What Are The Economic Activities In Nigeria

By | November 15, 2023

What Are The Economic Activities In Nigeria – Nigeria’s main development challenge is not the “curse of oil”, but achieving economic diversification away from dependence on oil revenue, and politics plays an important role in the political choices that have created and exacerbated this challenge.

Nigeria has long been considered the poster child for the “curse” of oil wealth. However, Nigeria has enjoyed more than a decade of strong economic growth in the 21st century, largely fueled by policy reforms in the non-oil sectors. This open access book argues that Nigeria’s main development challenge is not the “curse of oil” but achieving economic diversification of oil, subsistence agriculture, informal activities and its sub-national enterprises. Drawing on an analysis of economic data, policy documents and interviews, Usman argues that the challenge of Nigeria’s economic diversification lies in the political context of unstable distribution of power between individual, group and institutional actors.

What Are The Economic Activities In Nigeria

What Are The Economic Activities In Nigeria

Zainab Usman is a senior fellow and director of the Africa Program at the Carnegie Endowment for International Peace in Washington, D.C. Her areas of expertise include institutions, economic policy, energy policy and developing economies in Africa.

Petroleum Industry In Nigeria

Since the turn of the century, the policy-making of successive Nigerian governments, despite superficial party differences, has been oriented towards macroeconomic stabilization, return to growth and short-term crisis management with selective reforms in the public sector. The book argues that in order to diversify Nigeria’s economy, successive governments should consider a sustained focus on productivity and pro-poor policies alongside the overall integrity of civil services and the security sector. These political priorities, which Nigeria’s ruling elites have belatedly recognized, are key to achieving economic transformation; A confrontation with the roots of the multi-year political crisis is needed and an effort is needed to stabilize the balance of power towards equity and inclusion.

“This book makes it clear that what seems absurd and contradictory about Nigeria needs to be carefully exchanged with the results that an inquiring and inquiring mind can find. Few give us an acceptable explanation for why you can become the largest oil producer or economy in the entire continent in a paradoxical country that fails to diversify its economy in a credible way. and can provide documented explanations. A stimulating read for all those struggling to explain the slow pace of structural transformation in Africa.

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“Based on rich data, thoughtful reflections and an understanding of economic forces, this is the first book in two decades to provide a comprehensive understanding of Nigeria’s post-colonial economy. It identifies critical challenges against the backdrop of available resources and opportunities, successes and failures, and identifies political forces that have impeded the creation of a diversified economy. Zainab Usman successfully argues that oil and cultural wealth is not the source of the country’s slow development, but that politics and institutions are not conducive to creating a resilient, multifaceted economy. Its policy recommendations are proactive and transformative.”

-Toin Falola, Jacob and Frances Sanger Mosiker Chair in the Humanities, University of Texas, Austin, USA

Nigeria Lagos People Marketplace Hi Res Stock Photography And Images

“This excellent book is a must read for anyone interested in how the economy diversifies. It is sobering about the failures and inspiring about the successes of Nigerian governments. The lack of a clear aligned vision and unified implementation capacity in Kano State has led to failure. But investments in clear vision and administrative capacity in Lagos State have successfully diversified returns. The book is well written and heartily positive about how governments can better create the conditions for economic success.

“A very readable and very compelling analysis of how the fragmentation of power and politics in Nigeria has hindered its development and, most importantly, what can be done about it.” A must read for anyone interested in development and Nigeria.”

“This scholarly work by a brilliant young Nigerian explores the impact of the endowment of natural resources on the people and politics of Africa’s most populous country. The author leaves no doubt that Nigeria’s ruling class has failed to deliver the dividends of economic development to its citizens, but the 5 steps Nigeria needs to follow to meet the challenge of economic transformation. It goes beyond the usual blame game to provide building blocks. My wish is that Zainab finds herself in a position of power and influence to help change the trajectory of Nigeria’s development and progress.

