Changing Economic World - Nigeria's Economy

Question 1

Reasons for rapid population growth:

Answer 1

• high proportion of young people
• high natural increase

Question 2

Population of Nigeria:

Answer 2

7th largest, at around 210 million

Question 3

Population prediction for 2050:

Answer 3

4th largest, at around 390 million

Question 4

Number of ethnic groups:

Answer 4

More than 500

Question 5

Main ethnic groups:

Answer 5

Igbo, Yoruba, and Hausa

Question 6

Prediction for economic position by 2030:

Answer 6

Top 20

Question 7

How much the poorest people are living on:

Answer 7

Less than $1.25 per day

Question 8

Percentage of GDP coming from manufacturing and services industries:

Answer 8

More than 50%

Question 9

Shift in economy:

Answer 9

agriculture to industry

Question 10

Fastest-growing industries:

Answer 10

• Telecommunications (increase in phone users by over 100 million)
• Retail and Wholesale (shift towards formal sector)
• Film Industry (Nollywood, 3rd largest in the world)

Question 11

Oil and gas industry GDP and export earnings:

Answer 11

• 14% of GDP
• 95% of export earnings

Question 12

Nigeria’s significance as an exporter of oil:

Answer 12

12th largest oil exporter

Question 13

Examples of TNCs involved in oil industry:

Answer 13

• Shell
• Chevron
• ExxonMobil

Question 14

Drawbacks of oil industry:

Answer 14

• Oil flares
• Oil spills
• Farmland pollution

Question 15

China’s plan to build a railway in Nigeria:

Answer 15

China Railway Construction Corporation won a $12 billion contract to build a new 1,400 km railway along Nigeria’s coast

Question 16

China’s plans for oil in Nigeria:

Answer 16

Will invest $10 billion in exploration and drilling in a new oilfield

Question 17

Debt of Nigeria by early 1990s:

Answer 17

$36 billion

Question 18

When world leaders cancelled debt:

Answer 18

2005 (39 HIPCs)

Question 19

Nigeria’s ODA in 2016:

Answer 19

$2.5 billion

Question 20

Nigeria’s emergency aid from 2009-2013:

Answer 20

60 million mosquito nets, funded by World Bank, US Government, and IMF

Question 21

UK’s aid to Nigeria in 2018:

Answer 21

£300 million

Question 22

Number of people below poverty line (on $1.25 a day):

Answer 22

60 million

Question 23

Increase in life expectancy:

Answer 23

46-52 from 1990-2013

Question 24

Increase in safe water access from 1990-2013:

Answer 24

46-64%