The Response Of The Nigerian Economy To Policy Variables: Issues And The Way Forward:- Obasi Oji Ukoha
ABSTRACT
Nigeria is a
large economy in Africa, contributing 10.15 percent of African GDP and
constituting even a much higher proportion (14.54 percent) to African
population (Akpan and Afangideh, 2009). Nigeria’s economic performance is
therefore an important growth driver for the African Economy. Notwithstanding
$300 billion from oil between 1970 and 2001, Nigeria’s per capital GDP actually
fell from $ 264 to $256 in constant 1995 US dollars over 1970-2001.
Infrastructure deteriorated because of the cutback in public investments. In
2001, per capita electric power consumption was only 82kw compared to the low-income
countiy (LIC) average of 317kw and a huge 3, 800 kw in South Africa. Nigerians
had suffered, notwithstanding the oil bonaza in 2003, the infant mortality ’■ate was 101 per 1,000 live
births compared to 79 in LICs and 54 in South Africa (Okonjo-Iweala, 2012).
Between 1970 and 1982, the production of Nigeria’s major cash ctopscocoa,
rubber, cotton and groundnuts - fell 43, 29, 65, and 64 percent, respectively.
By the mid-1980s, cocoa was virtually all that was left of agricultural
exports, but its share in world trade had halved. The situation is still the
same now (Ukoha, 1999).
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OBASI, U (2024). The Response Of The Nigerian Economy To Policy Variables: Issues And The Way Forward:- Obasi Oji Ukoha. Mouau.afribary.org: Retrieved Dec 21, 2024, from https://repository.mouau.edu.ng/work/view/the-response-of-the-nigerian-economy-to-policy-variables-issues-and-the-way-forward-obasi-oji-ukoha-7-2
UKOHA, OBASI. "The Response Of The Nigerian Economy To Policy Variables: Issues And The Way Forward:- Obasi Oji Ukoha" Mouau.afribary.org. Mouau.afribary.org, 10 Dec. 2024, https://repository.mouau.edu.ng/work/view/the-response-of-the-nigerian-economy-to-policy-variables-issues-and-the-way-forward-obasi-oji-ukoha-7-2. Accessed 21 Dec. 2024.
UKOHA, OBASI. "The Response Of The Nigerian Economy To Policy Variables: Issues And The Way Forward:- Obasi Oji Ukoha". Mouau.afribary.org, Mouau.afribary.org, 10 Dec. 2024. Web. 21 Dec. 2024. < https://repository.mouau.edu.ng/work/view/the-response-of-the-nigerian-economy-to-policy-variables-issues-and-the-way-forward-obasi-oji-ukoha-7-2 >.
UKOHA, OBASI. "The Response Of The Nigerian Economy To Policy Variables: Issues And The Way Forward:- Obasi Oji Ukoha" Mouau.afribary.org (2024). Accessed 21 Dec. 2024. https://repository.mouau.edu.ng/work/view/the-response-of-the-nigerian-economy-to-policy-variables-issues-and-the-way-forward-obasi-oji-ukoha-7-2