The Nigerian Economy Essay
The Nigerian Economy
The Federal Republic of Nigeria is Africa’s most populous country with a population of 148-million based on the United Nations estimate in 2007. Taken as human resources as one of the assets for economic development, overpopulation in Nigeria, however, has become one of its main concerns. Despite the fact that it is Africa’s leading oil producer (mostly found in Niger Delta), more than half of the Nigerian population is living in poverty (cited in BBC News website, 2008; Columbia Electronic Encyclopedia, 2007).
Hence, one can say that in spite of Nigeria’s abundant supply of natural and human resources, it is still under the state of poverty and underdevelopment. Accordingly, Nigeria’s economy remains weak “such that real wages could not meet basic requirements; social services deteriorated at an alarming rate, and the real sector were not linked to the so-called boom in the financial sector” (Online Nigeria, 2008). Corrupt governance and unsuccessful policies are said to be the reasons for this slow development (The Economist, 2007; Ikpeze et. al, 2008).
Such abovementioned details, this researcher find it interesting to study Nigeria’s economy by looking into its agriculture, energy, and industry sectors – and how these sectors are affecting Nigeria’s current concerns on environment, trade and food security.
This study entitled The Nigerian Economy: The Impact of Development to its Environment, Trade, and Food Security will focus on the Nigerian economy. The sectors under its economic development that will be given focus on the study are its agricultural, energy, and industry sectors. Such sectors will be gauged according to its impacts on Nigeria’s environment, food security and trade movement.
This study will focus primarily on Nigeria purposely because the researcher personally finds Nigeria as an interesting country to study about. For one, Nigeria is a very rich country in terms of natural resources, especially that it is endowed with the blissfulness of abundant oil reserve and supply. As a matter of fact, Nigeria is one of the few countries in the world that plays a significant role in the global oil industry since it has been importing oil since the discovery of such resources in the country. Also, the country is rich with agricultural products and other agrarian products that make Nigeria abundant with supply of food and crops.
With all the abovementioned details about Nigeria’s richness in natural resources, the country, however, still remains as one of the poor nations in the world. More than half of its population still lives below poverty threshold, and that its economic development is not that vibrant compared to other nations that also import oil. Hence, this researcher finds its interesting to study Nigeria’s economy – what is its best assets? What is its weaknesses? Why is that, despite its natural richness, the country remains poor?
The first part of the this research paper will be an introduction about Nigeria as a nation; basic details/information will be given so as to give a foreground about the subject nation. An overview about Nigeria’s economy will also be given, paying particular focus to its agriculture, energy and industrialization. Based on this researcher’s advance researches and prior readings about the subject matter, it was found out that these three areas are deemed to be the strong points of Nigeria’s economy in terms of its contribution to the country’s GDP. Such claim also can be rooted back on the nation’s culture and tradition mainly involves farming and oil (especially petroleum) as the basic livelihood and source of income among Nigerians.
This study will cite the contributions of these three areas to Nigeria’s economy as well as the problems, issues and concerns hounding these sectors. Also, this thesis will look into the impacts of these three sectors to Nigeria’s environment, food security and trade. In order to this, an overview about the environment, food supply and trade matters of Nigeria will also be presented on this study. Accordingly (based on prior readings), the environmental aspect of Nigeria has been affected adversely on the industrialization that the country is undergoing right now. Furthermore, oil drillings and power plants have contributed to the degradation of its environment; not to mention, the irresponsible doings of man that further damage the equilibrium of its rich ecology.
Also, with the growth of industrialization, Nigeria’s agriculture has been put in the backtrack, which, presumably can lead to scarce food supply (especially that the country has a huge population to be fed). Furthermore, with the lack of agricultural reforms and programs, the country’s importation of agricultural products has lagged behind as the country put more focus on its oil trade; hence, trade matters are also worth-noting for this thesis.
An overview of the entire scenario of the abovementioned details study will be presented orderly at the Review of Related Literature part of this thesis . However, pertinent details about the impacts of Nigeria’s agriculture, energy and industrial sectors to the country’s environment, food security and trade will be obtained from sources who are experts in their respective fields. The choice of sources will be done purposively as these people are very busy in their jobs, such that this researcher will just depend on the availability of these sources’ schedules.
Questionnaires will be given to individuals who are experts (or who have the authority) in the field of Nigeria’s (1) agriculture, (2) energy, and (3) industrial. Furthermore, people form the fields of (4) environmental management, (5) national security, and (6) economic development will also be interviewed. Also, this researcher will find ways to obtain information from the people in the Nigerian government as well as from its private sector. After all necessary information will be obtained, the researcher will collate all the gathered data for a drawing up of conclusion and recommendations.
In overall, this study, The Nigerian Economy: The Impact of Development to its Environment, Trade, and Food Security, will gauge Nigeria’s economy through the performance of its agricultural, energy and industrial sectors – and the impacts of these sectors to Nigeria’s environment, food security and trade development.
University/College: University of Chicago
Type of paper: Thesis/Dissertation Chapter
Date: 28 November 2016
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