUMMARYThe present report aims at explaining recent developments in Nigeria’s economy andidentifying its contribution to the African economy. Nigeria is the most popular country ofAfrica and it is also recognised to be the eighth most popular county in all around the world. Theinvestigation has found a correlation between GDP per person and well-being of Africa with thegrowth of Nigerian economy. it has been evident that the government has to make enough effortsfor supporting key industries and improvements within healthcare, education system,infrastructure development, FDI, Management of natural resources and overcome corruption.3
INTRODUCTION In the present era, Nigeria is witnessed to be the biggest economy of Africa and it isexpected to grow by significant percent in the upcoming years. The report herewith is going toexplain recent developments in Nigeria’s economy and its contribution to the African economy.Furthermore, it describes the major challenges faced by the economy of Nigeria and definesthree major areas that Nigeria should prioritise over the next 2-3 years so as to be emerge as thenext economic giant. Part 1Nigeria’s recent developments and its contribution to the African economy According to the words of Ijiom (2014), Nigeria has experienced significant economicgrowth in past few decades. The major causes behind such growth is high prices of crude oil inworldwide market along with high productivity in many sectors. In terms of gross domesticproduction Nigeria was seen as the largest economy in Africa which worth around $500 billionin 2013. Furthermore, McKinsey Global Institute report 2014 has predicted that Nigeria wouldattain GDP of $1.6 trillion by the end of 2030. Good performance of Nigeria was driven by non-oil sector, however, export earnings has also contributed a lot to the GDP.4Illustration 1: Nigeria and South AfricaGDP indicator (Source: Nigeria and South Africa: Beyond theGDP rebasing. 2014.)
End of preview
Want to access all the pages? Upload your documents or become a member.
Related Documents