Changing Economic World - Nigeria's Economy Flashcards
Reasons for rapid population growth:
- high proportion of young people
- high natural increase
Population of Nigeria:
7th largest, at around 210 million
Population prediction for 2050:
4th largest, at around 390 million
Number of ethnic groups:
More than 500
Main ethnic groups:
Igbo, Yoruba, and Hausa
Prediction for economic position by 2030:
Top 20
How much the poorest people are living on:
Less than $1.25 per day
Percentage of GDP coming from manufacturing and services industries:
More than 50%
Shift in economy:
agriculture to industry
Fastest-growing industries:
- Telecommunications (increase in phone users by over 100 million)
- Retail and Wholesale (shift towards formal sector)
- Film Industry (Nollywood, 3rd largest in the world)
Oil and gas industry GDP and export earnings:
- 14% of GDP
- 95% of export earnings
Nigeria’s significance as an exporter of oil:
12th largest oil exporter
Examples of TNCs involved in oil industry:
- Shell
- Chevron
- ExxonMobil
Drawbacks of oil industry:
- Oil flares
- Oil spills
- Farmland pollution
China’s plan to build a railway in Nigeria:
China Railway Construction Corporation won a $12 billion contract to build a new 1,400 km railway along Nigeria’s coast
China’s plans for oil in Nigeria:
Will invest $10 billion in exploration and drilling in a new oilfield
Debt of Nigeria by early 1990s:
$36 billion
When world leaders cancelled debt:
2005 (39 HIPCs)
Nigeria’s ODA in 2016:
$2.5 billion
Nigeria’s emergency aid from 2009-2013:
60 million mosquito nets, funded by World Bank, US Government, and IMF
UK’s aid to Nigeria in 2018:
£300 million
Number of people below poverty line (on $1.25 a day):
60 million
Increase in life expectancy:
46-52 from 1990-2013
Increase in safe water access from 1990-2013:
46-64%
