Nigerian Economy National Bureau Of Statistics

Agriculture requires the cultivation of land, raising and rearing of animals, for the purpose of creation of food for man, feed for animals and raw materials for industries. It demands forestry, fishing, processing and marketing of the agricultural products. Essentially, it is made up of crop production, livestock, forestry, and fishing.

As there is no conclusive data on the size of the Nigeria equity market depending on naija news, estimates for the whole of Africa use it over $6 billion in 2000; South Africa, the continent’s largest economy, accounting for half the share. High economic growth fuelled by an enthusiastic reforms programme has seen Nigeria’s growth scale to just about twice the figure for developed markets lately. The country’s GDP growth rate in 2006 stood at 5.6%, significantly beyond america (3.2%) or perhaps the UK (2.8%)1.

The foregoing statements aptly connote two understandings of the condition of Nigerian economy. These understandings show that, the economy is probably the fastest growing economies in Africa and on earth. Although Nigeria has had hash economic history, it offers undergone but still undergoing economic reforms, that are directed at making Nigeria the Africa’s financial hub and one of several twenty largest economies worldwide with the year 2020. Obviously how the country has experienced political instability, corruption, and poor macroeconomic management before, this is in charge of unpleasant and harsh economic situation. The government relentless efforts to reposition the economy have translated right into a remarkable economic growth and development.

Naija News That You Can Make The Most Of

The industrial revolution of the Nineteenth century which catapulted the agrarian economies of most countries of Europe got their stimuli from agriculture; the sector in recent history has also worked a huge miracle in countries like Mexico, India, Brazil, Peru, Philippines and China in which the Green Revolution was among the great success stories. Indeed, the importance of agriculture in almost any nation’s economy cannot be over emphasized, as an illustration, in Usa, agriculture contributes about 1. 1% from the country’s Gross Domestic Product.

These statistic established that the greater number of created a country is definitely the lower the contribution of agriculture to Gross Domestic Product. Economy diversification is undoubtedly an economic development strategy observed as increasing the numbers of the revenue base of the economy. The Nigerian economy is a mono-cultural economy depending on oil as the main source of her revenue, it is essential that government should not carry on believing that oil offers an endless supply of revenue.

Here is where venture capitalism derives its significance from the context of Nigeria’s long term ambitions. Private equity investment has become liable for many of the most notable economic testimonials around the world. Entrepreneurs beginning with angel loans turned India around in to the largest software exporter in the world. In South Korea, booming small high-tech businesses bypassed larger firms to lead the country’s recovery through the Asian financial crisis. Equity funded enterprises have likewise recorded high growth figures in developing countries from Asia, across Europe and in Latin America. The worldwide knowledge about venture capitalism throws up numerous important considerations with regards to giving the right environment for rapid growth. The next are one of the most critical challenges and considerations facing Nigerian policy makers in this connection:

Diversification inside the agriculture sector, according to naija newspapers is therefore suggested for Nigeria like a developing economy to make certain food and nutritional security, income and employment generation, poverty alleviation as well as encourage industrialization, ease pressure on balance of payment, reliable way to obtain government revenue and overall economic development of the nation.

Prior to the political crisis of 1967-1970, agriculture’s positive contributions to the economy were instrumental in sustaining economic growth and stability. The majority of food demand was satisfied from domestic output, thereby obviating the desire to utilize scarce forex resources on food importation.

Peter Osalor as seen on nigerian news media is a multi-skilled director, chairman of trusts, proprietor and consultant. Peter Osalor has become a successful entrepreneur since 1992 when he formed Peter Osalor & Co and which contains since grown to your substantial customer base using a turnover of millions. He or she is currently a fellow of your Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is another part of the Chartered Tax Advisors and also the Chartered Institute of Taxation in Nigeria (CITN).