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Nigerian Current Affairs
Published by: http://mezecenter.com/
Just days after the announcement and even before the survey could be launched,
the Manufacturers Association of Nigeria came out with a startling report identifying
37 companies that had closed down across the country over a space of just two
weeks. The report once again confirms the bitter state of affairs of the Nigerian
economy, where closures are a frequent and constant refrain. A complete account of
contemporary Nigerian industry is in fact impossible without a mention of the deindustrialisation that continues to plague it. Just another point of irony in the great
'Nigerian Paradox' of acute economic backwardness in a situation of abundant
natural and human resources! The collapse of world oil markets in the early 1980s
skewered Nigeria's foreign exchange reserves and practically stalled economic
growth. The cumulative effect of years of incoherent policies further upset the
country's fragile international and domestic fiscal condition, causing massive
inflation, unemployment and poverty. Nigeria's standing as a middle-income country
was thoroughly humiliated, and by the 1990s, it was confirmed as one of the poorest
in the world. An even more demeaning fall in average living standards accompanied
the loss of national fortunes. Have a look at mezecenter.com for more info on this.
The economic downslide proved especially harsh on the manufacturing sector, partly
at least due to the over-dependence on oil exports that thwarted economic
local sourcing of raw
material confined to
isolated assembly-line functions with very limited or no backward connections to the
economy. These and other factors combined to bring the total GDP contribution from
manufacturing down from a little over 9% in 1981 to 6% by the end of the last
century. The renewal of democratic governance in 1999 was followed by an
enthusiastic redirection of development policies. Abuja quickly announced multiple
programmes to achieve a stable and globally aggressive economy that is not
critically dependent on the oil and gas sector. The crux of the government's new
ambitions were outlined with the adoption of the 2020 goals, a radical vision
document that foresees Nigeria as one of the 20 top world economies by that year.
While there are no comprehensive progress reports yet, some international aid and
monitoring agencies are ambiguous about the eventual fate of this grand scheme.
Others, like the IMF, are confident that Nigeria will not only achieve its goals, but will
do so despite the current global financial crisis. You may want to check out Meze
Center for more.
In July, a visiting IMF team reaffirmed optimism about rapid growth and economic
diversification, insisting however on the importance of a macroeconomic policy
conducive to private sector
effectively needs are policies
development across sectors:
In other words, an enterprise
revolution that accelerates
sustainable growth while
alleviate poverty and improve
realities in this corner of West
Africa often defy the best laid development plans, and it is no surprise that initiatives
like the Nigerian Industrial Development Bank (established 1964) or the structural
Adjustment Programme of 1986 have consistently failed to deliver as far as
improving Nigeria's industrial scenario goes. The severity of challenges facing it in
this regard can hardly be overstated:
- Poor industrial performance and an unfavourable tax regime make the cost of
manufacturing abnormally high, curtailing demand and reducing profitability.
- Most industrial activity is linked directly to foreign markets in terms of both inputs
and delivery, with very few industries being rooted to the local economy.
- Underutilisation of resources - brought about by a plethora of causes including
labour and security problems, falling demand and low liquidity - is a major industrial
- The infrastructure deficit, especially in power, is acute and inhibitive to viable
industrialisation. Additionally, road and rail networks need massive overhaul.
- Trained manpower shortage in both technical and non-technical fields is a crucial
shortcoming that affects productivity and optimisation in industrial operations.
- Low standards of education are deepening the already critical unemployment
problem by turning out graduates who are unemployable in new or existing
businesses. current affairs Nigeria is one of the authority sites on this topic.
Meze Center Blog gives details on the latest news and current affairs in Nigeria.
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