Nigeria has a population of over 185 million people and its economy relies heavily on agriculture, petroleum, and natural resources. Agriculture employs around 70% of the labor force but contributes only around 30% to GDP. Petroleum contributes over 10% to GDP through oil production and exports, but the economy has suffered from fluctuations in global oil prices. Nigeria's currency is the Naira and its financial position and GDP have grown in recent decades but it still faces challenges of poverty, unemployment, and economic diversification.
Oil Prices and Nigerian Aggregate Economic Activitiesiosrjce
This paper examines the oil prices and Nigerian aggregate economic activities. The data series
employed were guttered from various sources such as the central bank of Nigeria statistical Bulletin, Economic
and Financial Review, and the publications of International monetary fund. The study employed the linear
Dynamic VAR. results from VAR showed that oil price shocks and output in Nigeria is negative. This shows that
oil prices shock leads to reduction in gross domestic products. It is recommended that government should
diversify its revenue base and develop other sectors of Nigerian economy to contribute significantly to the
growth not of Nigerian Economy
Promoting Export-Led Economic Growth in Nigeria –The Export Processing Zone O...inventionjournals
The volatility in crude oil production in Nigeria, which in recent times, have been heightened by militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in international oil market has once again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil prices with attendant consequences and multiple effects on the economy and businesses as well.. Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37. These developments have put the nation’s fiscal operations in quandary. The government has rightly responded by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of these short-term measures to shore up revenue could be impeded by political exigencies which often times overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led economy.
Descriptive Report on Nigeria | Okoye, David IkechukwuDAVID OKOYE
Nigeria, officially known as the federal republic of Nigeria, is a former British colony. Nigeria has been home to a number of kingdoms and tribal states over the millennia. The modern state originated from British colonial rule beginning in the 19th century, and took its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914. The administrative and legal structures were set up when the British were practicing indirect rule through traditional chiefdoms. Nigeria became a formally independent federation in 1960. It experienced a civil war from 1967 to 1970. It thereafter alternated between democratically elected civilian governments and military dictatorships until it achieved a stable democracy in 1999, with the 2011 presidential election considered the first to be reasonably free and fair. In 2015, power transferred peacefully from one party to another for the first time when former military ruler Muhammadu Buhari defeated incumbent President Goodluck Jonathan.
Macroeconomic overview of Nigeria by Yakubu AMINU (2014)Yakubu AMINU
This write up presents the economy of Nigeria at a Glance, most especially the Oil and Gas sector of the country as well as investment opportunities in Nigeria,
An Evaluation of the Impact of Fluctuating Oil Revenue and the Performance of...Triple A Research Journal
ABSTRACT
The up and down movement in the price of crude oil in recent years has led to increasing concern about its macroeconomic implications for the Nigerian economy as economic planning has become very uncertain given the fact that the economy is highly vulnerable to oil price fluctuations. It is with this view in mind that this paper empirically analyses the impact of fluctuating oil revenue and the performance of the Nigerian economy between 1999 to 2016 (a seventeen years period of democratic governance), using secondary data sourced from Central Bank of Nigeria Statistical Bulletin and World Bank Development Indicators with VAR econometric tools of analysis. After appropriate stationary and robustness checks, the study finds out that oil price shocks (proxy for oil revenue) retards economic growth as it has a negative relationship with economic growth. An interesting outcome from the VAR Block Exogeneity Test is the unidirectional causality running from Oil Revenue to Real Gross Domestic Product (economic growth) which reveals the fact that during the years under reference, proceeds from oil export were mainly responsible for the level of astronomical growth recorded in the economy. The study concludes that oil price fluctuation paints an unstable future for the Nigerian economy because macroeconomic variables like employment, interest rate and price stability become victims. Both fiscal and monetary tools are frequently revised to keep the system afloat during price shocks. Nigeria remains a victim of these policy shocks because of overdependence on oil export earnings. A major policy recommendation is the need for policy makers to concentrate on policies that will strengthen and stabilize the macroeconomic structure of the Nigerian economy with specific focus on alternative sources of government revenue (reduction of dependence on oil proceeds) and reduction in monetization of crude oil receipts (fiscal discipline).
Keywords: Oil shocks, Economic Growth, VAR, ECM, Granger Causality
Ghana- Best Business Opportunities, Identification and Selection of right Pro...Ajjay Kumar Gupta
Ghana is situated at the Western part of Africa with a total area of 238,533 sq km. Ghana is a sovereign unitary presidential constitutional democracy, located along the Gulf of Guinea and Atlantic Ocean, in the sub region of West Africa. Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east and the Gulf of Guinea and Atlantic Ocean in the south. The word Ghana means "Warrior King" in Mande. Accra is the capital and largest city of Ghana. Ghana was the first place in sub-Saharan Africa where Europeans arrived to trade - first in gold, later in slaves. Ghana is well endowed with natural resources, has twice the per capita output of the poorer countries in West Africa. The major sources of foreign exchange are gold, timber and cocoa production. The domestic of economy of Ghana continues to revolve around subsistence agriculture that accounts for 36% of GDP and employs 60% of the work force.
