- QUESTION
Nigeria country paper
ECON 213 Country Paper
Nigeria
https://databank.worldbank.org/data/views/reports/reportwidget.aspx?Report_Name=CountryProfile&Id=b450fd57&tbar=y&dd=y&inf=n&zm=n&country=NGA
You will write a paper on the economics of this country using the concepts learned in this course. It should be between 500 and 1,000 words (not including bibliography), double spaced with normal size 12 font (e.g., Times New Roman or Arial The grading rubric is at the bottom of this document.
You will lose 10% of your paper grade if your paper contains more than 1,000 words (ignoring bibliography).
About 30% of this paper should be a brief description of your country and it’s economy. You should describe some of the data from part 1 in this section, but in general, discuss the country’s demographics, government and economy (the type of economy, major industries and exports, etc.). This section should be short, but I want to see that you spent time researching your country and consulted different sources.
In the next section, you will use theories and concepts from our course to explain why this country has struggled to develop or what the main barriers are from preventing this country from escaping poverty. This should be roughly 30% of the paper. To do well on this part I want to see you using theories, concepts, models, from our lectures to explain why your country is having trouble progressing or developing. I also want to see that you spent time researching your country to figure out what problems and barriers are unique to this country.
In the last section of the paper, you should make four to six policy suggestions, that you believe would be the most effective in encouraging the country to develop. You can pretend that you are an advisor to a new leader for this country and you have to recommend the most effective policies for reducing poverty and inequality and improving health and education outcomes for all citizens. Make sure you do not just list your policies, but that you briefly explain the logic or reasoning about why this policy would be so effective for this specific country. This section should be about 40% of the paper.
Bibliography and Citation: I would like to see you use at least six credible sources throughout your work. These could be academic journals, credible newspapers (e.g., The Economist, The Guardian, Globe and Mail, etc.), government websites, and NGO websites (World Bank, IMF, UN, CIA, etc.). Do not use wikipedia. Make sure you make in-text citations so I can see where the source was used in your essay. You can use the Chicago, APA, or MLA citation styles in your essay. I recommend reading these short guides on whichever style you choose: https://guides.library.ualberta.ca/citing.
You will lose 15% of your paper grade if no bibliography is provided.
Plagiarism: This paper must consist of your own writing. Any ideas you use that you did not create yourself (words, charts, statistics, etc.) must be properly cited. The penalties for plagiarizing a paper at the University of Alberta are severe (often course failure, suspension or even expulsion) so make sure you are familiar with the rules around plagiarism by visiting this website: https://www.ualberta.ca/current-students/academic-resources/academic-integrity/plagiarism
Grading Rubric (total of 16 marks)
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Criteria |
0 |
1 |
2 |
3 |
4 |
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Comprehension |
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Description of country’s economy, government, and demographics |
No description or description is too poor to assess. |
Adequate summary of data from part 1 but missing summary of economy, demographics and government OR missing summary of data from part 1 but includes adequate summary of econ., dem. & gov’t. |
Adequate summary of data from part 1. Summary of economy, demographics and government is missing important information. |
Accurate and clear summary of the data from part 1 of the assignment. Adequate summary of economy, demographics and government but more explanation would strengthen summary. |
Accurate and thorough summary of the data from part 1 of the assignment. Type of economy, major industries and exports, demographics and government are discussed. |
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Application of course theories & concepts to explain main barriers or reasons this country has not escaped poverty |
No explanation of why country is low-income OR explanation is too poor to assess. |
No, or few, course concepts and theories are applied but they list some simple/basic reasons for why country is low-income. |
A few course concepts and theories are applied but some are incorrectly applied and/or lack depth to application. |
Course concepts and theories are applied but more concepts would strengthen response OR course concepts and theories are incorrectly applied OR there is a lack of depth to application. |
Course concepts and theories are effectively applied to explain reasons country is low-income. |
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Policy suggestions for development |
No policy suggestions or policy suggestions are too poor to assess. |
At least 1 policy suggestion is made but no reason or explanation is provided for suggestion(s). |
At least 1 appropriate policy suggestions is made and reasons for these explained OR 4 or more suggestions are made but inappropriate. |
At least 2 appropriate policy suggestions are made and reasons for these explained OR 2 or more suggestions are inappropriate OR 4 or more policy suggestions are made but reasons are not well explained. |
4 to 6 appropriate policy suggestions are made and reasons for these suggestions are thoroughly explained. |
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Writing Skills |
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Effective communication |
Reader has difficulty understanding ideas within writing. Grammar and spelling errors are overly abundant and distracting. |
Ideas can be discerned but could be clearer. Grammar and spelling errors present and noticeable. |
Ideas are clear and easy to read. Grammar and spelling errors are minimal and do not distract reader. |
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Sources and citations |
Less than 3 credible sources are cited throughout the work. Bibliography/works cited does not identify sources clearly. Ideas from sources are not attributed. or 3-5 credible sources cited but bibliography does not clearly identify sources. |
At least 3 credible sources are cited throughout work. Bibliography/works cited allows reader to identify sources. Ideas from sources are generally attributed or 6 or more credible sources cited but bibliography does not clearly identify sources. |
At least 6 credible sources are cited throughout work. Bibliography/works cited allows reader to easily identify source. Ideas from sources are clearly attributed. |
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12
| Subject | Economics | Pages | 6 | Style | APA |
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Answer
Analysis of Economic Development of Countries: A Case of Nigeria
Having the largest economy in Africa and the 30th economy globally based upon Gross Domestic Product (GDP) volume, Nigeria is an emerging, mixed and middle-income economy with a population of about 190.89 million and a population growth rate of 2.6% annually as at 2017 (World Development Indicators database (WDId n.p). Life expectancy in the country is 54 years and the fertility rate of 5.5 births per woman (WDId n.p). By nominal GDP, Nigeria ranks 27th largest economy globally and the 22nd largest globally in terms of purchase power parity (ppp=$1,089.41 billion). Nigeria consists of 36 independent states and is a multi-ethnic as well as culturally diverse community. The country’s PPP rose from $195.72 billion from 1995 to $1,089.41 billion in 2017 while its GDP increased from 1995’s $54.04 billion to 2017’s $375.75 billion and bout 62% of Nigeria’s population still lives in poverty (WDId n.p).
