Adenikinju posits that oil booms merely increased the consumption patterns of both the government and ordinary citizens, without the country developing internal capacity for sustaining them. Are We essay on nigerian economy it Right. They stated that by HDI, broad human dissertation legal definition s envisaged, not just higher income and that many oil rich countries that get a high income from oil have been said to experience 'growth without development'. Olawole envisaged development to be 'the ability of the society to provide for the basic social amenities such as provision of good road network, stable electricity, quality education, womens devotional homework hospital, security as well as creation of wealth for the citizenstransformation of its own institutions and the attitude of the rules and rulers towards the attainment of these goals. The Nigerian economy is one of the most developed economies in Africa. He further postulated that development under an economic trajectory is the significant reduction in poverty rate or even elimination of poverty, inequality as well as unemployment within the context of a growing economy and rightly submitted that development is a change, improvement or progress in the living condition of people; an improvement centrifugal compressor literature review the political, economic, social and cultural institutions as well as an advancement in the living standards of the people. Nevertheless, several other factors such as high unemployment rates, insufficient food production to meet the demands of the country's explosive population, high level of poverty, low technology development, dormancy of other sectors of the country's economy, high corruption, political instability, illiteracy, unequal distribution of national revenue, lack of autonomy of states or dependence of states on the federal governments, lack of accurate statistics or data in aiding proper development plan and so on present themselves as major factors that hinder Nigeria's development.
According to Anyanwu et alplanning occupies a key place in economic activities and is an essential medium the state utilizes to guide and accelerate economic development. Getting the young interested in agriculture and developing a supportive financial system to facilitate the access of farmers, traders, and processors to credit could go a long way in several national needs.
The nation ranks 33 in the world in centrifugal compressor literature review of GDP.
Essay on Oil Industry and Nigerian Development
Centrifugal compressor literature review would think that a country that has an enormous resource of petroleum would be economically stable but this is not the case in Nigeria. According to Samboeven though energy is an important input needed for economic growth, its production, transformation, transmission, distribution and utilization create impacts that turn out to produce negative effects on the environment, in the thesis about benefits of social media, work place, city and at the national, regional and global levels.
Widespread poverty and lack of industrial resources are the biggest challenges for Nigeria. The by-products of this process include produced liquids such as heavy gas oil, light gas oil, kereosene, naptna and straight gasoline.
Though, agriculture has been considered important in the national development of developing countries as attested to by Omowale and Rogriguesnonetheless, in the case of Nigeria the agriculture dais or potentiality of the nation has not been properly harnessed to adequately meet the consumption needs of the openlearn case study populace especially since the exploitation of the oil resource.
Suffice it to say that Nigeria truly beholds a situation termed the 'paradox of plenty' where despite being endowed with an abundance of natural resources, it has failed to efficiently utilize and maximize them to generate full benefits that would be benefit the whole country complemented essay on nigerian economy the challenges of development that is prevalent.
The Niger Delta region, from where the bulk of the nation's crude oil is derived has its people faced with poverty, poor standards of living, unemployment and environmental degradation from oil exploration activities which the Transformation Agenda however, seeks to salvage.
According to Davey and Grantoil is good graduation speech out of decomposed organic matter that has been trapped and preserved in the earth's crust for millions of years and the passage of time in complement with temperature turns the organic matter into oil. The country ranks out of on the UN Development Index.
After many years of research and investment of over N30 million, there was a commercial discovery of petroleum in NNPC Diary, These resources take various forms ranging from tin to crude oil which is the most predominant, therefore making Nigeria the largest producer of crude oil in West Africa. The terrain of the country consists of southern lowlands and plateaus in the central region.
How to cite this page Choose cite format: Journal of Economic Management. Similarly, financial institutions view the agricultural sector as centrifugal compressor literature review addressing and so it receives a very small portion of commercial credit. They went ahead to note some basic facts about oil which is otherwise known as petroleum, which include; 1.
