economic crisis in nigeria
Economic Crisis in Nigeria.
NIGERIA.
(google)The evolution of Nigeria was from about 1849 until it attained independence in 1960. During this period a lot of events occurred, and is largely the story of the great impact of the British on the Nigerian people. The colonial authorities (British) sought to define, protect and realize their imperial interest in the portion of West Africa because of its endowment with natural resources, apparently this occurred about hundred years ago. The British was very determined to pursue their goals which were largely economic and quite strategic. The British was involved deeply with the economic life of their colonized people. In this period the British found a huge amount of crude oil in the coastal regions, and the Greyne Goldie’s National African Company (1888) which had successfully squeezed out rivals but was later changed to the Royal Niger Company, chartered and limited. The name Nigeria sprang up in 1914, which was the amalgamation of the northern and southern protectorates by the then colonial secretary Flora Shore. As time swept past, constitutions were made such as the Sir Hugh Clifford constitution of 1922, the Richards constitution of 1946, the MacPherson constitution was promulgated in 1951 and so on. From this point, the Nigerian state moved on until its independence in 1960. Now with concentration on the economy of Nigeria, it has been petroleum-based, the economy has suffered some lapses such instability, corruption, and poor macro-economic management, the economy has however strongly proven that despite all odds it is a promising one and may develop the largest economy in Africa competing with South Africa.
HISTORY OF NIGERIA’S ECONOMY. (history)This a brief evaluation of Nigeria’s economy the pro-oil boom (1960-1970), the period of oil boom (1971-1977), the period of structural modification and stabilization, and the period of guided deregulation. The Nigerian economy has had an abridged history. In the
NIGERIA.
(google)The evolution of Nigeria was from about 1849 until it attained independence in 1960. During this period a lot of events occurred, and is largely the story of the great impact of the British on the Nigerian people. The colonial authorities (British) sought to define, protect and realize their imperial interest in the portion of West Africa because of its endowment with natural resources, apparently this occurred about hundred years ago. The British was very determined to pursue their goals which were largely economic and quite strategic. The British was involved deeply with the economic life of their colonized people. In this period the British found a huge amount of crude oil in the coastal regions, and the Greyne Goldie’s National African Company (1888) which had successfully squeezed out rivals but was later changed to the Royal Niger Company, chartered and limited. The name Nigeria sprang up in 1914, which was the amalgamation of the northern and southern protectorates by the then colonial secretary Flora Shore. As time swept past, constitutions were made such as the Sir Hugh Clifford constitution of 1922, the Richards constitution of 1946, the MacPherson constitution was promulgated in 1951 and so on. From this point, the Nigerian state moved on until its independence in 1960. Now with concentration on the economy of Nigeria, it has been petroleum-based, the economy has suffered some lapses such instability, corruption, and poor macro-economic management, the economy has however strongly proven that despite all odds it is a promising one and may develop the largest economy in Africa competing with South Africa.
HISTORY OF NIGERIA’S ECONOMY. (history)This a brief evaluation of Nigeria’s economy the pro-oil boom (1960-1970), the period of oil boom (1971-1977), the period of structural modification and stabilization, and the period of guided deregulation. The Nigerian economy has had an abridged history. In the