Nigeria Gdp Growth World Bank
While there is no conclusive data on the dimensions of the Nigeria equity market depending on naija newspapers, estimates for the of Africa put it over $6 billion in 2000; South Africa, the continent's largest economy, making up half the share. High economic growth fuelled by an enthusiastic reforms programme has seen Nigeria's growth scale to just about double the amount figure for developed markets in recent years. The country's GDP growth rate in 2006 stood at 5.6%, significantly beyond the US (3.2%) or the UK (2.8%)1.
Agriculture is recognized as a catalyst to the overall development of any nation; development economists have always assigned the agriculture sector a central devote the development process, early development theorists though emphasized industrialization, they counted on agriculture to supply the desired output of food and raw materials, together with the labour force that might gradually be absorbed by industry and services sector. Much later thinking moved agriculture towards the forefront of your development process; the hopes for technical improvement in agriculture and "green revolution'' suggested agriculture because the dynamo and magic wand for economic growth and development.
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The industrial revolution from the Nineteenth century which catapulted the agrarian economies of many countries of Europe got their stimuli from agriculture; the sector in recent history has worked a huge miracle in countries like Mexico, India, Brazil, Peru, Philippines and China in which the Green Revolution was one of several positive results stories. Indeed, the value of agriculture in every nation's economy cannot be over emphasized, for instance, in United states, agriculture contributes about 1. 1% from the country's Gross Domestic Product.
Up against numerous challenges, Nigerian government is set to bolster, diversify and make the economy attractive and investment-friendly to both local and foreign investors. The federal government has adopted total liberalization and globalization as the economic policy, instituted privatization and commercialization programmes of public enterprises, provided total security for business and individuals, extended invitation to domestic and foreign investors, abolished laws inhibiting competition, embraced and fine-tuned policies to ensure quick realization of growth and development of most sectors from the economy. The time and effort has already been repaying as Nigeria is already the focus for foreign investment thereby increased exponentially Foreign Direct Investment (FDI). Scores of economic missions and delegations from developed and developing countries have visited Nigeria, thus accelerating the development in the economy in a fast rate.
In priority, Nigeria government must encourage the rapid diversification of Nigeria's economy because this is the sole sustainable approach to survive the existing environment of global economic uncertainty of international oil price volatility and shocks, unfavourable quota system and depletion.
Diversification within the agriculture sector, as per newspapers is therefore suggested for Nigeria as a developing economy to guarantee food and nutritional security, income and employment generation, poverty alleviation and to encourage industrialization, ease pressure on balance of payment, reliable method to obtain government revenue and overall economic development of the country.
In telecommunication, statistics reveals that mobile phone users in Africa were about 280 million, overtaking United States Of America and Canada with their 277 million users inside the opening quarter of 2008. With 70 million connections in 2007, the Continent took over as the fastest growing region worldwide, representing a development of 38 %, ahead of the Middle-East (33 per cent) and also the Asia-Pacific (29 percent).It absolutely was also said that the fastest growing financial markets are positioned in northern and western Africa, representing altogether 63 per cent of your total connections in the area.
Peter Osalor as seen on nigeria is a multi-skilled director, chairman of trusts, proprietor and consultant. Peter Osalor has become a successful entrepreneur since 1992 as he formed Peter Osalor & Co and that has since grown to a huge client base by using a turnover of millions. He or she is currently a fellow of the Association of Chartered Certified Accountants (ACCA) and the Institute of Chartered Accountants in Nigeria (ICAN). Peter is also a an affiliate the Chartered Tax Advisors and also the Chartered Institute of Taxation in Nigeria (CITN).
As Nigeria makes up about 57 % of your West Africa mobile phones, the continent is acknowledged since the leading as well as the fastest growing telecom market in Africa. With cellular phone users at 44,932,181 and 734,444 for GSM and mobile CDMA respectively, her contributions to West Africa and Africa's telecommunication growth are unable to be overemphasized. As the overall economic growth rate stands at 7% yearly, the mobile telephony is approximately 35-50%. Assuming that each one of these connections was busy for any minute in a day, the land telecoms market has the capacity to generate over USD 16 million per day (USD16, 666,667) and in close proximity to USD 6 billion per year (USD 5,833,333,300). For this reason telecom companies like Visafone and Etisalat quickly joined the likes of MTN, Globacom, Celtel and other telecoms agencies in exploiting opportunities in the country.