These projects, to be sponsored by investors from Russia, South Africa and the Cayman Islands, have an anticipated combined gross exposure of US$163 million. The thrust of this theory is the problematic nature of dependence these states have on rents derived from activities they do not actively engage in, which isn't helpful to their economies as, any disruption in the flow of income from the depended resources could take a toll on them, especially when such wealth amassed from the wealth isn't properly invested just like in the case of Nigeria and some middle eastern countries a scholar like Thurston gives reference to in his work. Morse (2007) in his analysis explored various indicators and indices used in measuring development amongst which he laid emphasis on the Human Development Index (HDI), Corruption Perception Index (CPI) and Environmental Sustainability Index (ESI). 1. According to Krabacher (2011), mismanagement of national revenue has persisted as one of the problems inhibiting proper national development in the country. Accordingly it has been estimated that the extraction and burning of fossil fuels is the source of about 70-90% of anthropogenic carbon dioxide emissions, which is considered to be the most important greenhouse gas (Strong, 1992; Edge and Tovey, 1996 as cited by Ikeme, 2013). Journal of Economic Newswatch Magazine. 10. Ogwu (2006) lamented in the NIIA Founder's Day Lecture that 'Unfortunately most of these minerals have remained unexploited, while many of them have been haphazardly exploited by unlicensed miners.'
Nigeria was honored in New York in September 2011 to become a member of the governing council of the Community of Democracies, an international organization (Alao & Alao, 2013). The oil boom witnessed in the second republic lured many able-bodied youths to migrate from their villages into the cities as 'emergency contractors' and the agriculture sector was also neglected which engendered a great shortage of internal food supply whilst spurring an alternative of indulging in the high importation of foodstuffs that had consumed a substantial percentage of the nation's foreign exchange reserve (Ijiomah, 2002). The table above clearly shows that unlike the data shown in table 10 where oil was a significant contributor to the GDP, here there has been a change, where oil has drastically reduced in its GDP growth rate and contribution to the GDP, with the non-oil sector taking over. In another development, Anyanwu analyzed the different types of development planning as well as various types of development plans. 2.0 INTRODUCTION
iv) An extractive and primary economy that produced unrefined raw materials for export, either in the form Retrieved on 22-04-2014. Increase in the structure of consumption of material, social well being as well as goods and services. What can be concluded thus is that the Transformation Agenda has practically succeeded in its ongoing effort to diversify the economy, as oil which used to predominantly make up the country's mono cultural economy has declined in its contribution, which shows other sectors have improved in contributing more quota to the economy; hence a diversified economy.
Deposits of uranium, lead, zinc, tungsten and gold are not yet exploited. Conclusion 15 The agricultural sector used to be the erstwhile major contributor to the Nigerian economy before and during the 1960's; especially via the revenues accrued from its exports of various agricultural produce that contributed colossally to the country's foreign reserves. FIGURE 1. 8. Meghnad Desai (2002): The Debt of Development: Beyond the Question of Price.
YEAR % On this ground, according to the Report, the government has been able to herald a capacity building on TVET for some tertiary institutions staffs overseas, rehabilitate laboratories and work spaces in Tertiary institutions and colleges as well as promote the complete access to education at all levels.
Petroleum originated from the Greek word 'petra' which means rock and the Latin word 'oleum' which means oil. The Bank is the largest development partner in Nigeria and the country’s portfolio is the largest in the Bank’s Africa Region. However, solely the power sector would be assessed here. He further reasoned that as a result of the fact that revenues originate in the central government in the context of oil economies, the level of state carefulness or interest in allocating resources and regulating the economy under their utmost jurisdiction tend to be higher than that of most non-oil economies and that the in the case of the rentier-state model, the predominant view is that economies that are dependent on the oil resource are susceptible to a higher level of rent-seeking activities as well as acts of corruption when compared with countries that are non-mineral abundant economies . Adiele, C.J (2009): 'Technology, Development and Productivity: A Holistic Approach'.
