Adewale the political economy of a country is pivotal to its economic dynamics as well as its social system. How nigeria can transit to green economy, by experts the. It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 22ndlargest in terms of purchasing power parity. The purpose of the paper is to determine the extent to which nigeria s national transport policy ntp enhances economic sustainability in nigeria and offer guidance to policy makers on effective. Green economy will increase investments in natural. Infrastructure development and economic growth nexus in. The populace should be made to understand what they stand to gain from it.
It also requires a new caliber of skilled labour and professionals that can work across sectors, and able to work as part of multidisciplinary teams. For nigeria to successfully transit to a green economy, there is need for the enforcement of existing legislations on sustainable environment. The crisis of power generation is a complex problem stemming from a variety of issues. Overview of the nigerian economy african development bank. Green economy in subsaharan africa green growth knowledge. In some respects, the circumstances in nigeria resemble those of neighbouring countries. Nigerias economy surpassed south africas as the largest on the continent after the west african nation overhauled its gross domestic product data for the first time in two decades. After independence, the nigerian economy seemed very promising. Economic growth, nigeria, gross fixed capital formation, infrastructural development, ols and granger causality. Nigeria s political economy has always been predominantly elitist, patriarchal and theist.
All suggestions for corrections of any errors about nigeria economy 2020 should be addressed to the cia or the source cited on each page. The nigeria economic report will also be a vehicle for the dissemination of existing world bank studies that are deemed to be of particular relevance for nigeria. The crisis, which has ravaged many economics around the world has caused noticeable imbalance in nigeria. No claims are made regarding the accuracy of nigeria economy 2020 information contained here. Nigerias creaky political system council on foreign relations. Green economy, green growth, sustainable development, environment. Resource recovery from wastewater facilities in the form of energy, reusable water, biosolids, and other resources, such as nutrients, represents an economic and financial benefit that contributes to the sustainability of water supply and sanitation systems and the water utilities operating them. Nigeria is sub saharan africas largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. This study examined the impact of etaxation on nigeria s revenue and economic growth. The present report on inclusive green growth in ghana provides an account of the overall policy framework and mechanisms to promote inclusive green growth igg in the country.
Waec gce past questions and answers free download pdf all subjects. Benefits of a green economy transformation in subsaharan africa. The intention of producing this document is to make available for those interested and involved in green economy and sustainable. A series of unfortunate political and economic events have stalled nigerian growth. Learn more about the nigeria economy, including the population of nigeria, gdp, facts, trade, business, inflation and other data and analysis on its economy from the index of economic freedom. It is ranked as the 21st largest economy in the world in terms of nominal gdp, and the 20th largest in terms of purchasing power parity. Transitioning into a green economy requires preparing these calibers through training and formal education. Infrastructure development and economic growth nexus in nigeria.
Dec 07, 2019 nigeria is sub saharan africas largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. Colonialism is a major feature of the economic history of nigeria. Accountancy department akwa ibom state polytechnic, ikot osurua, ikot ekpene, nigeria abstract nigeria depends on oil revenue for 95% of national income and foreign exchange earnings. Green economy, green growth, economic growth, sustainable development, externalities, pollution and nigeria 1. Based on some basic indicators, it appears that the economy performed well during the years immediately after independence and into the oil boom years. That the turmoil in the global economy has taken a toll on the nigerian economy is no longer a matter of contention. This first nigeria economic report will give some attention to longer term trends in the coun. From the study, it was recommended that efforts should be intensified by the government at all levels towards increased collection of non oil tax es especially from the informal sector since this increase has the capacity to growth the economy.
Green growth and environmental sustainability in nigeria zbw. The data are time series for the sample period and were obtained from the. A multivariate regression approach was employed to estimate augmented growth models. The political, economic and social dynamics of nigeria. A multivariate regression approach was employed to.
The nigerian economy grew at an average rate of 7% between 20002011. During the recent global financial crisis, the united nations general assembly and. Nigeria is now at the midpoint of carrying out its development plan 19621968. In essence, globalization offers many opportunities to nigeria and other developing countries as well as other actors in the global economy.
Natural resource abundance and economic growth in nigeria19802015 ewubare dennis brown, kakain stephen, department of agricultural and applied economics, rivers state university, port harcourt, nigeria. Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector. Such investments should help to use natural capital and ecosystems, both considered to be critical economic assets, in a more. Benefits, challenges and risks from a sustainable development perspective summary of background papers jose antonio ocampo columbia university the concept of a green economy has become a center of policy debates in recent years. Growth and equity in nigeria in the current strategic plan 20102014 of the. Economy gdp per capita perceived roi for investors actual return for investors percent of economy privatized stress in. The economic reforms and prudent policies have contributed to the consolidation of. A look at agriculture and agribusiness in nigeria interview. Nigerias phase1 privatisation programme 198893 was deemed successful with measurable benefits to the economy. Nigerias economic recovery continues to be hampered by structural bottlenecks in the economy. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Apr 06, 2014 nigerias economy surpassed south africas as the largest on the continent after the west african nation overhauled its gross domestic product data for the first time in two decades. But a political system crippled by corruption and dogged by ethnic tensions threatens to.
