Nigeria, The Most Populous African Country, With Enormous

Nigeria, the most populous African country, with enormous potential in agriculture. If well managed, has the potential to become a global powerhouse through agro-industrialization. Agriculture, presently contributes less than 28% of the GDP of Nigeria, ironically holds the key for the accelerated growth and diversification and job creation for Nigerian economy. No country of the world has moved to industrialized economy status without passing through the transformation of the agricultural sector. The reason is simple. Agriculture provides the basic raw materials needed for industrial development. Food accounts for the highest share of consumer price index and providing cheap food is critical for taming inflation. When inflation is low,†¦show more content†¦And it must start with treating agriculture as a business. It must start with taking a full value chain approach to modernize agriculture, from the farm to the table. And it must start with supporting agro-industrial development. The time is therefore short. Nigeria must rapidly invest in the development of its agro-industry, it must learn from experiences elsewhere, where agriculture has been the foundation for driving fast paced economic growth, by building a strong food and agro-industrial manufacturing base quickly. Korea for example, was in serious rural and urban poverty just fifty years ago. Not now. Korea’s per capita GDP is now 17 times that of Sub-Saharan Africa, while its total GDP is $1.3 trillion, compared to $1.6 trillion for sub-Saharan Africa put together. Korea is the 11th largest economy in the world and is a generous donor of development finance. It’s an extraordinary success story. But it wasn’t a miracle. It came from many factors that came together: strong political determination, solid long-term planning and execution, structural transformation policies and robust investments in human capital. There was a clear plan: drive import substitution by raising agricultural productivity through industrialization to achieve food self-sufficiency. More generally, the successful Asian experience offers us important lessons for agro-industrialization. Today, Asia’s agricultural output is led by large private agri-businessShow MoreRelatedProblems of International Trade. Case Study: Nigeria3181 Words   |  13 Pagesservices among countries for money. This involves the importation and exportation of goods and services. Many countries in the world are faced with problems engaging in international trade successfully. However international trade is one of the major determinants of a countries economic growth. Ideally every country should export more goods and services than it import goods and service. This differs on the natural resources, technology and labour force. Nigeria is Africa’s most populous country with a populationRead MoreImpact of Industrial Development on Nigeria Stock Market1457 Words   |  6 PagesImpact of Industrial development on Nigeria stock market. The potentials of capital market in Nigeria as a catalyst to economic and industrial development cannot be over emphasized. The capital market as an internal part of a country’s financial system operates at the long end of the system to mobilize resources for long term development and growth. Basically, the capital market accelerates growth by providing ,relatively long term capital - debt and equity finance – for government and corporateRead MoreThe Debt Crisis of Nigeria and Greece5186 Words   |  21 PagesThe debt crisis of Nigeria and Greece Introduction National debt is a problem that can inflict any country including the developed countries. Almost all countries go into budget deficit one way or the other and end up borrowing money. The most direct effect of the government debt is to place a burden on future generations of taxpayers. When these debts and accumulated interest come due, future taxpayers will face a difficult choice. Inheriting such a large debt cannot help but lower the livingRead MoreSocio-Economic and Political Dimensions of Conflict4145 Words   |  17 Pagesand enjoys freedom of association, freedom of movement, right to embark on any lawful economic activity, having the right to vote and be voted for, and to live in a conducive environment devoid of wars or tyrannical government. When all, or at least most, of these conditions are attained, the outcome is usually the creation of avenues for peaceful co-existence of individuals and groups. Conversely, non-attainment of these conditions is the precursor of disput es, disagreements and violent agitationsRead MoreThe Impact of Foreign Direct Investment on Nigeria Economic Growth9932 Words   |  40 PagesCHAPTER ONE INTRODUCTION 1.1 Background of the Study Industrialization has not only changed the way the world do business but also changed the world itself. Fortunately, Nigeria is one of the countries that did not escape its impact. Industrialization is the process of social and economic change that transforms a human group from a pre-industrial society into an industrial one. It is a part of a wider modernization process, where social change and economic development are closely related withRead MoreThe Impact of Foreign Direct Investment on Nigeria Economic Growth9940 Words   |  40 PagesCHAPTER ONE INTRODUCTION 1.1 Background of the Study Industrialization has not only changed the way the world do business but also changed the world itself. Fortunately, Nigeria is one of the countries that did not escape its impact. Industrialization is the process of social and economic change that transforms a human group from a pre-industrial society into an industrial one. It is a part of a wider modernization process, where social change and economic development are closely related withRead MoreEffects of Crude Oil Prices5118 Words   |  21 Pagesspeculation, but is also greatly affected by growing demand in developing countries. The most notable new mass consumer is China, with a population of over one billion people and a demand profile that is rapidly increasing to place a strain on oil supply in the world market. China has the capacity to require more oil supply than the rest of the world combined. Natural gas is another story. For the most part the U.S. produces most of what it consumes. This is because transportation of natural gasRead MoreImpact of Emerging Markets on Marketing15122 Words   |  61 Pagesand question our existing practices and perspectives, which have been historically developed largely in the context of industrialized markets. Most emerging markets are highly local and governed by faithbased sociopolitical institutions in which public policy matters. They also suffer from inadequate infrastructure and chronic shortage of resources. Most of the competition comes from unbranded products or services, and consumption is more of a make versus buy decision and less about what brand toRead MoreOne Significant Change That Has Occurred in the World Between 1900 and 2005. Explain the Impact This Change Has Made on Our Lives and Why It Is an Important Change.163893 Words   |  656 Pagesand U.S. superpowers on their periphery and a second round of even more devastating global conflict. The bifurcated international system that resulted from the cold war standoff extended the retreat of globalization, but nurtured the liberation of most of humanity from colonial rule. The collapse of the Soviet empire, and the freeing of its satellite states across Eastern Europe beginning in the late 1980s, marked another major watershed that further problematizes uncritical acceptance of theRead MoreInternational Management67196 Words   |  269 Pageseconomies. Most countries and regions around the world are inextricably linked, yet profound differences in institutional and cultural environments persist. The challenges for international management reflect this dynamism and the increasing unpredictability of global economic and political events. Continued growth of the emerging markets is reshaping the global balance of economic power. Many emerging markets continued to experience growth during a period in which developed countries saw their economies