The Irony of Amnesty Programme: Incessant Oil Theft and Illegal Bunkering In ...inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Nigeria - Best Business Opportunities, Identification and Selection of right ...Ajjay Kumar Gupta
Nigeria is situated in the West African region and its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. It comprises 36 states and the Federal Capital Territory, where the capital, Abuja is located. Nigeria lies between longitudes 3 degrees and 14 degrees and latitudes 4 degrees and 14 degrees. It has a land mass of 923,768 sq.km. It is bordered to the north by the Republics of Niger and Tchad; it shares borders to the west with the Republic of Benin, while the Republic of Cameroun shares the eastern borders right down to the shores of the Atlantic Ocean which forms the southern limits of Nigerian Territory. The 800km of coastline confers on the country the potentials of a maritime power. Land is in abundance in Nigeria for agricultural, industrial and commercial activities. Modern-day Nigeria has been the site of numerous kingdoms and tribal states for millennia. Nigeria is often referred to as the "Giant of Africa", owing to its large population and economy. With approximately 174 million inhabitants, Nigeria is the most populous country in Africa and the seventh most populous country in the world. Nigeria has one of the largest populations of youth in the world. As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's largest economy in 2014. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Nigeria is considered to be an emerging market by the World Bank; it has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power.
Oil Prices and Nigerian Aggregate Economic Activitiesiosrjce
This paper examines the oil prices and Nigerian aggregate economic activities. The data series
employed were guttered from various sources such as the central bank of Nigeria statistical Bulletin, Economic
and Financial Review, and the publications of International monetary fund. The study employed the linear
Dynamic VAR. results from VAR showed that oil price shocks and output in Nigeria is negative. This shows that
oil prices shock leads to reduction in gross domestic products. It is recommended that government should
diversify its revenue base and develop other sectors of Nigerian economy to contribute significantly to the
growth not of Nigerian Economy
Promoting Export-Led Economic Growth in Nigeria –The Export Processing Zone O...inventionjournals
The volatility in crude oil production in Nigeria, which in recent times, have been heightened by militant attacks on critical oil installations in the Niger Delta area and the continued price spiral in international oil market has once again brought to the front burner anxieties about the future of the oil sector in the Nigerian economy. The unfolding scenario has again exposed the Nigerian economy to downside risks of volatility in oil prices with attendant consequences and multiple effects on the economy and businesses as well.. Since the third quarter of 2015, fallen prices of crude oil and fluctuations in crude oil production in Nigeria have conspired to put the country’s economy in dire straits. The oil price has fallen by more than 50 percent since June 2014, when it was $115 a barrel. It is now consistently below $50 and has been as low as $37. These developments have put the nation’s fiscal operations in quandary. The government has rightly responded by putting in place various fiscal and monetary measures to stem the tide. The federal government has adopted some austere measures to cushion the effect of the persistent drop in revenue. However, the implementation of these short-term measures to shore up revenue could be impeded by political exigencies which often times overrides economic rationality. Thus, a more comprehensive and alternative approach that will promote non-oil export will be a better option. To this end, the authors recommend the revitalization and retooling of the Export Processing Zone (EPZ) Scheme in order to effectively diversify the economy away from oil to an export-led economy.
Descriptive Report on Nigeria | Okoye, David IkechukwuDAVID OKOYE
Nigeria, officially known as the federal republic of Nigeria, is a former British colony. Nigeria has been home to a number of kingdoms and tribal states over the millennia. The modern state originated from British colonial rule beginning in the 19th century, and took its present territorial shape with the merging of the Southern Nigeria Protectorate and Northern Nigeria Protectorate in 1914. The administrative and legal structures were set up when the British were practicing indirect rule through traditional chiefdoms. Nigeria became a formally independent federation in 1960. It experienced a civil war from 1967 to 1970. It thereafter alternated between democratically elected civilian governments and military dictatorships until it achieved a stable democracy in 1999, with the 2011 presidential election considered the first to be reasonably free and fair. In 2015, power transferred peacefully from one party to another for the first time when former military ruler Muhammadu Buhari defeated incumbent President Goodluck Jonathan.