Nigeria is a middle income, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. While politics and the process of politicking do not necessarily give rise to the social. Iyoha development of major sectors of the economy the development and contribution of the petroleum industry to the nigerian economy c. Home economics nigeria an overview of nigerian economy an overview of nigerian economy economics, nigeria nigerias economy is struggling to leverage the countrys vast wealth in fossil fuels in order to displace the crushing poverty that affects about 57% of its population. Nigerias energy supply is dependent mainly on fossil fuel and the environmental hazards associated with the use of this type of energy has manifested in diverse. Articles and excerpts that illustrate green economy and. The economy is now on a slow track for the first half 2015 with around 3. Given that the purpose of introducing electronic tax system is to improve revenue collection which will in turn improve the countrys economic growth, the. A major purpose of the green economy is to stimulate green investments in and across various economic and social sectors. The oilrich nigerian economy, long hobbled by political instability, corruption, and poor macroeconomic management, is undergoing substantial economic reform under the new civilian administration. Acknowledge these, the nigerian government and policy makers have embarked on.
The quest to sustainable development and emergence of green growth economy has continued to dominate the central issue of economic development policy and. Nigeria and many other african countries have, however, experienced the opposite by recording low growth rates and even yaqub 2011 asserted that, the growth of nigeria economy is sluggish compared to the emerging economy in the world. They argued that this is the best way of reducing environmental and. Getting the policy response right matters as falling economic growth imposes a real human cost on the population. As nigeria works towards achieving a green economy, stakeholders have said that a good environmental governance is key. Transitioning to a green economy requires a new mindset of doing business.
However, in the 1980s the economy was in a recession. Nigeria s phase1 privatisation programme 198893 was deemed successful with measurable benefits to the economy. Nigerias phase1 privatisation programme 198893 was deemed successful with. An overview of the nigerian economic growth and development. The message should be clear that the choices we make impact on the environment either negatively or positively. Infrastructure development and economic growth nexus in nigeria owolabimerus, o une business school, university of new england, armidale, nsw, 2351, australia. Shubham chaudhuri country director, nigeria world bank group. Nigeria s economic recovery continues to be hampered by structural bottlenecks in the economy. It documents good practices, success stories and lessons learned in selected sectors of the countrys economy. Outside of transportation and, perhaps, a small section of the industrial sector, the petroleum economy has very little linkage with nigerian. Ajide1 this paper investigates the role of frazer economic freedom index on fdigrowth relationship over the period spanning 1980 through 2010 using annual time series data. According to salimono 1999, globalization has reduced barrier existing in international trade.
Lessons from benin, ethiopia, ghana, namibia and nigeria. Britain eventually gained control of nigerian administration. Nigeria s former military rulers failed to diversify the economy away from overdependence on the capitalintensive oil sector, which provides 20% of gdp, 95% of foreign. Nigerias economy has tended to suffer following an oil price crash, although its resilience has improved in more recent times see box 1. Nigeria has over the years been controlling her economy through various. Nigerias creaky political system council on foreign. Green economy and its implications for economic growth in nigeria. Development strategy for nigeria moses akpobasah at a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. In terms of the ethnicity, the dominance rests with the wazobia group and to some extent, the peoples of the nigerdelta. Many saw nigeria, with 15% of africas population, as an emerging economy. Public disclosure authorized nigeria economic report. This study will cover the impact of power generation on the economy of nigeria between 1990 and 2015 and the effect on the people who live in nigeria and the potential solutions to the crisis.
An overview of leading issues in the structure and development of the nigerian economy since 1960 m. This paper examines the green economy framework and its implications for sustainable growth and development of the nigerian economy. Nigeria in pursuing contextspecific approaches that will prioritize key interventions in the five foundational elements and advance the digital economy in nigeria to promote rapid growth, more and better jobs, and more accessible and higher quality public and private services. However, recent drop in oil prices has led to calls for economic diversification away from oil. This study therefore examines the major economic growth determinants as well as the direction of causality that exists between economic growth and some selected economic growth indicators in nigeria, employing the johansen cointegration and granger causality tests.
Beyond the resilience of the citizens, i doubt that nigeria could be regarded as one of the fastest growing economies in the world. The ongoing economic reform programme is an attempt to put the economy on a recovery path with minimal inflation. Following the 200809 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Natural resource abundance and economic growth in nigeria 19802015 ewubare dennis brown, kakain stephen, department of agricultural and applied economics, rivers state university, port harcourt, nigeria. Green economy, renewable energy, clean energy technology, fossil fuel. Challenges to economic growth in nigeria michael amati jose ardavin jeanette fershtman 14 may 2004. Nigerias political economy has always been predominantly elitist, patriarchal and theist. Macroeconomic determinants of economic growth in nigeria. The paper examined the impact of natural resource abundance on economic growth in nigeria.
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