Economic history of nigeria pdf

The choice of the study period provides an opportunity for. Imperial britain acquired and administered nigeria like other colonial possessions for economic gains and to fully actualize this mandate excluded the emerging crop of. Early history liberia was founded in 1822 as an outpost for returning freed slaves from the americas. Nigeria has an important economic influence on the entire region, including the franc zone where it has increasingly been making investments particularly in the banking sector. The recent banking sector reforms in nigeria are a component of the general financial sector reforms which started since 1986 during the structural adjustment programme sap. Evidence from 1914 2014 find, read and cite all the research you need on researchgate. Nigeria is sub saharan africas largest economy and relies heavily on oil as its main source of foreign exchange earnings and government revenues. The paper adopted correlational research design using secondary data for a period of 22 years 199220. Being referred to as the largest black nation, the nigerian economy is one of the most developed economies in africa. Umoh introduction this article overviews the growth and development of the nigerian economy from inde pendence to present times. As common with most of the new states of africa and asia, no problem has more fiercely challenged political order in nigeria than ethnoreligious conflicts. Generally, banking sector reforms in nigeria have been embarked upon to achieve market liberalization in order to promote efficiency in resource.

The quest for economic growth and development compelled nigeria to acquire external debt. Nigeria has the appropriate credentials for greatness. In 1971, william tubman, liberias president of 27 years, died while in office. Pdf on dec 29, 2016, dominic udochi and others published economic development dynamics in nigeria. Geographical, historical and political profiles of nigeria. Because this led to a great influx of rural people into the larger urban centres. Journal of nigeria studies volume 1, number 2, fall 2012 political leadership and corruption in nigeria since 1960. At a 2day nigeria meeting organized by the overseas development institute, london, 1617 june 2004 contact. The stock exchange in lagos is the only largescale financial trading centre in the region. A history of nigeria provides a nuanced, stateoftheart account of the histories that brought nigerias peoples together without naturalizing the process.

The economic scenario has drastically deteriorated amid the twin shocks of the covid19 pandemic and global oil price crash. Many saw nigeria, with 15% of africas population, as an emerging economy. What is the history of economic recession in nigeria. A brief history of liberia international center for. The field can encompass a wide variety of topics, including equality, finance, technology, labor, and business. The economy of nigeria is a middleincome, mixed economy and emerging market, with expanding manufacturing, financial, service, communications, technology and entertainment sectors. Toyin falola and matthew heaton describe their project as a general background survey of the broad themes of nigerias history from the beginnings of human habitation to the early twentyfirst century p. The emancipation of the nigerian economy from the 1914 regions of nigeria nigeria has always played a major economic role in the world. Several dominant themes in nigerian history are essential for understanding contemporary nigerian politics and society. The study period spans economic cycles for about 66 percent of the life of. The study focuses on the impact of petroleum profit tax, company income tax, personal income tax, value added tax revenue on nigerias economic growth between 1980 and 20. The history of nigeria before independence in order to understand the current nigerian politics and society, three dominant characteristics need to be taken into account.

Based on the estimated regression and a descriptive statistical analysis. Nigeria has a population of 3 million, a landmass of 923,768km2, a bountiful endowment in arable land, solid minerals and petroleumgas resources. Several studies have examined entrepreneurship using smes from different jurisdictions using different techniques. Economic history of nigeria looking back at the precolonial era, particularly between 1680 and 1800, the economy of nigeria was dominated by the atlantic slave trade because of the growth of the atlantic plantation. Ever since then, there has been accumulation of loans aimed at various development projects without obvious results as expected. First, the spread of islam, predominantly in the north but later in southwestern nigeria as well, began a.

Autoregressive integrated moving average arima model was applied in the analysis, the study found that aggregate commercial banks financing of smes has. Border closures are further strain on a struggling. Nigeria economic outlook top 10 themes for 2019 nigeria not among the fastest growing economies in subsaharan africa ssa by percentage growth in gdp the largest economies in subsaharan africa offer opportunities for business growth, particularly when considering an expansion into new regions country gdp growth rate africa rank world rank. Economic indicators for nigeria including actual values, historical data charts, an economic calendar, timeseries statistics, business news, long term forecasts and. The impact of the air transport sector was analyzed by nwaogbe, wokili, omoke and asiegbu 20, they reported that the air transport sector has contributed immensely to the economic development of nigeria and the entire globe in two other ways. Attaining 100 years of existence since the 1914 amalgamation, nigeria has course to celebrate its economic strength and diversity in several areas of development but at such a defining moment in nigerias history, it is a strategic moment to redefine her economic policies, promote the expansion of investment, trade and agriculture as well as. The organisation projects a population of 203 million in 2025 and 279 million in 2050, when nigeria is expected to have the worlds 6th largest population. The former military rulers of nigeria could not diversify the economy in order to get rid of the countrys complete dependence on the oil sector. Nigeria is also the largest cereal and meat producer in west africa. Precolonial economic history of nigeria book, 2002.

A recent international monetary fund mission to nigeria concluded that the pace of economic recovery remains slow due to depressed private. A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. Doc the economic development of nigeria from 1914 to. An analysis grace malachi brown, phd lecturer, department of history and diplomatic studies, faculty of humanities rivers state university of education, p. The economic development of nigeria from 1914 to 2014. Muhammadu buhari nigeria 31 july 2018 till date by subscribing to the vision of the founding fathers of ecowas, todays leaders have taken ownership of the grand objectives designed to improve the living conditions of the citizenry, ensure economic growth and create an environment conducive for true development and integration. Air transportation development and economic growth in nigeria. Economic history of nigeria in the 20th century explanations for the decline of agricultural sector of nigeria in the 20th century.