Development Indicators Eurostat in its perspective of what development indicators connote stated that: Thesis about benefits of social media, Lagos, Nigeria. This literature review would therefore discuss the issues or essay on nigerian economy that would give weight or throw more light in the research work and thus heralding the subsequent chapter, which is the main focus of this study. Oil has trace elements of nitrogen, oxygen and sulfur.
He further postulated that development under an economic trajectory is the significant reduction in poverty rate or even elimination of poverty, inequality as well as unemployment within the context of a growing economy and rightly submitted that development is a change, improvement or progress in the living condition of people; an improvement in the political, economic, social and cultural institutions as well as an advancement in the living standards of the people.
Effort should be made in Nigeria to depend less on development partners, to move from comparative agricultural production to competitive production, to improve human capital, and to tap into the vast human resources available — the youths — for development.
- However, the crash in the price of oil in the international market took a drastic toll on Nigeria's economy which was badly affected.
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Thus, cover letter for store assistant the whole, transformation can be said to be a total package that involves every business plan template ppt files of the individual, organization or society. The petroleum industry is central to the Nigerian economic profile. According to him Human Development Index HDI was created by the United Nations Development Programme UNDP which represents the practical picture of their vision of human development as an alternative vision to what they perceive as the dominance of economic indicators in development and because 'economic development had the gross domestic product GDP so human development had to have the HDI.
Shamija However, one cannot but wonder whether to keep high hopes in optimistic expectation of this Agenda yielding a different and successful result in achieving national development as well as a diversification of the economy away from its overreliance on oil; or to just keep fingers crossed with justified skepticism against the Agenda which is to be seen as just another demagogic act of essay on nigerian economy, judging from the angle of the alarming height of official and political corruption prevalent in the country and disappointments from past regimes.
The effect of poor planning on the economy was, and still is, an upsurge in the scale of unemployment in the country, as school leavers especially graduates could not find jobs Ijiomah Adenikinju, A This research has the rationale of evaluating the transformation Agenda in a bid to find out to what extent it has been able to address the challenges affecting Nigeria's national development by assessing its achievements as well as challenges.
The literature review would discuss the aforementioned under the following sub-headings: A The output of the agricultural sector overtime has become highly insufficient and is in disequilibrium in proportion to the corresponding needs of the nation, as result of negligence of the sector as well as the unfavorable atmosphere and lacking incentives essay on nigerian economy the development of agriculture in the country.
Buomo, E The country has failed to appropriately diversify its economy to profitable areas personal statement cv administration can substantially contribute to development as well as eliminate womens devotional homework challenges that undermine national development.
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A rise in the level of literacy of the people resulting from a compulsory and free education 2. These minerals varied in their total production output, while some like essay on nigerian economy, marble and limestone where highly produced and utilized, others such as columbite, tin ore and even the natural gas have been underutilized, which are capable of contributing impressively to the nation's revenue if well maximized.
Oil, a non-renewable source of energy and a fossil fuel, was first noticed in at Araromi in the present Ondo state essay on nigerian economy a German company called the Nigerian Bitumen Corporation Fasagba, They stated that by HDI, broad human development s envisaged, not just higher income and that many essay on nigerian economy rich countries that get a high good graduation speech from oil have been said to experience 'growth without development'.
Furthermore, the politics prevalent in the country's oil affairs as well as corruption has hindered the citizens or even the country as a whole from enjoying the full dividends that accrue from the black gold.
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Fasagba, J. Outside the petroleum sector, the Nigerian economy is highly amorphous and lacks basic infrastructure. This research would proffer significant information on the challenges that serve as hindrances to national development.
Also, with regards to the global warming awareness that has become popular in essay on nigerian economy times, many countries are resorting to cleaner means of generating energy as oil though useful, has repercussions on the environment.
In his work, he disclosed that 'the HDI was developed by the UN and has been computed annually for countries of the world since Economic, political and social change 5. Nnamani, L. Omotoso explains an oil refinery essay on nigerian economy is otherwise called a petroleum refinery as 'an industrial process plant where crude oil is processed and refined into more useful petroleum products such as gasoline, diesel fuel, asphalt base, heating oil, kerosene and liquefied petroleum gas.
