On Political Economy of Nigeria
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1) 'Bunkering' refers to the illegal practice in Nigeria of tapping into oil pipelines to steal oil, with estimates that 10% of Nigeria's annual oil production is lost this way. 2) Nigeria underwent economic reforms between 2007-2015 focused on fiscal discipline, privatization, reducing fuel subsidies, and anti-corruption efforts. 3) Key drivers of reform included Obasanjo's election, years of growth, high oil prices, and business interests of political elites wanting to dismantle state enterprises. However, challenges remain in strengthening accountability and generating wider benefits from reforms.
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The nigeria economy in review
Nigeria has a mixed economic system but is struggling to transition away from its historical command system due to periods of military rule and corruption. Nigeria has a GDP of $455.5 billion mainly from oil exports, but overdependence on oil and poor organization have hampered growth. The country aims to strengthen its role in global oil markets but must address obstacles to do so. Agriculture also contributes significantly to the economy. Literacy rates and education levels remain challenges as Nigeria works to develop its economy and reduce high poverty and unemployment.
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Developing the Nigeria Manufacturing sector is a route to opening up a new frontier for the expansion of trade, productivity & competitiveness
• Currently, Industrial capacity is very low with critical industries within the real sector performing below expectations
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• This is very sad given the fact that retail and wholesale trade are growing at a very fast rate
• And given the fact that Agriculture account for almost 24% of Nigeria’s GDP, there are indications that if a proper framework is put in place, Nigeria’s manufacturing can begin to witness phenomenal growth
• Part of the factors that will help shore up local production and reduce the cost of doing business in Nigeria are:
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III. Increasing private ownership and reducing public ownership throughout the economy.
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I. Unemployment 5.18%
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3. Trade
I. Trade is mostly done with the United States.
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III. Exports: Agricultural and manufactured goods
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• And given the fact that Agriculture account for almost 24% of Nigeria’s GDP, there are indications that if a proper framework is put in place, Nigeria’s manufacturing can begin to witness phenomenal growth
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• The Power Sector reforms - this needs to be fine-tuned
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1. Three significant transition happened in Mexico
I. Replacing a primarily agricultural based economy to an industrial based economy.
II. Shift from closed economy to an open economy.
III. Increasing private ownership and reducing public ownership throughout the economy.
2. Mexico Current Status
I. Unemployment 5.18%
II. Inflation 4.15%
III. 14th largest nominal GDP
3. Trade
I. Trade is mostly done with the United States.
II. Imports: Machines and Industrial equipment.
III. Exports: Agricultural and manufactured goods
IV. FDI in telecommunication and energy.
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I. Experienced huge trade liberalization from 1989 to 2000
a. Widening the gap between rural and urban area.
b. Diverse effect on wage rate
c. Reduced poverty by about 3%; bringing 3 million individuals out of poverty.
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I. One of Mexico’s main points in writing the NAFTA agreement is that an increase of FDI will decrease Mexican immigration to other countries.
II. On average doubling of FDI will lead to 1.5 – 2% decrease in migration.
III. Mexico doubled FDI from 2012 to 2013 with nearly 35.2 Billion.
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I. Past
II. Present
7. Causation
I. Market Structures - Liberalization and privatization of various industries
II. Technologies - Have improved infrastructure immensely over the past 20 years
III. Political Factors - Cartels have distorted the influence of their judicial system.
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I. Free trade Agreements (FTA) have been one of the primary reasons behind Mexico’s recent economic growth and emergence as a low supplier of goods.
II. NAFTA - Increase trade and FDI between Mexico and the US
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Peru has experienced strong economic growth and political stability since the 1980s. GDP growth has exceeded regional peers while inflation and unemployment have fallen. FDI inflows have also increased substantially due to improved investment regulations. However, the 2011 elections may increase political uncertainty and social issues around mining and agriculture present risks. Overall Peru offers high investment potential, especially in tourism, mining and manufacturing, if investors consider the country's social complexities.
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SLIDE 1
Introduction
SLIDE 2
Zimbabwe is located at the southern part of the continent sharing its border with South Africa and Zambia
SLIDE 3
FLOW OF THE PRESENTATION
SLIDE 4
HISTORY
SLIDE 5
Political situation of Zimbabwe was similar to that of India. It suffered from british colonialism, like we had gandhiji as the pioneer of independence , they had Robert mugabe as a national hero who played a vital role in makind Zimbabwe independent from the glitches of the britishers
SLIDE 6
The post independent story Zimbabwe consisted of Robert mugabe being assigned to the post of prime minister and after a rule of 7 years he gained the presidentship of Zimbabwe in 1987
SLIDE 7
POLITICAL UPHEAVAL: the basic political reasons that led to the degradation of politics in Zimbabwe
SLIDE 8
Project murambitswina was a major cause of resentment amongst the people as under this project , in the wake of cleaning Zimbabwe of poverty and diseases, he actually inflicted terror upon the people and tortured the local populace . this project was a major cause for fuelling the hatred amongst the Zimbabweans
SLIDE 9
Instead of advising mugabe to stop the violence on the population , the then south African prime minister Mbeki maintained a QUIET DIPLOMACY to not involve in the issues of Zimbabwe.
SLIDE 10
Due to the reasons mentioned there was an overall movement and people within and beyond Zimbabwe wanted mugabe to be removed from power
SLIDE 11
Due to the strong opposition of mugabe the internal politics of Zimbabwe grew active and more and more political groups started to form a strong anti mugabe political party to contest in the elections that were goin to be held
SLIDE 12
The main opposition party against mugabe was MDC . mugabe feared that he would loose power and started inflicting physical harm on the opposition leaders and party members.
