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Economic Crisis In Nigeria Essay

1395 Words6 Pages

Introduction to Economic Crisis in Nigeria
Recently Nigeria has been declared the African Country with the largest Economy and sadly knocked South Africa into second place. Nigeria may view this as a major feat but that is where the good news ends. In all other situations South Africa surpasses Nigeria: employment, per capita income and practically everything else. Although evidently, there is no improvement in the Nigerian economy, it is fair to say that an economy does not improve overnight but this new realization has set the climate for Nigeria, given some procedures are executed and some problems are addressed appropriately, to do away with some economic crisis that hinders its growth and development.

History of Nigeria’s economic challenges …show more content…

It has recently emerged as Africa’s largest economy with a Gross Domestic product but careful analysis shows that Nigeria has been floundering given all the valuable resources they have.
Central Bank Governor (2010), Sanusi Lamido Sanusi stated:
“The Nigerian economy has grossly underperformed relative to her enormous resource endowment and her peer nations. It has the 6th largest gas reserves and the 8th largest crude oil reserves in the world. It is endowed in commercial quantities with about 37 solid mineral types and has a population of over 150 million persons. Yet economic performance has been rather weak and does not reflect these …show more content…

Unfortunately this result has not reflected on the standard of living of its people, neither an improvement of infrastructure and other problems like economic inequality has been solved. Also, the level of unemployment in Nigeria is high. The development of the non-oil sectors, such as manufacturing and agriculture, may help to improve Nigeria’s dependence on the oil industry.

Nigeria’s economic trends
From time to time Nigeria faces many challenges, and it continues to grow, even if slowly. It might have surpassed South Africa as the largest economy but this is yet to reflect on its economic standing. Unfavourable factors such as corruption still hinders the growth of the economy and does not show any sign of change. With a high GDP that makes Nigeria the 26th largest economy in the world, poverty should not be as high in Nigeria as it is. Source: World DataBank

World bank valued Nigeria’s poverty rate to be around 33 per cent. The poverty rate in Nigeria seems to be getting lower but is unevenly distributed throughout the nation. Poverty is much lower in urban areas (12.6%) than in rural areas

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