THE NATURE OF THE NIGERIA ECONOMY.

THE NATURE OF NIGERIA’S ECONOMY

OVERVIEW OF THE NIGERIA ECONOMY.

Nigeria is a middle income, mixed economy and emerging market with expanding manufacturing, financial service, communications, technology and entertainment sector.

Before the advent of oil ( petroleum) Agriculture was the main stay of Nigeria economy . Nigeria economy was hindered by political instability, corruption, inadequate infrastructure and poor macro economic management.

ECONOMIC POTENTIAL OF NIGERIA.

Nigeria has the potential to be fastest growing economy and rank 13- among the worlds top 20 economics from now to 2050, according to the world in 2050 report published by price water house coopers, PWC”S macro-economic team..

According to the report a growing prime working age population, together with rising average rates of schooling and technological progress, chrives Nigerias strong growth prospects. However the reports projections rely on the country using it’s oil wealth to develop a broader based economy with better infrastructure and institutions which will support long term productivity growth.

IN SUMMARY :

1:.   Nigeria has very good economic potential.

2 :   It has considerable resource endowment.

3 : large labour force .

4 : Highly motivated enterpreneurs.

5 : Vast and fertile agriculture land.

6 :. A large domestic market.

7  : As well as strategic castal location should allow it to become an economic power   house for Africa.

NATURAE AND STRCUTURE OF INDUSTRY IN NIGERIA

Industries in Nigeria are classified into primary, secondary and tertiary industries or sectors.

  1. Primary Industries or sectors: These Industries are concerned with the extraction of Rew materials provide by nature. They are also called extractive industries examples are mining , fishing, lumbering , Farming and livestock production.

2    Secondary Industries or sectors:

These industries turn raw materials into consumable or finished goods. Eg are construction, building, texture,Iron, and steel industries, food proco, shoe making and chemical industries.

  1. Tertiary Industries or Sector:

These are concerned with the rendering of services. It could be direct services like trading, banking, teaching, medical and transportation. It could also be indirect services like the job of police , customs, Navy, Soldier etc.

CONTRIBUTION OF THE VARIOUS SECTORS TO THE ECONOMIC DEVELOPMENT OF NIGERIA.

CONTRIBUTIONS OF PRIMARY SECTORS

1 It helps in provision of raw materials like Cocoa, cotton, sugar cane, limestone, Iron ore are used by the indui.

  1. It provide employment for the Workin population..
  2. It is a source of foreign exchange through the export bof agricultural products like Cocoa , cotton etc.
  3. It helps in the generation of revenue / income through the sale of their products.

5     Provision of food.

  1. Improvement of standard of living . Money earned are used to provide social amenities which helps to improve the standard of living.
  2. Acquisition of skill . It enable people to acquire different skills.

CONTRIBUTIONS OF THE SECONDARY SECTORS TO ECONOMY.

The industurial sectors contributes greatly to the economic development of nature in the following ways.

  1. Provide employment opportunities ( job) for many people.
  2. It stimulation the growth of other sectors of the economy.
  3. It helps in technological development.
  4. In international trade it improves the trade balance . Most of the machines are imported standard of living.

5    It leads to improved standard of living.

  1. It helps in training and development of skilled manpower.

7     It provide capital for funding for  education and research work eg education tax fund.

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