Some of the reasons identified for nigerias poor economic performance include. In this regard, the federal government has developed a framework in the nigeria economic recovery and. History of nigerias economy dated back to before independence on october 1960. Economic history and development of port harcourt, 1912. Though inflation rate is not new in the nigerian economic history, the recent rates of inflation have been a cause of great concern to many. Britain eventually gained control of nigerian administration. A key regional player in west africa, nigeria accounts for about half of west africas population with approximately 202 million people and one of the largest populations of youth in the world. The model also included a measure of policy reforms. Nigerias flag consists of three equal vertical bands of green, white, and green.

Overview of the nigerian economy economic and social environment since 2003, the government of nigeria has sustained farreaching economic reforms at the federal level, particularly in public finance management, and the financial sector. Economic history of nigeria precolonial era to date. Igbokwe the gandu agricultural system in the economy of precolonial hausaland bala achi developments in nigerian agriculture in the 19th century s. An overview of the nigerian economic growth and development. Nigeria economy gdp, inflation, cpi and interest rate. But, mismanagement of the economy, lack of public accountability, insensitivity of the leadership to the yearnings and aspirations of. Yet more remarkably, it does not confine its account to political history but rather successfully intertwines political, economic, cultural, and social developments. The economic development of nigeria from 1914 to 2014 casade. Njoku land tenure and agriculture in 19th century isuamawu area of abia state j.

There were very promising signs about nigerias economy after the country gained independence from britain. After independence, the nigerian economy seemed very promising. History economic community of west african statesecowas. The economic reforms and prudent policies have contributed to the consolidation of. Although the years since nigerias return to civilian rule in 1999 have seen an increased interest in its history and politics, nigeria remains one of the most underresearched african countries. Also, most of the typically scanty empirical attempts have been, in the main, conducted at the crosscountry levels, thus, making it quite difficult to extrapolating to countryspecific cases. The journal publishes scholarly essays in english, french, and portuguese on economic history of african. Nigeria has diplomatic relations with countries in europe, africa, america and asia. Jan 20, 2015 attaining 100 years of existence since the 1914 amalgamation, nigeria has course to celebrate its economic strength and diversity in several areas of development but at such a defining moment in nigerias history, it is a strategic moment to redefine her economic policies, promote the expansion of investment, trade and agriculture as well as. The study period spans economic cycles for about 66 percent of the life of the country, since attaining political independence in 1960. Granted that nigeria is a colonial creation, the paramount determinant of political party formation was the nationalist opposition to colonial rule. Following the 200809 global financial crises, the banking sector was effectively recapitalized and regulation enhanced. Truth is colonialism plays a big role in the history of nigerias economy. The nigerian economy is one of the largest in africa.

Research is conducted using a combination of historical methods, statistical methods and the application of economic theory to historical situations and institutions. Nigeria is a multiethnic and culturally diverse federation which consists of 36 autonomous states and the federal capital territory. Nigeria is also a member of the british commonwealth of nations. It outlines government revenue and expenditure for a given fiscal year.

Economic history and development of port harcourt, 19122003. Economic history is the academic study of economies or economic events of the past. Some of the history of these countries, however, is naturally mentioned in this history of the rest of africa but is kept to the minimum needed to make the rest comprehensible. Oct 30, 2019 a recent international monetary fund mission to nigeria concluded that the pace of economic recovery remains slow due to depressed private consumption and a waitandsee approach from investors. Doc the economic development of nigeria from 1914 to 2014. The gross domestic product gdp in nigeria was worth 410 billion us dollars in 2019, according to official data from the world bank and projections from trading economics. History of nigeria s economy dated back to before independence on october 1960.

To a few observers, nigeria is synonymous with such abhorrent crimes as drug pedalling, money laundering, corruption and recently terrorism. Overview of the nigerian economy african development bank. Over the years, nigeria has gone through many stages of economic growth and in this post, wed like to take a look at how this. Since the late 1960s it has been based primarily on the petroleum industry.

The political, economic and social dynamics of nigeria. It used data from nigeria and adopted the growth account model which specifies the growth of gdp as a function of labour and capital. African economic history was founded in 1974 by the african studies program at the university of wisconsin and subsequently has also been associated with the harriet tubman institute for research on africa and its diasporas, york university. The journal publishes scholarly essays in english, french, and portuguese on economic history of african societies from precolonial times to the present. Problems of economic development in nigeria and solutions. There were very promising signs about nigeria s economy after the country gained independence from britain. Political leadership and corruption in nigeria since 1960. A history of nigeria is an impressive book, the more so because its ambitions initially appear straightforward. This is a short history of africa excluding egypt, ethiopia and dutch and british south africa, which are the subjects of separate histories. Colonialism is a major feature of the economic history of nigeria. It is ranked as the 27thlargest economy in the world in terms of nominal gdp, and the 22ndlargest in terms of purchasing power parity. First, the spread of islam began a millennium ago, predominantly in the north but later on extended to southwestern nigeria. For a long time, the country suffered from political instability, corruption, undeveloped infrastructure, and poor management of the economy. The nigerian journal of economic history njeh seeks to promote the scholarly study of africas and the developing worlds past economic issues and events from a diversity of perspectives notably those of history, economics, and other relevant disciplines.