Macroeconomic overview of Nigeria by Yakubu AMINU (2014)Yakubu AMINU
This write up presents the economy of Nigeria at a Glance, most especially the Oil and Gas sector of the country as well as investment opportunities in Nigeria,
An Evaluation of the Impact of Fluctuating Oil Revenue and the Performance of...Triple A Research Journal
ABSTRACT
The up and down movement in the price of crude oil in recent years has led to increasing concern about its macroeconomic implications for the Nigerian economy as economic planning has become very uncertain given the fact that the economy is highly vulnerable to oil price fluctuations. It is with this view in mind that this paper empirically analyses the impact of fluctuating oil revenue and the performance of the Nigerian economy between 1999 to 2016 (a seventeen years period of democratic governance), using secondary data sourced from Central Bank of Nigeria Statistical Bulletin and World Bank Development Indicators with VAR econometric tools of analysis. After appropriate stationary and robustness checks, the study finds out that oil price shocks (proxy for oil revenue) retards economic growth as it has a negative relationship with economic growth. An interesting outcome from the VAR Block Exogeneity Test is the unidirectional causality running from Oil Revenue to Real Gross Domestic Product (economic growth) which reveals the fact that during the years under reference, proceeds from oil export were mainly responsible for the level of astronomical growth recorded in the economy. The study concludes that oil price fluctuation paints an unstable future for the Nigerian economy because macroeconomic variables like employment, interest rate and price stability become victims. Both fiscal and monetary tools are frequently revised to keep the system afloat during price shocks. Nigeria remains a victim of these policy shocks because of overdependence on oil export earnings. A major policy recommendation is the need for policy makers to concentrate on policies that will strengthen and stabilize the macroeconomic structure of the Nigerian economy with specific focus on alternative sources of government revenue (reduction of dependence on oil proceeds) and reduction in monetization of crude oil receipts (fiscal discipline).
Keywords: Oil shocks, Economic Growth, VAR, ECM, Granger Causality
Ghana- Best Business Opportunities, Identification and Selection of right Pro...Ajjay Kumar Gupta
Ghana is situated at the Western part of Africa with a total area of 238,533 sq km. Ghana is a sovereign unitary presidential constitutional democracy, located along the Gulf of Guinea and Atlantic Ocean, in the sub region of West Africa. Ghana is bordered by the Ivory Coast in the west, Burkina Faso in the north, Togo in the east and the Gulf of Guinea and Atlantic Ocean in the south. The word Ghana means "Warrior King" in Mande. Accra is the capital and largest city of Ghana. Ghana was the first place in sub-Saharan Africa where Europeans arrived to trade - first in gold, later in slaves. Ghana is well endowed with natural resources, has twice the per capita output of the poorer countries in West Africa. The major sources of foreign exchange are gold, timber and cocoa production. The domestic of economy of Ghana continues to revolve around subsistence agriculture that accounts for 36% of GDP and employs 60% of the work force.
The Irony of Amnesty Programme: Incessant Oil Theft and Illegal Bunkering In ...inventionjournals
International Journal of Humanities and Social Science Invention (IJHSSI) is an international journal intended for professionals and researchers in all fields of Humanities and Social Science. IJHSSI publishes research articles and reviews within the whole field Humanities and Social Science, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Nigeria - Best Business Opportunities, Identification and Selection of right ...Ajjay Kumar Gupta
Nigeria is situated in the West African region and its coast in the south lies on the Gulf of Guinea in the Atlantic Ocean. It comprises 36 states and the Federal Capital Territory, where the capital, Abuja is located. Nigeria lies between longitudes 3 degrees and 14 degrees and latitudes 4 degrees and 14 degrees. It has a land mass of 923,768 sq.km. It is bordered to the north by the Republics of Niger and Tchad; it shares borders to the west with the Republic of Benin, while the Republic of Cameroun shares the eastern borders right down to the shores of the Atlantic Ocean which forms the southern limits of Nigerian Territory. The 800km of coastline confers on the country the potentials of a maritime power. Land is in abundance in Nigeria for agricultural, industrial and commercial activities. Modern-day Nigeria has been the site of numerous kingdoms and tribal states for millennia. Nigeria is often referred to as the "Giant of Africa", owing to its large population and economy. With approximately 174 million inhabitants, Nigeria is the most populous country in Africa and the seventh most populous country in the world. Nigeria has one of the largest populations of youth in the world. As of 2015, Nigeria is the world's 20th largest economy, worth more than $500 billion and $1 trillion in terms of nominal GDP and purchasing power parity respectively. It overtook South Africa to become Africa's largest economy in 2014. Also, the debt-to-GDP ratio is only 11 percent, which is 8 percent below the 2012 ratio. Nigeria is considered to be an emerging market by the World Bank; it has been identified as a regional power on the African continent, a middle power in international affairs, and has also been identified as an emerging global power.
