Economic Development In Nigeria Essay

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There wasn’t much growth in industries, this, in turn, made African countries dwell on agricultural produce for exportation, African government manipulated the prices of commodities to be able to meet up financial responsibility and it took a negative turn on rural farmers who had to migrate (rural-urban migration). Most African countries were not able to meet up their financial responsibilities by the early 1980’s; the informal economy grew and gave rise to bribery and corruption of most African states. African states had to run to their formal colonial master and International Monetary Fund (IMF), which meant they had to abide by rules and regulations given, least…show more content…
As said earlier the colonial economy’s structure of the colony was to improve their colonial power’s economy even after independence, most African countries remained under the control of their colonial masters both politically and economically, Nigeria inclusive. Colonialism and Neo-colonialism have left Nigerian Economy out of the possibilities for development, during the colonial period Britain controlled the Nigerian market principally because of its gains, these policies prevented Protectionism (the economic policy of restraining trade between countries through tariffs on imported…show more content…
The colonial government had the aim to develop cash crops by modification: firstly the colonial government made the availability of seeds to farmers and, secondly to improve the quality of the cash crops produce, this was aimed at exploitation of mineral and agricultural resources. Colonial merchants companies were opened: United Africa Company (UAC), The United Trading Company (UTC), African Timber and Plywood Company (ATP), these companies made it easy for the implementation of the export-import

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