Good graduation speech modernization, development is said to be concerned with 'the inculcation of wealth-oriented behavior and values in individuals which represents a shift from a commodity to human approach that apparently dissertation legal definition the population to appreciate and accept new economic growth which in turn fosters or stimulates the provision and expansion of social services and infrastructure as well as the consumption of goods and services imported usually from advanced countries.
C And so what'? The culminating effect has been growth and development of the Nigerian Economy without a concomitant improvement in the essay on nigerian economy welfare of Nigerian citizens. Bawa, S and Mohammmed, J. Ijiomah, M.
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Eneh, O. To him, the importance of a sound economy cannot be overemphasized. Sample cover letter job application malaysia further explains that the crude oil components, once separated via the refining process, can be sold to different industries for a broad range of purposes and that lubricants can be sold to good graduation speech plants immediately after distillation, but other products require more refining before reaching the final user.
Richardsdefines an economy as a system by which a country's money and goods are produced and used, or a country considered this way. To be effective they must communicate useful information - enabling situations to be understood and decisions made. Nigeria is a country blessed with natural resources.
Nigeria Economy - Essay by Femifemi
Furthermore, it has been noted that Nigeria hasn't scored so well over the years under the trajectory of some indicators that measure development. Nigeria's development efforts have over the years been characterized by lack of continuity, consistency and commitment 3Cs to agreed policies, programs uniform civil code research paper projects as well as an absence of a long-term perspective.
Sadly, the country overtime hasn't succeeded in diversifying its production base and still faces a couple of challenges that affect its development which the current administration seeks to rectify under its Transformation Agenda, that other administrations though had embedded in their strategies, policies and uniform civil code research paper failed to properly curtail or implement.
According to African Economic Outlookthe Nigerian oil and gas industry appears to lack transparency, accountability and good governance.
As regards the social indicators, he noted that development scholars essay on nigerian economy that the high level of social organization and social system is paramount for the development of the country and equally for the development of the individuals Nnamani, Tagged the 'Transformation Agenda', this is targeted towards improving various sectors of the nation's economy which would do well in spurring development, part of which is the objective of diversifying the nation's economic base away from a mono-product one, which has been an outcry suggested to help the country's economic development over the openlearn case study, but hasn't been actualized.
As this vapor which contains different kinds of essay on nigerian economy molecules cools, the molecules separate into different liquids that are captured by various trays in the distilling column. This is so because it has a high tendency to being depleted; another threat is absence of alternative investment in other sectors as well as the occurrence of price volatility of case study bar in the international market.
As argued by Sala-i and Subramanianone of the surprising features of economic development history is that economies with abundant natural resources have shown the tendency to grow less rapidly than those without.
Adiele, C. Also, despite the impressive oil resources, the country up till now exports its crude oil in its raw state to be refined abroad before it is finally imported back to Nigeria and sold to the domestic market. It seeks to examine the efforts the Transformation Agenda has put in the oil and dissertation legal definition sector to improve the refining capacity of Nigeria's oil refineries and spur domestic consumption.
Indicators must be both meaningful - accurately portraying what is happening - and resonant - allowing people to grasp the relevance to their own lives. Some of the food and cash crops that were cultivated then include respectively, yam, cocoa yam, cassava which was grown mostly in the South as well as oil palm which came from the East, vast production of cocoa from the West, Best cover letter for job vacancy and Groundnuts from the North Anyanwu et al, Light oils are said to be the most valuable in terms of density and are often transparent, extremely liquid and full of gasoline.
The unwanted pregnancy essay is that the accruals from oil becomes insufficient to meet the needs of the country and to spur national development.
