The main focus of this research work is to examine the influence of multinational companies in the economic development of nigeria. Contribution of agriculture to economic growth in nigeria aaawe. Exports and government revenues are driven largely by oil, while most nigerians work in agriculture. Furthermore, the country continues to face massive developmental challenges, which include the need to reduce. This is approved for students in accountancy, business, computer science, economics, engineering, arts. They lower transaction costs by providing common legal frameworks e. Nigeria is rich in oil, and this makes 75 per cent of government money, but the rapid economic growth over 7 per cent per year since 2009 is found mostly in the nonoil sector according to the imf. In other words, the process by which countries with low living standards become nations with high living standards. Opinions differ concerning the performance of the colonial economy. The costs include transaction costs such as search and information costs, bargaining and decision costs, policing and enforcement costs coase, 1992, p 197. The history of african development published by the african economic history network aehn aims to draw experts in the field of african history, economics and african development studies together around an open access textbook. Publishing in africa from independence to the present day jstor.
Gdp growth turned positive in 2017 as oil prices recovered and output stabilized. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through. The role of taxation in promoting economic growth in nigeria is not fully felt, and optimal tax is not been realized that can engine economic growth primarily because of its poor administration. Significance of the study the paper seeks to establish a link between the roles of financial institutions and the economic development in nigeria. Industrial development is one of the best training grounds for skill development, and it can.
In kenya the rate of formation of new firms has stagnated for long and besides that most new firms do not grow to maturity since they collapse before the fifth year. This study, carried out between february and april 2007, specifically addresses the prospects of developing an industrial mining sector in nigeria. Two related aspects of the colonial economy have been particularly important in shaping nigeria s development path. Because of the absence of predetermined qualifications or conditions to be met, book publishing is one of the most unregulated industries in nigeria. Nonetheless, nigerian publishers need to esteem their importance in society much higher.
The term has been used frequently in the 20th and 21st centuries, but the concept has existed in the west for centuries. The role of smes in employment creation and economic. It is expected to increase by 4060% and will then become the largest economy in africa. The political economy of the publishing industry in nigeria. All over the world today, especially in developed countries, publishing has. The 1975 mexico city conference used boserups analysis to promote action that focused on women as producers and redressed sexbased inequities in development programs. The history of african development african economic history. The contribution of finance to agricultural production in. Jul 23, 2012 access to clean modern energy services is an enormous challenge facing the african continent because energy is fundamental for socioeconomic development and poverty eradication. An overview of the nigerian economic growth and development. Theory of production, in economics, an effort to explain the principles by which a business firm decides how much of each commodity that it sells its outputs or products it will produce, and how much of each kind of labour, raw material, fixed capital good, etc. One indication of the unhealthy state of the book sector in nigeria since 1981 has been the number of task forces, study groups, conferences and committees set up to make recommendations on various facets of book production and distribution, including ways to equip the book sector and make it meet the needs. In developing economies like nigeria, agriculture constitutes backbone and critical sector of the economy, as the contributions of the sector to the growth and sustainable development of the country cannot be overemphasized. Since the late 1960s it has been based primarily on the petroleum industry.
Contribution, constraints, and opportunities tourism export and economic growth the extent to which tourism contributes to economic development has been a major source of controversy in the tourism literature. There is no doubt that the present power crisis afflicting nigeria will persist unless the government diversifies the energy sources in. Nigeria the human capital index hci database provides data at the country level for each of the components of the human capital index as well as for the overall index, disaggregated by gender. In these studies, researchers used economic development and economic growth interchangeably. A lot of literature exists on tax revenue and economic growth of nigeria adereti et al. The role of education in national development were highlighted followed by the place of publishing and book trade in the promotion and support of knowledge. Today, 60% to 70% of the nigerian population does not have access to electricity. The current economic problem in our nation is often lamented and cursed as unendurable, as if it is peculiar to the nation alone. Determinants of economic growth in nigeria kazeem b. Economic development also refers to the process by which the overall health, wellbeing, and academic level the general population improves. A multivariate regression approach was employed to.
