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Economics In Nigeria Essay

1755 words - 8 pages

A Look into Nigeria’s Economy

The Republic of Nigeria, more commonly known as Nigeria is the largest country in Africa and was under the control of Great Britain until 1960 when they gained independence. In 1999 Nigeria returned to a democratic form of government which has worked well for them until just recently when security concerns began to arise due to the presence of the radical Islamist sect, Boko Haram. Nigeria has the continent’s largest population with 173.6 million people and the largest economy as well. Although Nigeria’s economy is the largest in Africa, 61 percent of the residents are reported to survive on less than $1.00 per day with corruption within the government ...view middle of the document...

The film industry in Nigeria is another area which is helping the economy and is reported to be producing more movies than Hollywood, making it the second largest film industry. Even though the movies produced in Nigeria are in the local language and are low budget, they are helping attract more attention to the area as film scene. Because Nigeria has been expanding to areas outside of the oil industry, they were not negatively impacted by the decrease in oil production in 2014 and were instead able to grow because of its strong non-oil sector. Another step taken over the last decade which has helped to strengthen the economy is the focus by the government to reduce government corruption. The Economic and Financial Crimes Commission (EFCC) which targets government corruption, is reported to have gone after 31 of the 36 governors and in its first three years of operation has sent almost 2000 people to prison. While the government has made attempts to address corruption and has even been able to make some arrest in regards to high level fraud, there are still politicians who have found other ways to defraud the government. Effort has also been made to stabilize their currency, the Naira, which has helped in regards to reducing inflation which in turn helps the economy.

One of the main problems affecting the country of Nigeria both socially and economically is unemployment. When people are unemployed they are unable to purchase goods and services, which then leads to less production because there is no demand and as a result it leads to poor economic growth. Socially, unemployment leads to an increase in the crime rate. Although the current overall unemployment rate is just over 8 percent, the rate of unemployment for age group 20 to 24 years is 40 percent and for ages 15 to 19 years it is 31 percent. Some of the causes for high unemployment with young people include the large number of young people who move to the cities in an effort to find employment, rapid population growth, low standards of education, crumbling infrastructure system and government corruption. Because research has shown unemployment does not always decline with economic growth, other solutions have been put forth by experts which include ensuring people have the skills needed to become employed and improve their quality of life. It has been suggested people be provided with opportunities to take part in school sports, develop clubs where children are able to learn and take part in sports and other activities, computer training schools and clubs which teach software programming, photography and video editing, schools to teach foreign languages and agencies which can provide temporary workers to small businesses would help decrease the unemployment rate. There are also other issues which affect the economy in a negative way. The infrastructure system, which includes roads, power stations, railways and airports, has not been updated and makes it difficult for industries to...

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