Nigeria-A Sleeping Giant of Africa
Nigeria-A Sleeping Giant of Africa:
Nigeria is located in the western Africa. It is the largest populated country of Africa having 214 million people. It is the 6th most populated country in the world after China, India, USA, Indonesia and Pakistan. It falls in GMT+1 time zone.
Nigeria is the only country in the world which simultanously falls among the top five muslim and christian majority countries of the world.
There are many local languages spoken here, Hausa is most common after English, which is the official language of the country.
Nigeria is the 4th largest English speaking country in the world after USA, India and Pakistan.
United Kingdom, Australia, Newzeland and Canada are far behind Nigeria, in this list.
Mr. Muhammdu Buhari is the President of Nigeria since May 2015.
Now we will try to understand the merits, current economic and social issues and their remediations.
The merits of Nigeria:
1.OPEC member country.
2.Its 24th largest economy of the world having GDP (PPP) USD$ 1.18 trillion.
3.Its overall emerging market and biggest in Africa.
4.There is a visible religion and ethnic diveristy in this country.
5. Having 10th largest labour force in the world.
6.It has around USD $ 70 billion international trade.
7.People are friendly and speak international language in general.
8.A nice tourist destination.
9.Highest number of universities in Africa, i.e. 249.
10. Nigerian diaspora play vital role in the economy by home remittances.
Economic and Social Issue in Nigeria :
1.Country is not consistant in political development.
2.Social and communal unrest.
3.Lack of civil infra structure facilities like, education, health and safety.
4.Corruption in the public sector institutions.
5.Banking sector is under develop.
6.Surrounded by weak political and economic neighbouring countries.
7.Poverty rate is high.
8.Distribution of econmic wealth does not reflect in the macro economic prosperity.
Remediation:
The present Government has a strong focus on social and economic prosperity of the country.
The policies are somewhat established but it will take more time to see the value addition.
Below are some further areas for rapid economic and social development of the country.
1.Nigeria still lacks its prime position in international and continent politics.
2.Country has to follow the role model of regional emerging economies like South Africa, and Egypt.
3.Nigeria need to play leading role in OPEC, African Union (AU), OIC and UNO to realize its global importance.
4.Development of human resource is the prime focus area.
5.Development of domestic communication system.
6.Local manufacturing and value addition can lead to diversified economy.
7.Country still need concrete step towards economic self sufficiency.
8.Rural development incentives in order to engage local population in the economic process.
9.Elimination of gap between urban and rural life standard.
10.Focus on domestic and international tourists.
11.Elimination of epidemic diseases to promote international traffic.
Please share your thoughts in comments section regarding this article. And suggest how to improve your country in your own opinion.
Stay Blessed.
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