Nigeria - PPD Flashcards
Why should Nigeria have done well from globalisation?
Large proven oil reserves of 36 billion barrels and natural gas reserves of over 2,800 billion cubic metres.
How is Nigeria a single product economy?
Oil and gas accounts for over 80% of its national income.
How has OPEC harmed Nigeria?
OPEC has aided economic growth but the sole focus on fossil fuels has caused massive decline in traditional industries such as agriculture and manufacturing.
How has this affected flows of people?
Job opportunities in cities has increased rural-urban migration, causing rural poverty and overcrowding in cities.
How have flows of capital and technology in the form of TNCs impacted Nigeria?
Due to Nigeria’s lack of skills and technology, global TNCs were encouraged develop these reserves.
These large TNCs have has significant impacts on the environment in the form of common oil spills and abused land rights of local people.
How can the process of Dutch disease be seen in Nigeria?
Large exports of oil has caused the value of their currency to rise, reducing the international competitiveness of its other exports.
This significantly reduces exports from other industries and drives more people into oil and gas as deindustrialisation of other industries takes place.