Several literatures have been written to analyze or address the issues or challenges of national development Nigeria has been facing ever since she gained her independence as well as the visions and policies of different leaders that have ruled Nigeria and in this context, the challenges of national development the country has hitherto experienced since the president came into power. It has been estimated to be the second largest in Africa and even considered as the most entrepreneurial economy (Asogwah & Okoli, 2008); however, ironically a majority of its resources are underutilized and underexploited to spur development. Oil-rich Nigeria, long stunted by political instability, corruption, … Akinlo, O.O (2009). Onwumere (2007) had even attested that financial constraint is one of the most serious confronting the execution of plans in many countries. Fasagba, J.Y (2007): 'An Assessment of the Liberalization of the Nigerian Oil and Gas Industry', Maiduguri Journal of Arts and Social Sciences. The resource curse occurs as a country begins to focus all of its energies on a single industry, such as mining, and neglects other major sectors. He presented a weighty definition of the structure of an economy where he said:
Maiduguri Journal of Arts and Social Sciences. 2.0 The role of agriculture in an economy As economic growth, following the past World War II, economic literature have defined development as 'a rapid sustained rise in real output per head and attendant shifts in the technological, economic and demographic characteristics of a society,' which has however been dismissed by a scholar like Maboguje (1980) as cited by Shamija (2006:6) who insisted that development is based on the available technology to the society in the forms of the dependents each individual has to support. Economy. 1. petroleum is primarily composed of hydrocarbon molecules which specifically contains 84.87% carbon and 11-14% hydrogen 7. Volume7, No. Political indicators to Nnamani (2011) is a crucial indicator of development where a politically developed country is characterized with a high level of maturity and stability in the process of power acquisition; where the opinion of the people is not neglected but well expressed in the system via referendum, plebiscites or representatives and where there is significant political participation of the people which boosts development. 27.50 1. 4. Over the last century, we have witnessed a remarkable evolution in the way organizations deal with their customers. Real Estate 10.41 10.06 10.88 10.35, Source: National Bureau of Statistics (Federal Ministry of Finance). For example in the manufacturing subsector, as noted by Anyanwu et al (1997), the growth rate of manufacturing rose from 23.6%n in 1965 to 77% in 1975 but fell drastically to 6.6% in 1980. Though Nigeria has been considered to be a wealthy nation, this hasn't told or shown well on a majority of its citizens, as a lot of people have been affirmed to be living below the poverty line. 21.7 1. According to the Mid Term Report, attacks have been perpetuated by the Boko Haram sect on the government and international organization; the Nigerian Police Force Headquarters and The United Nations office in Abuja, the Federal Capital Territory and despite the efforts of the Joint Task Force (JTF) to curtail them, their violent activities have worsened which has claimed the lives of many innocent people. Internet Sources: 1. 2.
Currency 10 6.99 Health sector Source: www.tradingeconomics.com In the Nigerian case, most of the oil wealth has been indeed benefitted by the influential elites or politicians at the hem of affairs, who grossly engage in allocating huge sums to themselves or embezzling the nations funds while a huge segment of the populace wallow in poverty. iii.) i.)
Yesufu (1996) as cited by Anayanwu (1998: ) also posited that any underdeveloped country that wishes to embark on the path of real growth must plan effectively for it. Ayodele (2011) averred that the overreliance on oil has resulted in a consequent neglect of the manufacturing sectors as well as a decline in the contribution of agriculture in the GDP from 63% in 1960 to 34% in 1988.
The highlights of the amendments include the withdrawal of the autonomy of the CBN with its supervision placed under the Federal Ministry of Finance. Source: www.tradingeconomics.com Private-Public Partnership, an adequate education system where a system will be initiated or created on 'matching skills with job market demands', tax incentives for firms with high employment potentials, increasing vocational, technical and ICT forms of knowledge, public works and direct labor employment. Shamija (2006:3) captured an interesting explanation proffered by Rodney (1972) and Gna (1987) of development where it was viewed as a fundamental transformation of the nation's mode of production so as to bring into being qualitative change in the living conditions of the people and on the other hand, at the level of the individual it connotes an improvement in the skills and capacities of the persons as well as 'greater freedom, creativity, self-discipline, responsibility and material wellbeing.' An improvement in the standard of living Anyanywu, J.C, Oyefusi, A, Oaikhenan,H & Dimowo, F.A (1997): 'The Structure of The Nigerian Economy'. . It is a great necessity. SUMMARY The Modern Nigerian Economy Nigeria is located on the west coast of Africa and is the most populous black country in the world, bordering the North Atlantic Ocean, between Benin and Cameroon. In terms of the diversification of the country's economy, the Transformation Agenda has apparently scored good points here which are evident from its efforts so far in spearheading this task. However, the level of government participation has been reducing in line with globalisation trend and market base resource rationalisation concept. With an estimated population growth of 2.80 percent per annum, this implied a contraction in per capita GDP over the years that had resulted in a deterioration of living standards for most citizens. However, this problem as attested by the Federal Ministry of Finance is as a result of the increase or growth in the active population yearly flooding the labor market with insufficient job vacancies. 8. Oil as a major contributor to the government's revenue: truly oil has drastically reduced as the main contributor to the country's GDP as attested to by the Federal Ministry of Finance from the statistics released by the National Bureau of Statistics which placed oil contribution to the GDP at -0.53 % and the non-oil sector at 7.95% in the 3rd Quarter of 2013 (Federal Ministry of Finance, 2014). NNPC DIARY, 2001. JOB CREATION: Different initiatives have been embarked upon to reverse the trend of high level of unemployment in the country (Mid Term Report, 2013) and some of the achievements recorded by the current's administration in tackling the issue of unemployment in the country include: