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Issues in Global Business (Doc)

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Added on  2020-02-03

Issues in Global Business (Doc)

   Added on 2020-02-03

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Issues in Global Business
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TABLE OF CONTENTSINTRODUCTION...........................................................................................................................1Nigeria's recent development and the challenges to economic growth...........................................1Prioritising 3 Key Points to emerge as an economic giant..............................................................3CONCLUSION................................................................................................................................6REFERENCES................................................................................................................................7
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INTRODUCTIONNigeria, located in western Africa on the Gulf of Guinea, is the largest economy inAfrica. It has overtaken South African with the gross GDP of $1,166 Trillion. It is one the fourcountries of MINT (Mexico, Indonesia, Nigeria and Turkey), recognized by Jim O'Neil as thegrowing economies in terms of financial and economic spheres. In the recent years it hasexperienced the significant growth rate of around 7% for the past decade (Nigeria’s renewal:Delivering inclusive growth, 2014). There are many factors which has contributed in the growthof the economy such as agricultural, investment reforms whereas some as inhibited thedevelopment such as exchange rate volatility and falling global oil prices on global grounds andvarying natural resource endowments, insufficient federal reserves, unequal distribution ofnational wealth and high degree of corruption on domestic level. Report is prepared to discussNigeria's recent development and its contribution to African economy. It also throws light on thegrowth prospects of Nigeria, prioritising which will enable it to become an economic giant.Nigeria's recent development and the challenges to economic growthReaching the band of middle income countries band, Nigeria is the emerging nationdeveloping through its expansion in financial, service, communications and entertainmentsectors. Economy of Nigeria is divided into oil sector and non oil sector. Oil sector plays vitalrole in the Nigerian economy having the considerable contribution of about 40% in GDP and98% in export earnings. Inculcating reforms in non oil sector, Nigeria is diversifying itsoperations with increased inclination towards service industries. In the past decade it is seen that Non oil sector has been the prominent driver of growth in the country. The sector which hasshown the considerable amount of performance is agriculture, construction and hotel andrestaurant sector. Along with this retail, information and communication are the othercontributors (Nigeria, 2014). These growth results are see due to the reforms and transformationsmade in the policies and plans in the sectors. Agriculture: Agriculture has been contributing to around 23% in the economy of Nigeria.It is counted among the sectors having top performance in the growth of the country.There are many factors associated with it such as ongoing transitions brought inagriculture by Agriculture transformation Agenda. Adopting this method correctivemeasures gave been taken by the country to check major flaws such as floods and other1
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