SLIDE 13
In his last pathetic efforts to win the elections, he manipulated the election process by corrupting the election officers and thus finding an easy solution to his problems.
SLIDE 14
Despite the efforts laid by mugabe to gain dominance over Zimbabwe he lost the election as MDC won 105 seats while mugabe won 93 seats…a clear indicator of the miserable defeat faced by ZANU P.F.
SLIDE 15
But due to the loss in the elections , mugabe was totally frustrated and didn’t want to leave the power over Zimbabwe so he declared the elections to be void and carried out in a corrupted manner and retained power
SLIDE 16
So we can definitely infer that mugabe became despotic and is dismantling the constitution thus indirectly pushing Zimbabwe into the slumber it experienced before independence
SLIDE 17
Till date mugabe’s dictatorial rule prevails in Zimbabwe. In world conferences he proudly talks about the prosperity of Zimbabweans but the prosperity that they actually experience will be realized only after we go through the economic position of Zimbabwe and the factors or decisions or shuld I say, blunders that contributed to its downfall
SLIDE 18
THE ECONOMIC BLUNDERS:
SLIDE 19
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SLIDE 20
Inconsistency of exchange rates
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SLIDE 21
Freezing basic commodity prices
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বিসিএস ও ব্যাংক এর লিখিত পরীক্ষা ...+এছাড়া মাধ্যমিক ও উচ্চমাধ্যমিকের স্টুডেন্টদের জন্য অনেক কাজে আসবে ...
ISO/IEC 27001, ISO/IEC 42001, and GDPR: Best Practices for Implementation and...
Denis is a dynamic and results-driven Chief Information Officer (CIO) with a distinguished career spanning information systems analysis and technical project management. With a proven track record of spearheading the design and delivery of cutting-edge Information Management solutions, he has consistently elevated business operations, streamlined reporting functions, and maximized process efficiency.
Certified as an ISO/IEC 27001: Information Security Management Systems (ISMS) Lead Implementer, Data Protection Officer, and Cyber Risks Analyst, Denis brings a heightened focus on data security, privacy, and cyber resilience to every endeavor.
His expertise extends across a diverse spectrum of reporting, database, and web development applications, underpinned by an exceptional grasp of data storage and virtualization technologies. His proficiency in application testing, database administration, and data cleansing ensures seamless execution of complex projects.
What sets Denis apart is his comprehensive understanding of Business and Systems Analysis technologies, honed through involvement in all phases of the Software Development Lifecycle (SDLC). From meticulous requirements gathering to precise analysis, innovative design, rigorous development, thorough testing, and successful implementation, he has consistently delivered exceptional results.
Throughout his career, he has taken on multifaceted roles, from leading technical project management teams to owning solutions that drive operational excellence. His conscientious and proactive approach is unwavering, whether he is working independently or collaboratively within a team. His ability to connect with colleagues on a personal level underscores his commitment to fostering a harmonious and productive workplace environment.
Date: May 29, 2024
Tags: Information Security, ISO/IEC 27001, ISO/IEC 42001, Artificial Intelligence, GDPR
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On Political Economy of Nigeria
- 1. Image: VOA News ‘BUNKERING’ SOCIAL & ECONOMIC CHANGE Political Economy of Nigeria’s Reform
- 2. ‘Bunkering’ is a local practice in Nigeria employed to steal oil from established pipelines by tapping it along its course in Niger delta. Chatham House estimates that about 10% of Nigeria’s annual oil production is lost to bunkering. The information here is based on Nigeria The Political Economy of Reform: Strengthening the incentives for economic growth by Pat Utomi, Alex Duncan and Gareth Williams, The Policy Practice, UK
- 4. 170 Million people 50% Urban 7.2% growth (2012)
- 5. Giant of Africa Capital: Abuja ; Largest City: Lagos Former British colony Independence – 1960 Oil discovered – 1956 Federal structure 36 States 746 LGAs
- 6. Nigeria today - civil war for oil revenues - environmental degradation by - oil industry - political assertion by ethnic groups - completely oil dependent (with no refining capacity) - all other sectors of economy in crisis – fall out effects like piracy & financial fraud
- 7. Resource curse? Indonesia vs Nigera – both strike oil around the same time but stand wide apart today – Policy choices & Institutional performance
- 8. Nigeria’s dependence on trade (oil?) Nigera vs India – on Trade as a % of GDP
- 9. REFORMS Analyze factors that drove reform How to sustain these reforms and improve 1. Greater fiscal discipline and transparency FRA (2007); NEITI (2007) 2. Privatization 3. Lower fuel subsidies 4. Banking consolidation 5. Anticorruption EFCC; ICP Commissions 1. 2. 3. 4. Obasanjo’s election 7 years of continuous growth High oil prices Business interests of political elite – dismantled public enterprises & patronage networks 5. External factors – OECD, Multilateral agencies 1. 2. 3. 4. 5. Accelerated speed in passing legislations Strengthening accountability systems Generating wider benefits from reforms Extending reforms from Fed to State & LGA Strengthening technical capabilities
- 10. Political Economy Context Ethnic groups – Oil dominated industry – Nollywood 2nd largest employer
- 11. Akintunde Akinleye/REUTERS A man carries refined oil in buckets at an illegal oil refinery site near river Nun in Nigeria's oil state of Bayelsa.
- 12. Features of Nigerian Political Economy INCENTIVES WEAK STATE – SOCIETY RELATIONSHIP VALUE SYSTEM EASY EXIT OPTIONS (for businesses & elites) PERSONALIZED POLICY PROCESS Striking feature – “recursive” nature of Nigeria’s political economy
- 13. Discussion