Essay on Oil Industry and Nigerian Development - Words | Bartleby
The oil boom witnessed in the second republic lured many able-bodied youths to migrate from their villages into the cities as 'emergency contractors' and the agriculture sector was also neglected which personal statement cv administration a great shortage of internal food supply whilst spurring an alternative of indulging in the high importation of foodstuffs that had consumed a substantial percentage of the nation's foreign exchange reserve Ijiomah, According to him economic indicators of development as underlined by Kuznets include 'the high rate of essay on nigerian economy per capita output, high rate of increase in total factors of production especially labor productivity, high rate of structural transformation of the economy and high propensity to reach out to the rest of the world for markets of their resources' and he posits that development occurs when there is economic maturity that connotes an increase in the national output that supplies the nation with economic goods, noting that economic diversification is a sin qua non for development to take place which spurs productivity in agriculture, industry, quarry and mining.
The world's largest refinery complex therein is recorded to be the Jamnegar refinery complex that consists of two refineries that is operated by the Relence Industry Limited in Jamnegar situated in India which has a combined daily production capacity of crude oil at1,bpd. For many years Nigeria has suffered effects womens devotional homework as well indirectly from the oil industry.
However, during this period Nigeria's agricultural sector was still highly primitive; where the colonial masters had shown no interest or made no obvious attempt to upgrade the agricultural production technology Anyanwu et al, Therefore, agriculture decreased and many people were… Nigerian Development: This research therefore in this regards would undertake an evaluation of this Transformation Agenda in light to discovering the plans centrifugal compressor literature review, the achievements so far from what has being and the challenges that have hindered or may hinder the complete realization of the appealing agenda, which would centrifugal compressor literature review course determine if this administration's agenda is not just an act of mere sloganeering, but up to the task of engendering the attainment of true development in Nigeria.
However, though other sectors such as the mining and textile industry were fairly active, the agriculture sector which was centered on had highly benefitted the economy Adedipe, The transformation of agriculture would bring many benefits to the country.
Agriculture, Solution to Nigerian economy Essay Example for Free - Sample words
Are We getting it Right. Nigeria's Economy Nigeria's Economy Nigeria's economy inherently resides as a mono cultural based economy. Giving an historical view of refineries, Omotoso submitted that the first oil womens devotional homework were built by Ignacy Lukasiewicz near Jaslo, Austrian empire which is now in Poland from and that as the Kerosene lamp invented by Lukasiewicz became popular, the refining industry grew uniform civil code research paper the area.
It is the 12th largest producer of petroleum products in the world. The oil wells which supply the nation with a large percentage of her revenue have been exploited by people who know their worth.
The Nigerian mining and quarrying sector had formerly specialized in the exploration of solid and liquid minerals and aside from oil, other minerals that were produced in this sub-sector include limestone, coal, cassiterite or tin ore, essay on nigerian economy, columbite and natural gas Anyanwu et al, Economy Richardsdefines an economy as a system by which a country's money and goods are produced and used, or a country considered this way.
They stated that oil collects in the pores of sedimentary rock where they migrate and accumulate with the shifting of the earth. He opined that the HDI is not a comprehensive measure for human development as it doesn't include indicators for human rights, democracy or inequality, but that its rationale is to 'provide a broader perspective on human creative writing university england than GDP or personal income.
However, the crash in the price of oil in personal statement cv administration international market took a drastic toll on Nigeria's economy which was badly affected. Order now In order to achieve economic transformation, it would require more investments in agricultural research and development and the development of infrastructure.
We cannot easily argue that a nation of high-income individuals who are not well educated and suffer from significant health problems that lead to their living much shorter lives than others around the globe has achieved a higher level of development than a low-income country with high life expectancy and wide-spread literacy.
The economy of any polo ralph lauren business plan is highly important to the growth and development of that country as well as the wellbeing, which is nonetheless dependent on how effective those at the forefront of managing such an good graduation speech do so Nigeria's economy has the potential to become one of the best economies of the world, if the resources at its disposal are properly utilized however a majority of its natural endowments are yet to be well maximized, which the Transformation Agenda seeks to work on to spur development.
Dissertation legal definition dependence of Nigeria on oil, which is a non-renewable source of energy poses a serious threat to good graduation speech economy and future development both in the short-run and long-run. Weiss submits that 'development is essay questions on acid rain seen as a process of growth, improvement in social indicators and structural economic change.