Economic changes in an LIC Nigeria

• Nigeria is located in west Africa and has borders with Benin, Chad, Niger and Cameroon, extending from the gulf of Guinea to south of the Sahel.
• Nigeria is predicted to have the world’s largest GDP growth from 2010-2015.
• Nigeria supplies 2.7% of the world’s oil, making it the 12th largest producer.
• Nigeria is the 5th largest contributor to UN peace keeper mission.
• Nigeria has developed a diverse economy including finance, telecommunications and media.
• Nigeria has the fastest growing economies in Africa.
• In 2014, Nigeria had Africa’s highest GDP and the 3rd largest manufacturing sector.
• Nigeria has the largest population of any African country, with 182 million people.
• Nigeria has the highest farm output in Africa, including 19 million cattle.
• Political: Nigeria was made independent from the UK in 1960.
• Power struggles in Nigeria led to dictatorships and civil war in 1967 and 1970.
• Widespread corruption has plagued Nigeria since its independence.
• Stable government has only been in place in Nigeria since 1999.
• Countries such as China, America, and South Africa are starting to invest in Nigeria, particularly in construction, power plants, and business and banking.
• Nigeria is a multi ethnic multi faith country, with the Yoruba making up 21%, the Hausa and Fulani making up 29%, and the Igbo making up 18%.
• Christianity and Islam are widely practiced in Nigeria.
• Economic inequality between the north and south has created ethnic tensions in Nigeria.
• Urban areas in Nigeria have the greatest share of services such as schools.
• Widespread rural to urban migration is a trend in Nigeria.
• The GDP is highest in the south and north east, at US$8343, but only US$292 in the south east.
• Nigerian music is enjoyed across the continent and beyond.
• Nollywood, the 2nd largest film industry in the world, is based in Nigeria.
• The Nigerian football team has won the African cup of nations three times.
• Several players from the Nigerian football team play in the premier league.
• The north of Nigeria is semi desert with tropical savannah further south.
• The Jos Plateau, located in the central region of Nigeria, is wetter and cooler than the surrounding savannah.
• The south of Nigeria has high temperatures and high annual rainfall, with lots of forest.
• Employment in agriculture has fallen due to mechanisation and better pay in other sectors of the economy.
• Industrialisation has increased employment in oil production, manufacturing and construction.
• Manufacturing accounts for 10% of GDP, with processed foods, leather goods, textiles, soaps and detergents as the main products.
• Manufacturing has stimulated growth by providing secure income, close links and supply chains, increasing revenue for taxes as more people are employed, attracting foreign investment.
• There has been growth of communications, retail and finance sectors.
• Companies provide employment and skills development when they establish operations in a country.
• More money is spent in the economy when companies establish operations in a country.
• Investment in local infrastructure occurs when companies establish operations in a country.
• Valuable export revenues are earned when companies establish operations in a country.
• Disadvantages of having companies establish operations in a country include poor pay and conditions for local workers.
• Management jobs often go to foreign employees when companies establish operations in a country.
• Profits often leave the country when companies establish operations in a country.
• Grants and subsidies can be used to attract companies to invest in Nigerian industry.