Nigeria Economic Recovery And Growth Plan

Agriculture involves the cultivation of land, raising and rearing of animals, just for production of food for man, feed for animals and raw materials for industries. It demands forestry, fishing, processing and marketing of those agricultural products. Essentially, it consists of crop production, livestock, forestry, and fishing.

While there is no conclusive data on the dimensions of the Nigeria equity market based on naija newspapers, estimates for the whole of Africa put it over $6 billion in 2000; South Africa, the continent’s largest economy, comprising half the share. High economic growth fuelled by an enthusiastic reforms programme has seen Nigeria’s growth scale to just about double the figure for developed markets in recent times. The country’s GDP growth rate in 2006 stood at 5.6%, significantly greater than the united states (3.2%) or perhaps the UK (2.8%)1.

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

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Over the past decade, Nigeria has displayed a steady commitment to reforms. A Purchase and Securities Decree was passed into law soon after the return of civilian rule in 1999, opening the economy to foreign investment. The government of former president Obasanjo also established an investment and Securities Tribunal for speedy resolution of disputes arising from investment deals. Recently, the Securities and Exchange Commission slashed transaction rates for equities from 6.9% to 4.2%. International venture capital investors have shown increasing desire for Nigeria right after the liberalisation of several important markets like telecommunications, transport, and oil marketing. The truth that fresh policies have persuaded at least some investors to overlook the high price of conducting business in Nigeria is a significant achievement by itself.

Up against numerous challenges, Nigerian government is established to bolster, diversify and make the economy attractive and investment-friendly to both local and foreign investors. The government has adopted total liberalization and globalization since 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 sectors of your economy. The effort is definitely paying off as Nigeria is already the main objective for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Scores of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the development in the economy in a fast rate.

It will become pertinent to direct the path of this discussion to embrace the second understanding of the above statements created by Hamadoun Toure and Gordon Smith. However, it might be more pertinent to enumerate the inherent investment opportunities in Nigerian economy before discussing the problem of security as raised by Toure.

Certainly, Nigeria like seen on nigeria is undoubtedly an investment haven with countless and lucrative investment opportunities including oil and gas, solid mineral, agriculture, tourism, telecommunication, power and steel, transport, trade processing zone, financial sector, real estate property / property, manufacturing, sport and entertainment, and fashion industry. Investors have a wide range of opportunities from which to choose. It is important to keep in mind that the pace of growth of investment is fantastic and exponential in any one of these sectors. Investors tend to be at advantage of presenting their products to already-made market taking advantage of the populace of more than 140 million.

To quote former Central Bank governor Joseph Sanusi (29 May 1999-29 May 2004), accelerated economic development is just not possible until Nigerian entrepreneurs learn how to appreciate that “it is far better to have 10% of a successful and profitable business rather than to own 100% of your moribund business”.

Stable increase in agricultural exports based on nigerian news media constituted the backbone of your favorable balance of trade. Sustainable numbers of capital were produced from the agricultural sector throughout the imposition of several taxes and accumulation of promoting surpluses, which were utilized to finance many development projects such as 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 telephone number stood at 68% in 1980, falling to 55% in 1986, 1987 and 1988; and 57% annually from 1989 to 1992, and has continued to nosedive into 2000s due to the neglect in the sector.

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