The country’s economy heavily relies upon oil revenues, with oil revenues contributing to about 70% of Nigeria’s revenues and more than 84% of Nigeria’s total exports revenue (Nwosu and Orji 57-58). It also depends on agriculture, services, and telecommunications industries: agriculture employs about 36.3% workforce and produces approximately 20.7% of Nigeria’s GDP; industrial sector accounts for about 22.4% of Nigeria’s GDP and employs about 11.7% workforce; and services industry represents 55.9% of Nigeria’s GDP and employs about 51.8% workforce (Chukwuma et al. 100382).
Nigeria has not been able to develop as it should due to several issues. First is because of the country’s democracy along with the kind of policies/regulations that are instituted. The policies and regulations benefit Nigeria’s political lords and their followers, leaving a large percentage of Nigerians in poverty (Nwosu and Orji 59). Nigeria’s politics has not been able to create a fair and level playing ground for all Nigerians since it has not given Nigerians a voice in the running of Nigeria, thus opening up Nigeria to constant social unrest. Resultantly, Nigerians are demotivated to invest and save in their economy (Nwogu 151).
Second is Nigeria’s skewed worth system along with its social structure. The social values and structure of a country determine the country’s economic system as well as wealth distribution trends and patterns, the effectiveness of the country’s legal structure, and the quality of people in that country (Nwogu 152). Similarly, the economic and social conditions of a country determine the country’s people’s attitude toward the country’s public resources and the country’s social values. Leadership and social values can retard or spur the pace of country’s development. It is on this ground that Dapel reasons that Nigeria has not been able to develop as it should have since it has advanced technologically to spur increase in national and individual productivity and innovation (n.p). This implies that despite the fact that Nigeria has a lot of resources and large population, Nigerians lack the political goodwill or power to demand for their rights and upraise against extractive establishments. Nigeria lacks inclusive economic and political institutions to make sure that proper rules and laws are in place and to empower Nigerians with knowledge and skills needed to achieve their individual full capability. Nigeria also has an extensive social injustice.
Lastly, Nigeria has weak institutions (weak laws and weak/poor quality policies). These have contributed to the rise in the cost manufacturing and production in Nigeria. Cumulatively, these inadequacies along with stiff competition from low-cost manufacturing from other countries and low local-demand for domestically produced goods (as a result of high rate of poverty), contribute to the declining viability and feasibility of any manufacturing processes in Nigeria (Akombi n.p). The outcome is an under-productive/performing economy that is wholly dependent upon its mineral and oil wealth to buttress its GDP, which only benefits a small proportion of Nigerians. See appendix for more information.
For Nigeria to be able to solve the challenge of poverty and inequality that has characterized its economy for a long time, the following policy statements should be considered. Firstly, Nigeria should strengthen or institute stronger institutions in terms of laws/ regulations and high quality policies. Strong policy institutions will help the country to keep in check the cost of manufacturing/production. With the strong institutions, the company will be able to fairly compete with low-cost manufacturing products from other countries by which policy it will encourage local production by increasing local-demand for domestically manufactured goods (Akombi n.p). Similarly, the strong institutions will also enhance the viability of its manufacturing processes. Lastly, the strong institutions will increase the performance of Nigeria’s productivity in all sectors and this will boost job opportunities, and subsequently better living standards of Nigerians.
Secondly, Nigeria needs to develop an industrial policy. Nigeria has a huge economic potential that is realizable if well governed. The state ought to play a strategic responsibility in the process of development as opposed to merely providing the right/correct infrastructure as well as a conducive surrounding. Presently, the country is over reliant upon oil and its other minerals. However, with the industrial policy, the country will need to emphasize a need to shift to encouraging knowledge-based and high technology economy. Thirdly, Nigeria should develop policies that aim at encouraging it to invest heavily on and fund its research and development (R&D) programs and activities that spur innovation just like other emerging and developed nations. The present lack of innovation and R&D, according to Nwogu, is among the main reasons why Nigeria is yet struggling to realize a meaningful development (150). Fourthly, Nigeria needs to create an atmosphere that attracts, retains, and grows talents and skills. Nigeria needs to develop its decrepit health and education infrastructure/policy and create institutions that acknowledge as well as reward skills and talents. Lastly, Nigeria needs to seriously tackle corruption by developing strict anti-corruption and ethics policies. Corruption has bedeviled Nigeria for a long period of time and equally contributed substantially to the country’s persistent under-development and unemployment. For the country to develop and minimize poverty and inequality, it must fight graft at all costs.
References
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Akombi, Blessing J., et al. “Trends in Socioeconomic Inequalities in Child Undernutrition: Evidence from Nigeria Demographic and Health Survey (2003 - 2013).” PLoS ONE, no. 2, 2019.
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