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From Rediscover Nigeria desk

  AGRICULTURE   The wealth of a nation is partially measured by its ability to guarantee its citizenry food security.In…

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From Rediscover Nigeria's Desk

Manufacturing in Nigeria concentrates mainly on the production of consumer goods. With a population estimated today at over 156 million…

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Nigeria! Overview

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From Rediscover Nigeria's Desk

Tourism in Nigeria has huge potentials to be a major foreign exchange earner. The Obasanjo administration has created awareness among…

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Nigeria's Resources

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Nigeria's total verified external debts as at December 2010 was US$4.578 billion as against US$3.947 billion in 2009. Total scrutinized…

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Rediscover Nigeria The Future
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The Future

Researchers have studied Nigeria's economic performance over the years and their findings were as follows:

  • In 1970, 36% of Nigeria's total exports were products other than oil but oil brought in 95% of the revenue by 1995.
  • Nigeria's total exports in 1995 accounted for only 0.3% of World trade compared to Thailand's 1.1% and Malaysia's 1.3%.
  • In comparison with the last two countries, Nigeria's G.D.P in 1965 was US$5.8billion compared with Indonesia's $3.8billion and Malaysia's $3.1billion. By 1995, Indonesia had grown 52 fold to $198billion, Malaysia 27 fold to $85billion while Nigeria was $26.8billion (a less than 5 fold increase).
  • Per Capita income of Nigeria was $260 in 1972. By 1995, it remained at the same level becoming the 19th poorest country in the World.
  • Nigeria's population growth rate is put at about 2.8%. In the dark days of military rule, G.D.P growth rate was 1.6%. In real terms, quality of life depreciated every year with three million new people added who put pressure on declining infrastructure of education, health and water. 85% of Nigeria's population lives in single rooms with about eight occupants per room while only 34% have access to electricity. The genesis of Nigeria's economic crisis lies here.
  • For positive impact, Nigeria needs a minimum annual growth rate of between 8 -10%.
  • Solid minerals account for only 0.3% of Nigeria's G.D.P inspite of its abundance in the country while urbanization rate grows between 5 -7% annually. About 50% of Nigeria's population live in urban areas. Only 62% had access to improved water sources in 2001.

Last Updated (Sunday, 14 October 2012 11:28)

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