What Are The Economic Activities In Nigeria

Carnegie does not take institutional positions on matters of public policy; The views expressed herein are those of the author(s) and do not necessarily reflect the views of Carnegie, its staff, or its trustees.

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Impact Of Covid 19 Pandemic On Political And Socio Economic Activities In Nigeria And The Policy Response By The Government

You are leaving the Carnegie-Tsinghua Center for Global Policy website and entering the website of another Carnegie Global Center. Lagos State Governor Akinwunmi Ambode has disclosed that over 4000 small and medium businesses have been empowered and supported in the last two days. Over the years, in an effort to create a thriving commercial activity and boost the state’s economy.

According to the governor, this was achieved through the N25 billion Employment Fund (ETF) set up by his administration.

Legatum Center for Development and Entrepreneurship, Massachusetts Institute of Technology (MIT), USA. Ambode, while paying a courtesy call on the delegation from the Lagos House in Ikeja, said his administration had made deliberate efforts to assist and encourage businesses. Young entrepreneurs in the country.

The governor said encouraging entrepreneurship is a sure way to meaningfully engage the youth to contribute their quota to the growth of the economy.

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He said: “There’s no way under this economic downturn we’ve found that we can actually employ all the people in that age group. So the best thing is to create a framework that allows them to unleash their energy and creativity in the things they love to do.

“That is why we set up an employment fund with a budget of N25 billion, so that we can reach out to youths who do not have the capital to recreate their skills. And so far so good, in the last two years we have made almost 4000 entrepreneurs and we are making more.

Welcoming the partnership opportunities with MIT, Ambode said the Legatum Center has finally recognized the importance of the African continent as a key part of the map with innovation as well as entrepreneurship and Lagos as one of its main city partners.

What Are The Economic Activities In Nigeria

Moreover, the establishment of the Ministry of Wealth Creation and Employment is in line with the ideals of the Legatum Centre, assuring that its administration will do everything possible to continue the partnership beyond entrepreneurship.

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Earlier, the Executive Director of MIT, Mrs. Georgina Flatter, in her remarks said the team was in Lagos to network with entrepreneurs in the state and build sustainable partnerships.

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She said the MIT team has spent the past few days visiting ecosystems and visiting entrepreneurs and ventures in Lagos, describing the experience so far as very inspiring.

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Nigeria produces about 2 million barrels of crude oil per day, making it the top producer in Africa and thirteenth in the world. However, due to weak domestic refineries, Nigeria imports 80 percent of the gasoline consumed at home, selling it at the government fixed rate ($0.43) below the international average price ($0.97) and landing. Costs determined according to the world price of oil and freight cost. The difference is in the finances of the subsidy. For example, in 2011 alone, the total subsidy was over $13 billion—3 percent of Nigeria’s GDP that year; And last year, 2022 N4.39 trillion.

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Vice President Yemi Osinbajo, on Friday, said the Federal Government was proud of the late Lt. Gen. He said Oladipo Dia’s legacy is to serve his country with integrity and honesty. Agriculture, trade, other services, manufacturing and professional, scientific and technical services dominated economic activity in the third quarter of 2017, the National Bureau of Statistics (NBS) said. The NBS yesterday released its Labor Force Statistics Volume 2: Employment Report by Sector, stating that the sectors attracted 84.40 per cent…

What Are The Economic Activities In Nigeria

Agriculture, trade, other services, manufacturing and professional, scientific and technical services dominated economic activity in the third quarter of 2017, the National Bureau of Statistics (NBS) said.

The Path To Reform For Nigeria’s Economy

The NBS yesterday released its Labor Statistics Volume 2: Employment Report by Sector, showing that these sectors attracted 84.40 per cent of the total labor force in Nigeria, with a total of 64.67 million workers.

Of the 85.08 million labor force in Q3 2017, the report found that 77.55 million workers engaged in some economic activity for at least one hour per week, while 7.53 million did nothing.