Nigerias Growth and Economic Experience Essay Example | Topics and Well Written Essays - 1000 words

Nigerias offset and Economic Experience - Essay Exampleoverty in Nigeria can be attributed to a shortage of full of life resources and the endurance of harsh and inhospitable conditions including the breakd admit of economic, demographic, ecological, cultural and social systems and bad governance. A community nutrition in the oil producing areas in south of Nigeria displaced by pollution or the migration from rural to urban areas which undermines infrastructural facilities is a good example. A publication courtesy of the UNDP categorised Nigeria as one of the poorest countries in the world. Moreover, there in like manner came a report of the central bank of Nigeria reporting 69.2 per cent of the population being poor. Proportionally this statistics result conclude that two thirds of the Nigerian population are experiencing income poverty. As well in the remote areas of the country, to be specific those in the north east felt that 50 per cent of them were poor and the correspondi ng code for the south east was 54.5 per cent (United Nations Development Programme (UNDP), 2009). The poverty gaps are widening and a greater proportion of the wealth is being concentrated in the hands of the wealthiest 20 percent.it is thought that the highest income earning statues is enjoyed by serious 10 per cent of the population who have a 31.4 per cent share of the total national income. close 50 per cent of the total income is owned by the twenty per cent of the highest income earning group. Only an insignificant hug drug per cent of the national income is owned by an estimated 20 per cent of the poorest portion of the population. Reports done by organisations such(prenominal) as UNDP highlights how the poor in Nigeria experience and understand their poverty as quoted by (Pyke and Ali-Akpajiak, 2003). This is so contempt the fact that Nigerias average growth rate between 2003 and...The country embarked on tenure of parliamentary change by repeated elections and compet itive political structures set in place. However, the new institutions are nerveless and inchoate, political allies appear divided and self-serving, popular legitimacy is fragile at best and these fledging regimes exhibit numerous challenges including detrimental economic conditions, (Lewis, 2007). The economy had a detrimental decline due to slow growth, joblessness loosen investment, institutional disarray and fitful policy changes. These pressures have contributed to mounting trends of ethnic, religious and local conflicts. Economic vista A critical look at poverty measurements shows a grim picture. Statistics focus on fair 0.2 per cent of GDP on health care and 0.7 per cent on education. Though the country has its own share of problems, external investors have the capacity to contribute positively to its share of long-term investment through joint ventures. A huge beneficiary as an asset is the current high price of natural oil. Proper management and governance has the pote ntial of sustaining Nigerias development and prosperity in this century and uttermost beyond.