At a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. Some researchers estimated the effect of tax revenue on the economic development of nigeria using gross domestic product gdp. On a final note, a high income industry like the printing industry should not be left to haphazard development. Given the key roles that banks play in facilitating economic growth. Therefore, book publishing plays a significant role in the growth of a nation. Economic growth and development of nigeria economics essay. Research methods, research design, area of study, population of the study, sample size and sample technique, instrument for data collection, method of data collection, validation and reliability of the instrument, method of data analysis and decision rule. While nigeria has made some progress in socioeconomic terms in recent years, its human capital development remains weak due to underinvestment and the country ranked 152 of 157 countries in the world bank s 2018 human capital index. Nigeria s goal under the national economic empowerment development strategy needs program is to reduce inflation to the single digits. An examination of policy issues and economic reforms to aid the development process is also presented. Chapter three of contribution of agricultural production to the growth of the nigerian economy contains.
The study period spans economic cycles for about 66 percent of the life of. Economic development in nigeria, although has been rocked back and forth by various political, sociocultural, financial and infrastructural setbacks, the economic development of a country like nigeria cant be said to have totally been where it used to be, or to have back tracked as some people insinuate. Over the last 5 years, nigerias gross domestic product gdp growth averaged 6. Nigeria is making increasing amounts of money from manufacturing and services. A countrys contribution to gdp, and thus its own economy, is easily visible when looking at. Development can be defined as improving the welfare of a society through appropriate social, political and economic conditions. From 2003 to 2007, nigeria began its national economic empowerment development strategy needs. Agricultural sector performance and nigerias economic growth. Contribution of agricultural production to the growth of the. This research work is aimed at the effects of contribution of agricultural production in local governments.
The potential of the publishing industry is three times more than the aid. Aluko 1995 focused her discourse on the development of nigerias shipping industry in the context of vision 2010, an agenda constituted by nigerias late head of state general sani abacha to chart a new sociopolitical and economic direction for nigeria in the 21st century. Problems facing the publishing industry in nigeria such as. Thomas malthus in 1798 in his book entitled, first essay on. The law and its regulatory role are equally discussed. Womens roles as economic producersfarmers as well as wage laborershad been ignored. The purpose is to determine the relationship between the level of productivity and growth of the nigerian economy, training and agricultural production. The aim of this article is to examine the contributions of this important and expanding industry to nigerias economic development, to draw attention to some underlying factors that may operate to diminish the contribution, and to. Sectoral contribution to gross domestic product gdp. This paper explores the political economy of book publishing in nigeria.
Economic development is the process by which emerging economies become advanced economies. Apr 26, 2018 see history of nigeria economic development below. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether through public. The study focuses on the impact of petroleum profit tax, company income tax, personal income tax, value added tax revenue on nigerias economic growth between 1980 and 20. There is no doubt that the present power crisis afflicting nigeria will persist unless the government diversifies the energy. However, it has to be admitted that the economic policies and measures adopted at the time have affected the nature and character of the development problems nigeria faces today. All you require to become a publisher is to erect a signpost outside your office or residence. While nigeria has made some progress in socio economic terms in recent years, its human capital development remains weak due to underinvestment and the country ranked 152 of 157 countries in the world bank s 2018 human capital index. Hence the work is expected to benefit the following. Applying marketing concepts to book publishing in nigeria nkechi.
Nigeria has enjoyed relatively strong economic growth over the past seven years but poverty is still a major concern. Nigeria has enjoyed relatively strong economic development over the past seven years but poverty is still a major concern. A mutual correlation exists between infrastructural development and economic growth in nigeria. Nigeria is an nee and one of the economic leaders in africa. Okafor structural change and real output growth in nigeria.
Nigeria entered recession in 2016 as a result of lower oil prices and production, exacerbated by militant attacks on oil and gas infrastructure in the niger delta region, coupled with detrimental economic policies, including foreign exchange restrictions. The role of smes in employment creation and economic growth. The development of transportation systems is embedded within the scale and context in which they take place. Distribution of gross domestic product gdp across economic sectors from 2008 to 2018. A multivariate regression approach was employed to estimate augmented growth models. Indigenous publishing is integral to national identity and development. Similarly, the fiscal measures introduced by the government are looked upon as hindrances or impediments, which a few may consider as irrelevant and unnecessary impositions. The book reveals that nigeria lacks the key capabilities and has failed to. Economic development is constrained by inadequate infrastructure, electricity. Institutions conducive to economic development reduce the costs of economic activity. It represents the first interpartner effort, post2008, aimed at producing technical guidelines that can be used by decision makers in developing countries to improve the sustainability of potato production and boost the potato subsectors contribution to social and economic development. The impact of crude oil on nigerian economy has been doubleedged as it has. The nigerian economy is one of the largest in africa.
