Term Paper: Nigeria: A Country Report

Pages: 5 (1344 words)  ·  Bibliography Sources: 1+  ·  Level: College Senior  ·  Topic: Literature - African  ·  Buy for $19.77

SAMPLE EXCERPT:

[. . .] Nigerian Economy-Agriculture Sector:

In Nigeria, the GDP "originating in the agricultural sector, shrank from 65.7% in FY 1959 to 30.9% by 1976," but by 1988, "39.1% of GDP was derived from agricultural activity," as of June of 1991. Also, the contributions from the agricultural sector "increased 3.8% yearly between 1983 and 1988 and the percentage of export value in agriculture grew from 3% in 1983 to 9% in 1988" ("Nigeria," 2005, Internet).

In 1960, Nigeria depended on the exports of three major products, being peanuts and peanut oil which accounted for almost 20% of the total in exports; cocoa at about 13% and palm-oil products at about 15%. After 1976, few peanuts were exported and today, this crop is processed for use in Nigeria; the palm-oil trade was affected by the Biafran War between 1967 and 1970 and never fully recovered. Only cocoa, the major export of western Nigeria, has remained a valued commodity in foreign export trade. Unfortunately, the agricultural sector within Nigeria "has failed to keep up with rapid population growth," for the country must now import a good percentage of its food despite the huge lands available for farming ("Nigeria," 2005, Internet). However, Nigeria processes a good amount of its own food, an important factor for such a growing and expanding population as found in Nigeria.

Manufacturing Sector:

Nigeria's manufacturing sector was greatly stimulated by the income derived from petroleum and presently accounts for more than 10% of its gross domestic product. The Nigerian government has for sometime now refrained from attempting to dominate the industrial sector except when it comes to rules and regulations for the development of specific and important products. When Nigeria began its manufacturing sector, it made numerous deals with suppliers of steel in order to build plants; by the mid-1960's, these plants were manufacturing cement and building products, and by the 1970's this expanded into a huge operation which now supplies the country with most of its cement needs.

Also, the motor transport industry became extremely important, due to the fact that most of the country's internal trade is transported by truck, not to mention providing transportation for the populace within and outside of Lagos and to the vast regions that make up most of Nigeria's landmass. Also, the transport industry quickly learned that Nigeria's economy could greatly benefit from automobile plants; today, several foreign automobile manufactures have assembly plants in Nigeria which build automobiles for the general public and for commercial use (Nelson, 1982, 178).

Services Sector:

In Nigeria, most electric power for its industries and cities is provided by thermal and hydroelectric plants. Today, most of the electric power is the result of the Kainji Dam over the Niger River, completed in 1975. The generating stations at this location possess a capacity for generating nine hundred and sixty megawatts, more than half than what had been allocated in the 1980's. However, Nigeria has faced some rather crucial problems connected with its electrical system, for its delivery lines cannot hold the required capacity which has resulted in major power outages and blackouts in some of the major cities.

Nigeria has one of the most advanced road and rail systems in all of Africa; in 1990, these service systems featured "an extensive system of paved highways, railroads, airports, and (shipping) ports," all of which were the result of the oil boom of the 1970's ("A Country Study: Nigeria," 2004, Internet). As of 1990, Nigeria had over 55,000 miles of roads (5,000 miles paved) and 2,300 miles of railroad. However, due to the rise in automobile traffic, the cost for the upkeep on these highways and rail lines has quadrupled since 1990 (Folayan, 1983, 213).

Of course, all of this economic and population expansion must be supported by a firm banking system. In 1952, the Nigerian government "set standards, required reserve funds, established bank examinations and provided for assistance to indigenous banks" ("A Country Study: Nigeria," 2004, Internet), due to the existence of foreign banks prior to this date. Thus, Nigeria, unlike some… [END OF PREVIEW]

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