Argumentative Essay on Women Are Better Leaders Than Men

4624 Words Aug 28th, 2013 19 Pages
AN OVERVIEW OF THE NIGERIAN ECONOMIC GROWTH AND DEVELOPMENT
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By
A. H. Ekpo & 0. J. UmohINTRODUCTION
This article overviews the growth and development of the Nigerian economy from inde pendence to present times. Specifically, the following periods are discussed: the pro-oil boom decade (1960-70); the period of the oil boom (1971 1977); the period of stabilisation and structural adjustment (1986 - 1993) and the period of guided deregulation (1994 -1998).GENERAL PERFORMANCE OF THE ECONOMY
The Nigerian economy has had a truncated history. In the period 1960-70, the Gross Domestic Product (GDP) recorded 3.1 per cent growth annually. During the oil boom era, roughly 1970-78, QDP grew positively by 6.2 per cent annually - a
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No democratic system has fallen in a country where per capita income exceeds $6055”.

While the quote is not a prediction, the message is strong for Nigeria with per capita income of less than $1,500. If we are lucky and the oil boom continues, then the economy will continue to ‘grow’. The structure of the economy is such that any sustained collapse of oil prices in the medium term will lead to a catastrophic implosion of the economy. Here lies the challenge. Do we have any political party with a credible plan for the emergence of a new economy? Can such a party emerge from the current rentier, consumption-oriented political economy?

Currently, the party system in Nigeria is going through an important evolution. The ruling PDP is fighting for survival and will either fundamentally reform its machinery or risk implosion. Major opposition parties are ‘merging’ into the APC-- to provide a strong challenge to the dominance of the PDP. Are these posturing merely to strengthen the platform to retain or grab power? Will any of the two parties – APC and PDP—for the first time since 1999 provide a platform for mobilising the masses around alternative visions and credible, means-tested plans for a better future?

So far,…

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