Manufacturing Firm
MARYAM ISAH
M.SC/SOC-SCI/3434/10-11
THE CHANGING STRUCTURE OF THE NIGERIAN ECONOMY AND IMPLICATIONS FOR DEVELOPMENT 1970-2011
LECTURER:Prof Olowononi
DEPARTMENT OF ECONOMICS
AHMADU BELLO ZARIA
The structure of Nigerian economy can be broadly classified into four:The production,Commerce,Services and others.
PRODUCTION: processes and methods employed to transform tangible inputs (raw materials, semifinished goods, or subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services(Business Dictionary,2011).Production includes agriculture, manufacturing, mining and quarrying, etc
AGRICULTURE: Agriculture (also called farming or husbandry) is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agricultural plays a crucial role in the economy of Nigeria.
Nigeria, one of Africa's most populous countries, has a highly diversified agro-ecological condition, which makes the production of a wide range of agricultural products possible. Agriculture is one of the most potentially viable sectors of the Nigerian economy, particularly in terms of its employment generation potentials as well as its contribution to Nation's Gross Domestic Product (GDP) and export revenue earnings.
In spite of Nigeria's rich agricultural resource endowment, there has been a gradual decline in agriculture's contributions to the nation's economy: In the 1960s, agriculture accounted for 65-70% of total exports; it fell to about 40% in the 1970s, and crashed to less than 2% in the late 1990s.
The decline in the agricultural sector was largely due to rise in crude oil revenue in the early 1970s. Usually several factors can be said to be responsible for the dismal performance of the Nigerian agricultural sector. Pre-eminent among these factors is the macroeconomic environment. The macroeconomic environment comprises fiscal, monetary, exchange
M.SC/SOC-SCI/3434/10-11
THE CHANGING STRUCTURE OF THE NIGERIAN ECONOMY AND IMPLICATIONS FOR DEVELOPMENT 1970-2011
LECTURER:Prof Olowononi
DEPARTMENT OF ECONOMICS
AHMADU BELLO ZARIA
The structure of Nigerian economy can be broadly classified into four:The production,Commerce,Services and others.
PRODUCTION: processes and methods employed to transform tangible inputs (raw materials, semifinished goods, or subassemblies) and intangible inputs (ideas, information, knowledge) into goods or services(Business Dictionary,2011).Production includes agriculture, manufacturing, mining and quarrying, etc
AGRICULTURE: Agriculture (also called farming or husbandry) is the cultivation of animals, plants, fungi and other life forms for food, fiber, and other products used to sustain life. Agricultural plays a crucial role in the economy of Nigeria.
Nigeria, one of Africa's most populous countries, has a highly diversified agro-ecological condition, which makes the production of a wide range of agricultural products possible. Agriculture is one of the most potentially viable sectors of the Nigerian economy, particularly in terms of its employment generation potentials as well as its contribution to Nation's Gross Domestic Product (GDP) and export revenue earnings.
In spite of Nigeria's rich agricultural resource endowment, there has been a gradual decline in agriculture's contributions to the nation's economy: In the 1960s, agriculture accounted for 65-70% of total exports; it fell to about 40% in the 1970s, and crashed to less than 2% in the late 1990s.
The decline in the agricultural sector was largely due to rise in crude oil revenue in the early 1970s. Usually several factors can be said to be responsible for the dismal performance of the Nigerian agricultural sector. Pre-eminent among these factors is the macroeconomic environment. The macroeconomic environment comprises fiscal, monetary, exchange