The, The Giant Of Africa Essay

The, The Giant Of Africa Essay

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Nigeria, the giant of Africa, its most populous country, the products of many jewels from Nobel prize winning Wole Soyinka to world renowned feminist Chimamanda; the product of great musicians from fella Kuti to the ones of my generation like wizkid. It is a point of reference to many African states and right up to a year ago it was the largest economy in Africa after overtaking South Africa. Why did I say “was” you may ask? Because it is in a recession; this is the gradual decline of the GDP of an economy for at least 2 quarters of a year, “Nigeria’s economy contracted by 2.06 percent to record its lowest growth rate in three decade” (Mayowa Tijani, 2016) with the economy producing negative growth for over a year. A consequence of falling global oil prices which makes up a large part of its foreign exchange and attacks on the oil pipeline in the Niger delta region which has reduced production. Many changes need to be made in order to not only survive the recession but to improve the economy to that of a developed country, which are defined by their advanced technological infrastructure, service dependent economy and a high, stable GDP per capita. To improve the economy Nigeria must take steps to diversify its economy so as to prevent it from commodity-reliance and provide a variety of revenue options which will provide greater GDP growth than before
The most obvious way to improve Nigeria’s economy is diversification of its economy. It is a theme that has been echoed among government officials in 2016, the need to move from the oil dependence which takes up over 90% of its foreign exchange earnings from oil (Economy Thwarts Buhari,2016) to a less oil-reliant economy. According to the UN a lack of diversification characterizes t...

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...than countries with fewer natural resource(Wiki, 2016) with oil being one of the most prominent destabilizer of a country; as evident of its history of violence, civil wars and corruption around the world (Micheal watts, 2004 ) . This is seen in Nigeria too where corruption, its civil war called Biafra war, the Niger Delta militant attacks because of the government mistreatment of this oil producing area are some of the issues that has plagued its history since oil (Micheal watts, 2004 ) . In some ways this recession is a blessing because it allows for the government to rethink its economic policies. My conclusion based on my research with the resources Nigeria has, is that diversification is key to economic revival, it will not only save the economy, it would reduce the volatility to any specific commodity rise and fall in prices and make it a developed country.

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