Economy, Nigeria and the United States Below Term Paper

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Economy, Nigeria and the United States

Below is a comparison of the growth and income distribution of Nigeria and the United States since the 1960's.

Nigeria

Between fiscal year (FY) 1959 and 1967, GDP grew by 6.0% annually. According to statistics, GDP shrank at an annual rate of 1.1% between FY 1967 and FY 1970. However, this does not take into account political upheavals such as the secession of the Eastern Region in 1968 or the war that ended in 1970. It is thus highly likely that the decline in net domestic production is understated in the statistics, since annual measures of GDP do not reflect wartime capital destruction.

During the early 1960's, annual population growth is estimated at more or less 2%. This rises to 2.5 to 3.0% from the mid-1960's to late 1970's, and 3.0 to 3.5% during the 1980's. GDP growth per person is then estimated at 4.0% during the 1960's, 3.0 to 3.5% during the mid-1960's, -3.5 to -4.0% during the war, 7% during the 1970's, -6.0% during the early 1980's, and -2.5% during the later 1980's.

Real GNP per capita declined to U.S.$290 by 1988. This placed Nigeria below India, Pakistan and Ghana in low-income status. Other elements influenced by this poverty rating includes life expectancy and infant mortality. For the former the country ranks 155th out of 177 countries, and for the latter Nigeria is placed at 148th out of 173 countries. This is consistent with the low income per capita (Left Business Observer, 1998: 38).

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The wealth distribution in the country is however unequal, and those who own property hold influential positions and education. These elements then result in the fact that these persons are offered opportunities that are not open to persons of lower income. These economic opportunities then inflate the income of the rich, while the lack of same for the poor remains, thus widening the gap between rich and poor in the country. Production and profitability, rather than distribution, are thus favored (Left Business Observer, 1998:56).

Term Paper on Economy, Nigeria and the United States Below Assignment

From 1960 to 1978 then, the rural poverty rate declined, but the number of poor in rural areas remained constant. The rate of urban poverty also declined, but the numbers of urban poor doubled in number. This is indicative of the above phenomenon of inequality as well as concentrated profitability rather than distribution. There was also an increase in income concentration from 1969 to 1976 in the country, which exacerbates income inequality in the country as a whole. On the other hand, increased salaries for low-income workers would have eased the inequality from 1976 towards the end of the 1970's. The problem of income distribution was officially addressed in interurban redistribution, as the rural masses had little political influence (Left Business Observer, 1998: 36).

During the 1970's, industrial developments driven… [END OF PREVIEW] . . . READ MORE

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