To maintain its share of the continent’s agriculture GDP by 2030, Nigeria will need to grow its agriculture sector revenues by a compounded annual growth rate (CAGR) of 4.7% annually. To ensure this is achieved, agriculture budget to GDP will have to be sustained by at least 7% annually. It is estimated that agriculture is Africa’s largest economic sector, representing 15% of the continent’s total GDP. Nigeria contributes 14% of Africa’s agriculture GDP. The World Bank forecasts that by 2030, the food market in Africa will grow to be a US$1 trillion industry. Nigeria will need to intensify its investments in improving agriculture yield and integrating the value-chain over the next decade to effectively capture a significant share of the US$1 trillion market.
The Trend Analysis of Oil Revenue and Oil Export in NigeriaIOSR Journals
The oil sector has generated huge revenue to the Nigerian Economy, yet the prevalence economic situation rather than showcasing the benefits from this economic driver of Nigeria, depicts a divergence view about the economy. The question is what happens to the manufacturing sector, human capital development and the agricultural sector of the economy? This paper attempted to descriptively analyze the trends of oil revenue and oil export as it relates to other potential economic variables required for the transformation of the Nigerian economy. The paper also make a comparative analysis of how such chosen variables behave before and after democracy to determine the period where oil revenue management impacted positively on the economy as a means of enhancing the standard of living of the ordinary Nigerian, their health status, infrastructural facilities like power etc. However, recommendations has been proffer for policy makers and the stakeholders, which if adequately implementated will enhance efficient and effective management of Nigeria oil revenue with the broad aim of transforming the economy and positioning it for global relevance
In recent times, agricultural sector has returned to the forefront of development issues in Nigeria given its contribution to employment creation, sustainable food supply and provision of raw materials to other sectors of the economy. In lieu of that, this study examines the impact of agriculture on the economic growth in Nigeria using annual time series data covering the sample period of 1981 to 2018. To analyse the data collected, Autoregression Distributed Lag (ARDL) model through the bounds testing framework is employed to measure the presence of cointegrating relations between real GDP, agricultural productivity, labour force, and agricultural export. Results show the presence of both short-run and long-run relationship among the variables, and that agriculture has a positive and significant impact on economic growth in Nigeria. These findings inform the Nigerian government on the need to expedite labour force (human capital) and agricultural export (non-oil) development with the view to achieving sustainable growth and development. In addition, developing skills and competencies of labour force through capacity building in the agricultural sector will encourage research and development thereby increase the export size, hence essential for long-term growth.
Cattle Rearing and its Contribution to the Nigerian Economy: An Econometric A...Triple A Research Journal
ABSTRACT
Scholars in their quest to study the fortunes or otherwise of the agricultural sector has dwell so much on crop farming to the neglect of livestock production. By the early 1970s, as the general standard of living improved, the demand for meat in Nigeria exceeded the domestic supply. Thus, 30 to 40 percent of the beef consumed in Nigeria was imported from Niger, Chad, and other neighboring countries. In the mid-1970s, Nigeria began importing frozen beef in response to export restrictions initiated by its neighbors. This study therefore is targeted at empirically examining the impact of cattle rearing and its contribution to the Nigerian economy. Using various econometric tools of analysis, the variables for study were tested for stationarity and all variables became stationary at first difference. In the same vein, evidence reveals that series in the model (GDP, Cattle-Prod and Agric-Exp) exhibit long-run equilibrium relationship judging from the Johansen cointegration result. Major findings from the OLS regression output reveals that cattle rearing have no significant contribution to the Nigerian economy during the period under reference. The study therefore recommends that in view of the importance of cattle rearing to the Nigerian economy, the government should first and foremost bring the age-long clashes between herdsmen and farmers to a peaceful end for improve output in the livestock sub-sector. Ranching – a method of raising livestock under range conditions – has been suggested as the best solution to the incessant Fulani herdsmen / farmers crises. Secondly, the Federal Government must as a matter of urgent importance do all that is within its reach to contain the menace of cattle rustling prevalent in the country. Finally, government should create well-equipped special reserves across the country with irrigation, dams, educational, health and recreational facilities where these herdsmen can be stationed with their cows to avoid the incessant farmers-herdsmen clashes. We must come to terms with the reality that these herdsmen also need decent living and care from government.
