Nigerian Economy World Bank

If there have been security problems in Nigeria, no businessman would go to the country to discover opportunities, businesses like Celtel, MTN, Etisalat, would not have ventured into security risk country to do business. Those who spread rumour about security and corruption problems in Nigeria say in order to stop others from making money in the nation. Figures don’t lie. Those are the biggest testimonies based on how conducive Nigeria’s environment for business and opportunities are. If you would like work in Africa and record good returns on your own investment, I welcome you to come to Nigeria. The political environment in Africa, specifically in Nigeria is tremendous.

Agriculture is the mainstay of several economies. Worldwide, the growth of an enduring economy goes in hand with agricultural development thus, there exists a requirement for Nigeria like seen on newspapers in nigeria to exploit her various agricultural resources to full potential as a way to accelerate her quest and efforts to achieving sustainable economic development.

Agriculture is recognized as a catalyst for the overall growth of any nation; development economists have always assigned the agriculture sector a central area in the development process, early development theorists though emphasized industrialization, they counted on agriculture to supply the required output of food and raw materials, in addition to the labour force that would gradually be absorbed by industry and services sector. Much later thinking moved agriculture for the forefront of your development process; the hopes for technical alternation in agriculture and “green revolution” suggested agriculture because the dynamo and magic wand for economic growth and development.

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The industrial revolution of the Nineteenth century which catapulted the agrarian economies of many countries of Europe got their stimuli from agriculture; the sector in recent history also has worked an enormous miracle in countries like Mexico, India, Brazil, Peru, Philippines and China where Green Revolution was one of several amazing success stories. Indeed, the significance of agriculture in any nation’s economy can not be over emphasized, as an example, in United states, agriculture contributes about 1. 1% of your country’s Gross Domestic Product.

Confronted by numerous challenges, Nigerian government is decided to bolster, diversify and then make the economy attractive and investment-friendly to both local and foreign investors. The government has adopted total liberalization and globalization because the economic policy, instituted privatization and commercialization programmes of public enterprises, provided total security for business and people, extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to make certain quick realization of growth and development of all the sectors of your economy. The effort has already been paying down as Nigeria is now the focus for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Lots of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the development from the economy at a very fast rate.

This is why venture capitalism derives its significance inside the context of Nigeria’s long-term ambitions. Private equity investment continues to be accountable for some of the most notable economic successes across the world. Entrepreneurs getting started with angel loans turned India around in to the largest software exporter on earth. In South Korea, booming small high-tech businesses bypassed larger firms to steer the country’s recovery in the Asian financial meltdown. Equity funded enterprises have likewise recorded high growth figures in developing countries from Asia, across Europe and then in South America. The international knowledge about venture capitalism throws up a variety of important considerations with regards to supplying the right environment for rapid growth. The subsequent are one of the most significant challenges and considerations facing Nigerian policy makers in this connection:

Diversification inside the agriculture sector, according to naija newspapers is therefore suggested for Nigeria like a developing economy to ensure food and nutritional security, income and employment generation, poverty alleviation as well as to encourage industrialization, ease pressure on balance of payment, reliable source of government revenue and overall economic development of the nation.

In telecommunication, statistics reveals that cell phone users in Africa were about 280 million, overtaking U . S . and Canada making use of their 277 million users from the opening quarter of 2008. With 70 million connections in 2007, the Continent became the fastest growing region on earth, representing a development of 38 percent, ahead of the Middle-East (33 percent) and also the Asia-Pacific (29 %).It absolutely was also revealed that the easiest growing markets are situated in northern and western Africa, representing altogether 63 percent from the total connections in the region.

Stable rise in agricultural exports as per newspapers constituted the backbone of your favorable balance of trade. Sustainable levels of capital were produced by the agricultural sector through the imposition of numerous taxes and accumulation of promoting surpluses, that were utilized to finance many development projects including the building and construction of Ahmadu Bello University (Zaria) and first Nigerian skyscraper-cocoa house in Ibadan. The sector, which employed 71% of the total labor force in 1960, employed only 56% in 1977, the amount stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and possesses continued to nosedive into 2000s as the result of the neglect of your sector.

He is a company mentor for Princess Trust throughout the uk. He or she is a member of the Inter Governmental Committee of ICAN in addition to a an affiliate BCBC, which represents Black Church Membership of Christians whose responsibility is to ensure that the Christian businesses are not left out in the market opportunities arising from the 2012 Olympics Inside London.

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