Specific Information about Nigeria

Nigeria
Name
Institutional Affiliation
Nigeria
Nigeria is one of the African countries which are fast growing both socially and economically. It has been rated as the second African most developed country. It’s endowed with natural resources such as oil which has been vital in the development of the country. As it grows economically, Nigeria is experiencing by social-cultural issues ranging from conflicts, high population growth, religious conflicts, poverty and high level of illiteracy.
Nigeria is the most populous country in Africa with over 167 million people. Although Nigeria has been endowed with essential natural resources, they are not enough to cater for its large population. For the past decade, it has become completely impossible to for the government to effectively offer social services to its entire population (Olusanya,2015). Millions of people are not able to get a quality education and better health care. Also, the government is forced to depend much from other countries so as to finance its annual budget. Most importantly, there is a shortage of electricity, inadequate clean water, poor infrastructures and inadequate housing. Nigeria is a capitalist country whereby most of the resources are in the hands of the rich people hence increasing the gap between the rich and the poor. Due to the high population, there is an increase in social evils such as prostitution, robbery with violence and abortion. There is also the very high rate of unemployment which increases the social evils.

Corruption is a pressing problem in all parts of Nigeria. Predictions show that by 2030, 37% of Gross Domestic Product (GDP) will be misused if the government does not take any action against corrupt institutions. Today it is estimated that over 15% of GDP is wasted through corrupt means. (Chiekezie, Nzewi,2016). Money set aside for development projects is at times diverted hence slowing down the level of development in the country. However, the government has established an anti-corruption unit that expected to take stern action on corrupt government officials.
In Nigeria, there are people of diverse religious backgrounds. However, the largest populations are Muslims and Christians. These different religious beliefs have created very sharp divisions as each religious group is battling for supremacy. Some Christians have been persecuted by the Muslims because of their religious beliefs hence causing internal conflicts.
Nigeria is composed of different multi-ethnic groups. The English language has become the tool of communication within various ethnic groups. However, conflicts among different tribes have led to death and displacement of people. Moreover, religion and ethnic differences have been used by politicians to gain political influence.
Nigeria is a middle-income country which it’s manufacturing, financial and entertainment sectors have been expanding heavily. Currently, Nigeria is ranked as 21st largest economies all over the world. Additionally, it has been ranked as the 20th largest in power purchase parity. The country imports much food products from other countries in Africa such as Kenya. Nigeria imports most of its products from European countries, in particular, the United Kingdom, France, and Germany. In 2015 financial year, Nigeria imported about $26 billion products from other nations. For example, in the same year, imports from China were 9.5 %, 8% from the United States and 7% from the United Kingdom. Some of the principal imports that enter the country included manufactured products, chemicals, locomotives and machinery.
Oil is the main product export in Nigeria. Oil and gas accounted for about 85 percent of the total exports revenue. Much of the revenue got from oil is used by the government to fund other segments of the country economy such as education, health, and transport.
Although Nigeria has faced various economic hardships, it has been recognized as an important economic hub to African countries. Resources such as oil are enough to fund various social and cultural infrastructures. The government is allocating more resources to fight some economic evils such as corruption. (Pierce, 2016). Also, the government is emphasizing more on transparency and accountability when dealing with public finances. Additionally, the government is encouraging more foreign investment as a way of creating more revenue and solving the unemployment problem. There are high numbers of unemployed graduates. Thus the government should provide more credit facilities to them. The funds will be significant because they will assist them to starts their businesses hence solving the unemployment problem.
To control the current economic situation, more money should be diverted to the agricultural sector. The government should channel more money to the agricultural sector rather than depend on agricultural goods imported from other countries. The Nigerian agricultural potential should be utilized so as to meet the demand of the fast growing population. More investors should be encouraged so as to increase agricultural production on crops such as maize rice and sorghum.
Nigeria is endowed with mass minerals which have never been exploited. For example, there are over 3 billion tons of iron ore, 42 billion tons of bitumen and gold deposits in Northern part of Nigeria. Moreover, more money should be invested in Tourism and hospitality industry through preservation of National parks, beach resorts, and archaeological sites. The tourism sector is important since it helps the country to get foreign currency and also to solve the unemployment problem.
Nigeria imports various products from companies linked to Sharjah Exports Development Center (SED).These products include boilers, motor vehicles for transport, food stuff and other mechanical apparatus. Some of these companies include Unipex Dairy products Limited and Profiles RH Factory. Various programs have been initiated by SED to establish a presence in foreign markets and also to increase promotion of products in Nigeria. (Olise,2009). Furthermore, SED is providing training to importers in Nigeria on available products in their markets as a way of increasing their exports.
References
Chiekezie, D. O., Nzewi, D. N., & A, E. G. (2016). Corruption As A Major Challenge Of Human Capital Development In Nigeria. IJMEI International Journal of Management and Economics Invention. doi:10.18535/ijmei/v2i6.01
Olise, F. (2009). Global Media and Media Products in Nigeria. Lwati: A Journal of Contemporary Research, 6(2). doi:10.4314/lwati.v6i2.46605
Pierce, S. (2016). Moral Economies of Corruption. doi:10.1215/978082237454
Olusanya, P. O. (2015). Rural-Urban Fertility Differentials in Western Nigeria. Population Studies, 23(3), 363. doi:10.2307/2172876