NIGERIA - ECONOMIC CHANGE

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GDP growth
- Nigeria has had a faster GDP growth rate than all of the BRICs except for China. - Nigeria's GDP world ranking's predicted to increase from 39th in 2012 to 13th in 2050.
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Why is Nigeria's economy growing? - oil
-Supplies 2.7% of world's oil (12th largest oil producer).
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Why is Nigeria's economy growing? - large pop.
- Large pop. (182mil) = large supply of cheap labour.
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Why is Nigeria's economy growing? - climate and geographical location
- S.Nigeria has high temp.s and rainfall, allowing for cocoa and other crops to be farmed. - Well positioned to trade with North+South America and Europe. - Sea ports = import/export goods via container ships.
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Why is Nigeria's economy growing? - trade and business
- Former British colony and has established trade links with other Commonwealth countries. - Many people speak English (international business language).
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Why is Nigeria's economy growing? - technology
- ICT and telecommunications are benefitting trade (Nigeria is 7th in world for mobile phone use). - Increased use of mechanisation=increased manufacturing.
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Why is Nigeria's economy growing? - education
- Education is improving in urban areas = educated workforce.
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Why is Nigeria's economy growing? - politics
- Seen as a politically safe and stable country, so companies from other countries will invest there. - Member of several political and economic organisations = it has an influence in decision-making.
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How is Nigeria's economy changing? - primary sector
- Primary sector is increasing: agriculture has declined due to increased mechanisation.
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How is Nigeria's economy changing? - secondary sector
- Secondary sector is increasing: Manufacturing has increased, e.g. construction, motor-industry and pharmaceuticals.
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How is Nigeria's economy changing? - tertiary sector
- Tertiary sector has increased: increase in retail, finance and communication.
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How does manufacturing effect economic development? - more jobs
- Regular paid work gives people a secure income, which can be used to send children to school (creating educated workforce), and stay healthy.
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How does manufacturing effect economic development? - increased wealth
- Increased wealth means a larger domestic (home) market for products - people will be able to afford more products, boosting economy and increasing amount of jobs.
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How does manufacturing effect economic development? - promotion of chain industries
- Manufacturing companies promote growth of supply chain industries (e.g. car tyre companies). - Encourages people to buy the goods, increases trade and improves quality of life.
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How does manufacturing effect economic development? - taxes
- More people in employment = more taxes paid to government = government has more money to spend on developing the country.
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How does manufacturing effect economic development? - TNCs
- A thriving industry attracts investment from companies from other countries (TNCs).
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How does manufacturing effect economic development? - oil processes
- Oil processes has lead to new chemical and plastic industries. - Not sustainable as oil is fossil fuel.
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Other cards in this set

Card 2

Front

Why is Nigeria's economy growing? - oil

Back

-Supplies 2.7% of world's oil (12th largest oil producer).

Card 3

Front

Why is Nigeria's economy growing? - large pop.

Back

Preview of the front of card 3

Card 4

Front

Why is Nigeria's economy growing? - climate and geographical location

Back

Preview of the front of card 4

Card 5

Front

Why is Nigeria's economy growing? - trade and business

Back

Preview of the front of card 5
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