A series of world oil price increases from 1973 produced rapid economic growth in transportation, construction, manufacturing, and government services. While Nigeria has made some progress in socio-economic terms in recent years, its human capital development remains weak due to under-investment and the country ranked 152 of 157 countries in the World Bank’s 2018 Human Capital Index. Nigeria is now in a political mess, lots of killing, kidnapping and also […] This paper investigates the efficacy of Nigeria's development policies in improving the standard of living of the people by adopting the Basic Needs Approach (BNA) to development. With over 50% of the population living in poverty, specific challenges need to be met. Safety and security remain top priorities and we continue to work closely with federal and state government agencies, communities, civil society, contractors and joint venture partners to create a safe operating environment. Relying on post paper placed special emphasis on the integration Nigeria is making increasing amounts of money from manufacturing and services. Nigeria's foreign debt stood at around $28.5 billion in 2001, a large portion of which was interest and payment arrears. Problems Of Economic Development In Nigeria And Solutions. Nigeria’s most significant development challenge is overcoming the socio-economic inequality within the country. But insecurity could deter foreign investors, shrivel the domestic economy, and ultimately dampen prospects for economic growth. We have had lots of problem in this country today. The main problem is that our citizens and leaders have always failed to make things right. Nigeria is an NEE and one of the economic leaders in Africa. Nigeria - Nigeria - Economy: The Nigerian economy is one of the largest in Africa.

Nigeria is rich in oil, and this makes 75 per cent of government money, but the rapid economic growth (over 7 per cent per year since 2009) is found mostly in the non-oil sector (according to the IMF). Shell has interests in several companies in Nigeria that help power economic growth and improve the quality of life for Nigerians.

Nigeria has many opportunities to transform its economy, particularly in agroprocessing.

Special agroprocessing zones could promote agroindustrial development and employment. Lots of economic challenges have faced Nigeria overtime. Nevertheless, the Niger Delta Development Commission (NDDC) was created to coordinate economic and social development in the oil-producing region. Since the late 1960s it has been based primarily on the petroleum industry.

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