The importance of institutions to economic development. With the economic recession facing the world today and the fact that. Nigerias goal under the national economic empowerment development strategy needs program is to reduce inflation to the single digits. Economic development is the process by which the economic wellbeing and quality of life of a nation, region or local community are improved. Nigeria overview international development, poverty. The textbook is primarily intended for teacherslecturers and undergraduate students, at african universities. Thus, advancement of the financial sector development, including diversification of financial instruments should be pursued to facilitate economic development in nigeria. Get free research paper on impact of agricultural development on economic growth of nigeriaproject topics and materials in nigeria.
There have been several studies that have investigated the relationship that exist between infrastructure development and economic growth. Book publishing in nigeria is essentially a private sector affair. Macroeconomic performance and outlook the economic recovery strengthened in 2019 3. Development economics is a branch of economics which deals with economic aspects of the development process in low income countries. Thus, advancement of the financial sector development, including diversification of financial instruments should be. Nigeria will be recalculating its gdpin 2014 to reflect structural changes in the economy. Decline on the role of the agricultural sector in terms of its contribution to nigerias economic growth and development in the last three decades made the government to establish different agricultural schemes and programmes to enhance agricultural productivity in the country, which includes river basin development authorities, national. However, the results emanating from these studies have been inconclusive. In the fourth quarter of 20 the gdpin nigeria increased to 7.
Mncs are agent of development in the sense that they constitute the source of capital investment, employment for the people, technological transfer etc. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Nigeria becomes africas largest economy get the data. Effect of business on economic development in nigeria article pdf available in journal of business economics and management volume 54. Contribution of agricultural production to the growth of. The aim of this article is to examine the contributions of this important and expanding industry to nigeria s economic development, to draw attention to some underlying factors that may operate to diminish the contribution, and to. The purpose of the needs program was to improve the nations standard of living via a number of reforms aimed at improving stability, deregulating industry, liberalizing and privatizing much of the economy, and providing for greater transparency and. Nigeria gdp distribution across economic sectors 2018 statista. Infrastructure development and economic growth nexus in. An evaluation of the roles of financial institutions in the. The importance of the book publishing industry to africas development. The index measures the amount of human capital that a child born today can expect to attain by age 18, given the risks of poor health and poor. Access to clean modern energy services is an enormous challenge facing the african continent because energy is fundamental for socioeconomic development and poverty eradication. They are the development orientation and the resultant structure and character of production.
Get free research paper on the role of small scale industries in the economic development of nigeria project topics and materials in nigeria. Mar 29, 2010 from 2003 to 2007, nigeria began its national economic empowerment development strategy needs. Nigeria country profile growth and development economics. The study highlighted banks as efficient mechanism for mobilizing financial resources and allocating same for productive investment. Kenya, mothobi mutloase south africa, and the late victor nwankwo nigeria. Nigeria has overtaken south africa as the continents largest economy after it overhauled its gross domestic product data for the first time in more than two decades official figures for 20. This paper focused on contributions of economic sectors to economic growth in nigeria using quarterly data. Transportation and economic development the geography of. Pdf effect of business on economic development in nigeria. Modernization, westernization, and especially industrialization are.
Economic growth is constrained by inadequate infrastructure, electricity, incentives, and policies that promote private sector development, and poor access to quality education. Even after some tax policies the tax authority has put in place over the few years such as the e payment scheme, tax identification number. Effects of deposit money banks credit on the performance of micro, small and medium enterprises in nigeria. It will enable firms to be aware of services offered by financial institutions and utilize them effectively.
Infrastructure development and economic growth nexus in nigeria. Umoh introduction this article overviews the growth and development of the nigerian economy from inde pendence to present times. Similarly, 5,6 and 7 maintained that agriculture as the most critical sector of the nigerias economy shield several benefits which is capable of facilitating economic growth and development. The contribution of finance to agricultural production in nigeria mbutor, o.