Economic World 2 - Nigeria Flashcards
(87 cards)
What is Nigeria our case study for?
An NEE experiencing rapid economic development.
Describe the location of Nigeria
Nigeria is located in West Africa.
Its coastline borders the Gulf of Guinea (which is within the South Atlantic ocean).
Bordering countries include Niger (north) ,and Cameroon (east).
What is the importance of Nigeria regionally? Agriculture
Nigeria has the highest agricultural output in Africa.
This means the country provides food security for both its population and that of nearby countries, which reduces reliance on food imports.
What is Nigeria’s population?
≈ 218 million (2022)
What is the importance of Nigeria regionally? Economy
Nigeria is the fastest growing economy in Africa, with the highest GNI on the continent.
This means that there are many employment opportunities for both members of its population and those from nearby countries (who often migrate to Nigeria for jobs in industries like oil).
It’s rich culture (music, food etc.) is enjoyed throughout Africa.
Economy (for understanding)
The state of a country or region in terms of the production and consumption of goods and services and the supply of money.
What is the importance of Nigeria globally?
2.7% of the World’s oil is supplied by Nigeria.
This means that the country can supply oil for many others, helping to meet high global energy demands.
Oil is of particularly high importance for developed like the UK which have become reliant on oil for transport and energy production.
Name the capital city of Nigeria
Abuja
By 2050, Nigeria’s economy will be…
..in the world’s top 20 largest economies.
This means it will be important in global supply chains, importing and exporting goods worldwide (particularly oil).
Nigeria’s economy is ___ based.
oil
What does rapid economic development lead to?
Significant social, environmental, and cultural change.
What is the wider political context in which Nigeria is placed? - Colonialism
European colonial powers drew up a political map of Africa in 1883, with Nigeria created as a British colony.
This affected Nigeria’s economic development because Britain developed trading links for the country (primarily used the trade of palm oil and slaves).
Infrastructure was also improved - to allow more trade inland.
Despite this, money from the exports was invested in Britain’s development rather than Nigeria’s.
What is the wider political context in which Nigeria is placed?
Nigeria gained independence in 1960 but experienced political instability for years as different regions fought for control.
As a result, there was a civil war from 1967 - 1970.
This hindered economic development.
Positive politics in Nigeria
Elections in 2011 and 2015 were declared ‘free and fair’ leading to increased political stability in the country.
This has attracted economic investment from TNCs (from China, the USA) which has allowed Nigeria to move from an LIC to an NEE.
What is the wider social context in which Nigeria is placed?
Nigeria’s population is multi-cultural, with over 500 languages spoken and over 250 minority groups.
This is a strength, but has led to some regional conflicts (for example over the faith of an area) - hindering development.
What is the wider cultural context in which Nigeria is placed?
-Nigerian culture is rich and varied due to high social diversity.
-Its film, music, and literary sectors thrive, with “Nollywood” the 2nd largest film industry after Bollywood (India).
What is the wider environmental context in which Nigeria is placed?
-Nigeria spans several agroecological zones (regions where certain crops can grow due to climate)
-Tropical rainforests are found in the South, where crop trees include coffee, palm oil.
-Savannah grasslands are found in the North, with grassland crops such as millet sold (and nomadic cattle graze).
-(This impacts Nigeria’s development because)
-Having different crops to trade means the country’s income from exports is more stable/reliable.
Describe how the economic structure of Nigeria has changed over time.
Trend: Nigeria’s economy has transformed: once based on primary industries, it is now manufacturing & service focused
Evidence: For example, in 1991, 59% of Nigerians worked in Agriculture, but this decreased to 22% by 2022
Anomaly: From 2004 to 2022, the percentage of people working in the industrial sector increased.
The service sector contributes to ____ of the country’s GDP and the industrial sector ____.
50%
27%
Nigeria has the _______ and _______ _______ economy in Africa.
largest
fastest growing
Why does agriculture now have a lower share of Nigeria’s economy?
-Automation
-Better employment opportunities elsewhere
What is the fastest-growing sector in Nigeria?
-Manufacturing
-Due to a cheap and plentiful labour force plus a vast market, within and beyond the country
Does Nigeria have a balanced economy?
(Although Nigeria has a wide-ranging and largely developed economy,) With oil accounting for over 90% of its exports, it cannot be said the country has a balanced economy.
What are the challenges of Nigeria’s changing economic structure?
-Heavy reliance on oil
-Uneven development