Keywords: Nigerian Economy, Cattle rearing, Ranching, OLS
Nigerian cashew economy: Dimensions to growth paradigm by sotonye anga 18th N...Sotonye anga
This paper examines the current realities of Nigeria’s Cashew Economy as it relates to the growth and value chain expansion paradigm. To this end, this paper looks at how Nigeria’s socio-political and economic realities has propelled the national economic thrust towards further enhancement of gains and profitability of commercial crops such as cashew as means of generating more gainful employment, foreign exchange and sustainable economic growth. Also, focus will be on how the National Cashew Association of Nigeria, an umbrella body for Nigeria’s Cashew Industry is impacting the growing interest on cashew as a profitable agribusiness in Nigeria. This paper likewise evaluates the issues that constitute major constrain to the rapid growth of the cashew agribusiness in Nigeria. Lastly, this paper articulates the practical approaches that will facilitate the enabling of a sustainable positive growth of the cashew agribusiness in Nigeria.
Agripreneurship Development as a Tool for Revitalizing the Agricultural Secto...ijtsrd
Over reliance on crude oil as a currency exchange has resulted in a steady decline in the performance of the agricultural sector, which was Nigerias mainstay before the oil boom of the 1970s. At present, the Nigerian economy continues to struggle to retain its title of Africas largest economy, with recent fluctuations in oil prices having negatively impacted the economy, reflected in the low standard of living and increased rise in the cost of goods and services. Scholars agree that the Nigerian economy should be diversified through agriculture and that agripreneurship could improve the nations current economic situation. Therefore, enhanced performance of the agricultural sector could lead to economic recovery and sustainable development. Despite the fact that many awareness programs, workshops, seminars and presentations have also been organized by private and governmental bodies and organizations, strategies and support systems have been created by the government at both the state and federal levels to improve the agricultural sector, but results are still pointing Recent studies indicate that the performance of the agricultural sector in Nigeria is poor. This indicates that perhaps agripreneurship has not really been embraced and there appear to be some bottlenecks or obstacles that are hampering the improvement in the performance of the countrys agricultural sector. Agriculture is still practiced at the subsistence level. Accordingly, the focus of this study is to examine agripreneurship development as a tool for revitalizing the Agricultural sector performance of the economy which will in turn lead to economic growth and development. Dr. Chibike Onyije Nwuba | Chukwunonso Chukwudi Okoli "Agripreneurship Development as a Tool for Revitalizing the Agricultural Sector Performance of Nigeria" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-6 | Issue-5 , August 2022, URL: https://www.ijtsrd.com/papers/ijtsrd50498.pdf Paper URL: https://www.ijtsrd.com/management/marketing/50498/agripreneurship-development-as-a-tool-for-revitalizing-the-agricultural-sector-performance-of-nigeria/dr-chibike-onyije-nwuba
International Journal of Business and Management Invention (IJBMI) is an international journal intended for professionals and researchers in all fields of Business and Management. IJBMI publishes research articles and reviews within the whole field Business and Management, new teaching methods, assessment, validation and the impact of new technologies and it will continue to provide information on the latest trends and developments in this ever-expanding subject. The publications of papers are selected through double peer reviewed to ensure originality, relevance, and readability. The articles published in our journal can be accessed online.
Students, digital devices and success - Andreas Schleicher - 27 May 2024..pptxEduSkills OECD
Andreas Schleicher presents at the OECD webinar ‘Digital devices in schools: detrimental distraction or secret to success?’ on 27 May 2024. The presentation was based on findings from PISA 2022 results and the webinar helped launch the PISA in Focus ‘Managing screen time: How to protect and equip students against distraction’ https://www.oecd-ilibrary.org/education/managing-screen-time_7c225af4-en and the OECD Education Policy Perspective ‘Students, digital devices and success’ can be found here - https://oe.cd/il/5yV
Ethnobotany and Ethnopharmacology:
Ethnobotany in herbal drug evaluation,
Impact of Ethnobotany in traditional medicine,
New development in herbals,
Bio-prospecting tools for drug discovery,
Role of Ethnopharmacology in drug evaluation,
Reverse Pharmacology.
This is a presentation by Dada Robert in a Your Skill Boost masterclass organised by the Excellence Foundation for South Sudan (EFSS) on Saturday, the 25th and Sunday, the 26th of May 2024.
He discussed the concept of quality improvement, emphasizing its applicability to various aspects of life, including personal, project, and program improvements. He defined quality as doing the right thing at the right time in the right way to achieve the best possible results and discussed the concept of the "gap" between what we know and what we do, and how this gap represents the areas we need to improve. He explained the scientific approach to quality improvement, which involves systematic performance analysis, testing and learning, and implementing change ideas. He also highlighted the importance of client focus and a team approach to quality improvement.
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
Unit 8 - Information and Communication Technology (Paper I).pdfThiyagu K
This slides describes the basic concepts of ICT, basics of Email, Emerging Technology and Digital Initiatives in Education. This presentations aligns with the UGC Paper I syllabus.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
The Art Pastor's Guide to Sabbath | Steve ThomasonSteve Thomason
What is the purpose of the Sabbath Law in the Torah. It is interesting to compare how the context of the law shifts from Exodus to Deuteronomy. Who gets to rest, and why?
