Vahdi Boydaş, Mensur Boydaş,Nigerian economic development obstacles

Nigeria’s Economic Growth and Development Obstacles

Growth and Development

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PROXIMATE

Low Capital Accumulation Via Low Investment

• Poor social and economic infrastructure

• Awful roads

• Unreliable electricity supply

• Limited access to portable water and healthcare

• Irrationally used resources

• Low Investment3

Inefficient Human Capital

• High Illiteracy Rate

• Unskilled Workforce

• Low Productivity

• Low marginal Productivity

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High Population Growth and Urbanization

• High fertility Rate

• 3% Population Growth Rate

• High Urbanization Rate

• Sluggish Secondary Sector

• High Poverty Rate

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Unemployment and Technology Diffusion

• High Unemployment Rate

• Low Technically Skilled Manpower

• Lack of Technological Capability

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FUNDAMENTAL

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Ineffective Institutions and Corporate Governance

• Weak Domestic Institutions

• Poor Governance

• Poor Ethical Standards

• Vision 2020

• Inefficient development plans

Corruption

• High Level of Corruption

Wasted Oil and Mineral Wealth

• Unfair Income Distribution

• Rent Seeking

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Mono-cultural Economic Policy

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• Income Dependancy on Oil

• Untouched mineral resources

• Reliance on Agriculture and Extractive Industry

• 95% of Total Export Earnings from Oil

Foreign Direct Investment Deficiency

• 29 years of Military Government prohibited FDI

• Unevennes Replaced Professionalism

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