The Structure and Development of Nigerian Economy Essay

The Structure and Development of Nigerian Economy - Essay Example The current president Umaru Yar'Adua came to power following a controversial election in 2007. The economy of Nigeria has always been dominated by Petroleum accounting for about 25 percent of GDP. 90 percent of exports consist of petroleum and related products and 70 percent of government revenue comes from Oil. But lately its dependence on oil is set to change due to the constant disturbance in the delta region making oil production difficult. About 65% of the population is engaged in agricultural activities. The Economic reform in Nigeria started in year 2000, but the growth has been very slow throughout the country. Corruption remains pervasive despite progress made by the Economic and Financial Crimes Commission. -The paper aims to examine the overall economic development in Nigeria after its independence. The paper looks in detail how far the natural resources in Nigeria like petroleum, oil and gas sectors has helped the economic development of the country. It will also do an analysis of whether Nigeria depends too much upon the oil sector which provides 95% of its export earnings, and how this factor has weakened its agricultural potential. What are the major factors that contributed growth of Nigerian economy as a whole and what are the driving forces of Nigerian economy What are the underlying weaknesses of Nigeria as a country How corruption in Nigerian governmental agencies has affected the growth of Nigeria in all spheres. Objectives: To evaluate overall economic development in Nigeria for the last 5years (i.e. GDP rates, inflation or deflation, interest rates, movement of cash flow; rate of the Unemployment; and macroeconomic performance of the whole country). To analyze the growth of the petroleum, oil & gas sector, how far this growth has affected government revenue & economic development of the country. To discuss the trend in unemployment rate within the last 5years and evaluate whether the petroleum & gas sectors has any impact on such trend. Analyze problems in development of the economy due to lack of attention of government in agriculture & rural areas. To evaluate the various initiatives taken by the Nigerian Government to tackle the issues that hampers the economical growth of the country. (Erhiawarien). Work Cited Index of Economic Freedom: 2008. The Heritage Foundation. 2008. 16 Apr. 2008. . Nigeria: General Information. MBendi Information for Africa. 23 Aug. 2006. 16 Apr. 2008. . Nigeria: Economy. 16 Apr. 2008. . Country briefings Nigeria: History in Brief. Economist.com. Business friendly. 15 Nov. 2004. 16 Apr. 2008. . Erhiawarien, Mercy. Master's Dissertation Proposal - Nigeria's NEEDS, an Analysis of the NEEDS Policy. 16 Apr. 2008.