Palestine last event orientationfvgnh .pptxRaedMohamed3
An EFL lesson about the current events in Palestine. It is intended to be for intermediate students who wish to increase their listening skills through a short lesson in power point.
2. Musa
Hamza Ali (Group Leader)
Tasawar Hussian
Eraj Masood
Nouman Jhangir
Abdul Basit (CR).
Contents
Introduction to Nigeria
History
Agriculture Sector of Nigeria.
Industrial Sector of Nigeria.
Petroleum Sector of Nigeria.
Currency & Finacial position of Nigeria.
Govt. of Nigeria.
3. Fedral Republic of Nigeria
Introduction to Nigeria
Nigeria is situated on the western part of the Africa. It is also the
populous country of Africa.
Geography:
the country is bordered to the west by
the Gulf of Guinea.
It shares borders with Benin, Niger,
Cameroon and Chad.
Its Federal capital is Abuja.
4. Religion:
Nigeria is the Muslim state and Islam its official Religion with their
leadership. But it also contains large no of Christians in it.
Languages:
English is the official language of Nigeria but it is spoken by small
minority in urban areas. Estimated 75% population lives in rural areas
these are the following languages are follow in Africa like Yoruba, Igbo,
Edo, Ibibio, eifk and Annong.
Mostly Nigerian people use Hausa & Igbo.
Culture:
Nigerian women wear long flowing robes & head scarves and they
nearly cover their face.
In southern region most women put their best traditional cloths &
headdresses.
Nigerian men & women use asa-
oke for their cloths & use hand
woven strips & colorful cloths.
Mostly languages related to
French which are used in Nigeria.
5. Early History of Nigeria
Nigeria had deeply historical value in politics, power, war, culture and
etc. like the others African countries.
Nigeria also was under rule of British Empire.
Before republic state the Nigeria ruled by different kingdoms like Hussa
Empire and Yoruba Empire they were powerful kingdoms over Africa.
Nigeria got independence in 1 Oct. 1960
It is republic state democratic law but Nigeria also
bared some military revolt like Pakistan (Martial
law)
References:
www.britannia.com (Historyof Nigeria)
Wikipedia (History)
www.Abcnews.go.com (whatyou need to know about
Nigeria) Article
www.our-Africa.org (Nigeria peopleculture)
www.Studycountry.com
www.worldatlas.com and www.encyclopedia.com .
6. Agriculture sector of Nigeria.
WHAT IS THE IMPORTANCE OF AGRICULTURE SECTOR IN ECONOMIC
DEVELOPMENT OF Nigeria?
Introduction:
In terms of employment, agriculture is by far the most important
sector of Nigeria's economy, engaging about 70% of the labor force.
Agricultural holdings are generally small and scattered; farming is often
of the subsistence variety, characterized by simple tools and shifting
cultivation. These small farms produce about 80% of the total food.
About 30.7 million hectares (76 million acres), or 33% of Nigeria's land
area, are under cultivation. Agriculture contributed 32% to GDP in
2001.
Agricultural exports (including manufactured food and agricultural
products) decreased in quantity after 1970, partly because of the
discouraging effect of low world prices. In 1979, the importing of many
foods was banned, including fresh milk, vegetables, roots and tubers,
7. fruits, and poultry. The exporting of milk, sugar, flour, and hides and
skins was also banned.
Latest Information:
Over the past 35 years, the Nigerian economy expanded by more than
3x. The agricultural sector has contributed the most (about 27%) to this
expansion relative to Oil & Gas (1.4%), Financials (3.3%), Manufacturing
(9.0%) and Trade (18.8%).
Interestingly, the last time the sector contributed negatively to GDP
was way back in 1987! In 2016, Nigeria fell into a recession that lasted
for five quarters. By the end of the year, GDP had contracted by 1.6%
y/y. The agricultural sector, however, sustained a positive momentum.
Ex- Agric, GDP would have contracted by 2.5% in 2016 and would still
be in a recession
Petroleum sector of Nigeria.
8. Nigeria is consisting of largest petroleum sector over Africa
It contributes about 14% in economy of country.
The revenue & foreign exchange still heavily relies on this sector. It
faces crisis related the natural the natural resources prices international
market which are crude oil & natural gas.
Production of raw materials:
according to the NBS oil production
averaged 1.63 million barrel per day.
Whereas 0.0million barrel from 1.69
million mbpd recorded in 2nd
quarter
2016 oil production another hand 0.54
mbpd where recorded in 2015.
9. foreign Exchange:
the main problem is of low oil prices & low output which forced down
the foreign exchange earnings and reduced & discourage country’s
revenue.
According to NNPC the crude oil & gas export the revenue generated
23.8855 Million to 44.125 million during 2015-2016.
Conclusion:
Oil sector contributed 8.26% of total real GDP 2016 & 10.27% recoded
during 2015.
Reference
Wikipedia (Petroleum sector of Nigeria)
www.vanguardngr.com
Currency and financial position of Nigeria
Economic history of Nigeria
This is a chart of trend of gross domestic product of Nigeria at market
prices estimated by the International Monetary Fund with figures in
USD billions. Figures before 2000 are backwards projections from the
2000–2012 numbers, based on historical growth rates, and should be
replaced when data becomes available. The figure for 2014 is derived
from a rebasing of economic activity earlier in the year.
The US dollar exchange rate is an estimated average of the official rate
throughout a year, and does not reflect the parallel market rate at
which the general population accesses foreign exchange. This rate
ranged from a high of 520 in March 2017 to a low of 350 in August
2017, due to a scarcity of forex (oil earnings had dropped by half), and
to speculative activity as alleged by the Central Bank. All the while the
official rate was pegged at 360.
10. This is a chart of trend of the global ranking of the Nigerian economy, in
comparison with other countries of the world, derived from the
historical List of countries by GDP (PPP).
Year 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016
2017
Ranking 52 47 38 37 34 31 31 30 23 20 21
22 23
This chart shows the variance in the parallel exchange rate at which the
Dollar can be obtained with Naira in Lagos, with "Best" being cheaper
for a Nigerian (i.e. stronger Naira).
Year 2015 2016 2017
Best 195 345 350
Worst 237 490 520
Foreign economic relations
Nigeria's foreign economic relations revolve around its role in supplying
the world economy with oil and natural gas, even as the country seeks
to diversify its exports, harmonize tariffs in line with a potential
customs union sought by the Economic Community of West African
States (ECOWAS), and encourage inflows of foreign portfolio and direct
investment. In October 2005, Nigeria implemented the ECOWAS
common external tariff, which reduced the number of tariff bands.
Prior to this revision, tariffs constituted Nigeria's second largest source
of revenue after oil exports. In 2005 Nigeria achieved a major
breakthrough when it reached an agreement with the Paris Club to
eliminate its bilateral debt through a combination of write-downs and
buybacks. Nigeria joined the Organization of the Petroleum Exporting
Countries in July 1971 and the World Trade Organization in January
1995
Financial Position
Nigeria is the 49th largest export economy in the world and the 107th
most complex economy according to the Economic Complexity Index
11. (ECI). In 2015, Nigeria exported $47.8B and imported $39.5B, resulting
in a positive trade balance of $8.26B. In 2015 the GDP of Nigeria was
$481B and its GDP per capita was $6k.
The top exports of Nigeria are Crude Petroleum ($36.9B), Petroleum
Gas ($7.39B), Refined Petroleum ($603M), Cocoa Beans ($504M) and
Rough Wood ($333M), using the 1992 revision of the HS (Harmonized
System) classification. Its top imports are Refined Petroleum ($6B),
Wheat ($1.09B), Packaged Medicaments ($954M), Cars ($809M) and
Telephones ($745M).
The top export destinations of Nigeria are India ($9.1B), Spain ($4.63B),
South Africa ($4.58B), Brazil ($4.14B) and the Netherlands ($3.37B). The
top import origins are China ($13.6B), the United States ($3.24B), the
Netherlands ($3.22B), India ($2.28B) and Belgium-Luxembourg
Nigeria borders Benin, Cameroon, Niger and Chad by land and Ghana,
Equatorial Guinea and Sao Tome and Principe by sea.
Exports
In 2015 Nigeria exported $47.8B, making it the 49th largest exporter in
the world. During the last five years the exports of Nigeria have
decreased at an annualized rate of -11.9%, from $88.9B in 2010 to
$47.8B in 2015. The most recent exports are led by Crude Petroleum
which represent 77.2% of the total exports of Nigeria, followed by
Petroleum Gas, which account for export or import products or services
from Nigeria. There are 10 companies exporting and importing from
Nigeria including Manduna Commodities Group, Great Commodity
Group Ltd, and PRAMUKH ENTERPRISE. These companies export 16
products including Bovine cuts boneless, fresh or chilled, refined sugar,
in solid form, pure sucrose, and Swine meat, salted/dried/smoked not
ham/shoulder/bell
imports
In 2015 Nigeria imported $39.5B, making it the 53rd largest importer in
the world. During the last five years the imports of Nigeria have
decreased at an annualized rate of -4.5%, from $49.2B in 2010 to
$39.5B in 2015. The most recent imports are led by Refined Petroleum
12. which represent 15.2% of the total imports of Nigeria, followed by
Wheat, which account for 2.76% They import 2 products including
Wood charcoal (including shell or nut charcoal) and Petroleum oils, oils
from bituminous minerals, crude. r 15.5%.
The world bank loan:
The World Bank has approved a $200 million loan to Nigeria to support
the government’s effort to boost agriculture.
The loan from the International Development Association, World
Bank’s low-interest arm, has a maturity of 25 years with a grace period
of Five year
The loan, PREMIUM TIMES learnt, is to support small and mid-scale
farmers.
The bank, in a statement on Friday, said about 60,000 individuals will
benefit directly from the funding, of which 35 percent are women.
Similarly, about 300,000 farming households will be affected indirectly.
Nigeria slipped into its first recession in 25 years in 2016, brought on by
low prices of crude oil. It has been trying to diversify away from
hydrocarbons, build infrastructure and boost agriculture.
But the World Bank, in its statement, said, “Priority value chains … will
include products with potential for immediate improvement of food
security, products with a potential for export and foreign currency
earnings.”
The funds will help tackle low yields, lack of seed capital to set up agro-
factories, low-level adoption of technology and limited access to
markets, the bank said.
Records show that Nigeria, Africa’s largest economy, spends $20 billion
a year importing food.
Industrial sector of Nigeria
13. Industries contribution less than 5% of GDP in 1999s but experienced
4.9% growth in 2000s
Due to high cost of production that result from inadequate
infrastructure. Nigeria is presently 10th
largest ranking in Industrial
sector.
Textile Industry
It is widely contributing industry in
the path of Nigerian economy it is
early stage of development. 60% to
70% all raw material used in textile
production from local source.
Steel Industry
14. The setup of steel mill & production begun in 1982 by foreign support.
Nigeria is consisting of three heavy steel industries in Oshogbo, Kistna &
Jos
Other industries are actively working in Nigeria including cigarette
factories, breweries, sugar refining, rubber, paper, detergent, furniture
& etc.
References:
www.nationsencyclopedia.com .
Govt. of Nigeria
Tax policy
o Guiding Principles of Taxation
Flexibility: taxation should be flexible & dynamics to respond to
changing circumstances in economy.
Equity & Fairness: Nigeria tax system should be fair & equitable
devoid of discrimination tax payers should be required to pay
accordingly their ability.
Low cost of Administration: tax administration in Nigeria should be
efficient & cost effective line with international best practice.
Low Compliance cost: financial & economics cost of compliance to
the taxpayer should be kept to the barest minimum.
15. o Challenges
Lack of clarity on taxation powers of each level of Govt. &
encroachment on the power of one level of govt.by another
Insufficient information available to tax payer.
Poor accountability.
Lack of strict guideline policy & tax authority.
o Tax rates:
The cooperate tax rate in Nigeria stand at 30% 2006-2016
Personal income tax rate 24% from 2011-2016.
Unemployment
Nigerians National bureau of Statistic (NBS)the unemployment rate is at
Currently 13.9% to 14.2% at last quarter at 2016 and youth
Unemployment rate is 42% in 2016.
About 10 million of children are absent from schools which encourage
the illiteracy rate.
Poverty Rate
Nigerians living poverty rises to nearly 61% presently.
Almost 100 million about Nigerian population effected with poverty.
Another report said 80 million or 64% of Nigerian population is below
from poverty line.
The Nigerian mostly rural areas are under high threat of hunger.
Population
The overall both gender and all ages Nigerians are about 185,989,640
rise 65% from previous year 2016 & 233,691,888 is expected in
2025.Nigeria is 7th
ranking country of world with his population.
Conclusion and Overall GDP 2016
The overall GDP of Nigeria is 405.1 billion of USD 2016 & 2655.16 USD
2015 per capita
16. Things to be focus
Stable the political Matter because it widely effects the system
and encourage military against terrorism and revolt. Because it is
hugely effecting the business.
Nigeria is rich with its Culture & natural Resources. If Govt. control
the check balance system and Discourage illegal trading of
Resources.
Illegal Migration Hugely effect the population.
Focus on education can discourage the crime rate.
Focus effective relation towards other African countries to
promote trade.
Currency should be follow the dollar or euro to economic stability.
By following these tips Nigerian may improve its status from
under develop to develop.
References:
www.PWCnigeria.tyoepad PDF (Nationaltax policy Report of Nigeria).
www.worldmeter.com (Nigerian population)
www.BBC.com (World AfricaReport)
www.tradingecnomics.com (Taxation rates of Nigeria)
www.QZ.com (Unemploymentrates of Nigeria).
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