Hi! Thanks for this very interesting and important question. Like any
other difficulty the economic problems of Nigeria could be solved.
Like other third world countries, the Nigeria economics has the usual
problems of trade deficits, foreign currency swings, education and the
always-related political problems. Unlike other developing countries
however, especially in the Asian region, Nigeria has a powerful but
unused weapon... oil!
Oil in Nigeria has been both a blessing and a scourge. It is a
blessing obviously because it accounts for almost 98% of the countrys
export earnings. But it also paved the way for the once striving
agricultural sector, to the ups and downs of oil prices and outputs
and to civil and political unrest.
NIGERIA basic sources
CD-ROM Encyclopedia Source
Nigeria Microsoft© Encarta© Encyclopedia 2002
CD-ROM, © Windows. © Microsoft Corporation, 2002.
In my own opinion the following factors shall be crucial to
alleviating the economy of Nigeria. I have put my thoughts with
supporting links to my views.
a. The Oil Industry must have a proper and more concrete strategy to
become more reliable in Nigeria. For example Nigeria should compete
aggressively, market its oil to industrialize and developing countries
at prices attractive to its clients. Another thing is that the oil
industry should have a facelift in Nigeria and try to change its
negative image. Nigerians should rally around an industry sustaining
Nigeria invites in refinery-builders
Oil a mixed blessing for Nigerian economy By Kingsley Kubeyinje and
b. Education is of primary importance since an educated nation can
compete globally and can handle change in a much-composed way.
c. Revitalizing its Agricultural Sector. This maybe ancient history
for Nigeria but there is no reason for a once thriving industry to
make a comeback if done properly.
Nigeria Agricultural Development
d. Information Technology should be a strong focus in Nigeria since
this is a booming economic sector, which could provide jobs and bring
new hopes especially to young people in the country.
e. Tourism can be a source of great economic upheaval in a countrys
economy. With tourism there are more investments thereby creating jobs
and a more positive image for the country.
f. Make Nigeria globally competitive. The global economy has dawned
upon us. The only way to go is for careful assimilation.
Nigeria and Free Trade by Thompson Ayodele
Search terms used:
Nigeria economy history oil industry agriculture education
I hope this would help you in your research. Thanks for being a part
of Google Answers and we all hope for the success of Nigeria and its