NIGERIA

Nigeria

Nigeria

Introduction

The Nok people were the first residents in Nigeria in 500 BC. After them Fulani, Hausa and Kanuri moved towards this state. It was under the domination of Kanem from late 11th century to 14th century. In the beginning of 19th century this territory was under regime of Fulani, till Britisher's took the possession in 1851.Officially it became Nigerian state in 1914. On 1st October 1960, Nigerian Federation got full independence. The national government was extremely powerful in taking decision regarding monetary and fiscal policy, international relations and in regard to defense. In 1988, Nigerian's population policy was implemented. This policy was highly effective in restricting the high rate of country's fertility. The federal Republic of Nigeria consists of thirty six states and Abuja (Federal Capital Territory) (D, 2002).

Overview of country's Economy and Geography

Geography

Nigeria is situated in West Africa and shares its land borders with Benin in west, Niger in north, Cameroon and Chad in east. It is almost one-third times bigger than Texas, and one of the most densely inhabited African country. From the south, the Niger River flows into Gulf of Guinea. The southern coast is bordered with mangrove and swamp forests and hardwood forests are inland. It covers the land area of 910,771 square kilometers. According to the consensus held in the year 2010, Nigeria has population of 152,217,341, which revealed 151 density/sq km. Kaduna, Ibadan, Kano and Lagos are some of the largest cities of the country. Beliefs', Faith and values are the most important aspects of life, which are highly dependent on the religion. In early times, Islam was considered the main religion of Nigeria, but recently according to consensus, 50% of Nigerian population is Muslim, 45% Christians and rest of the population follows some other traditional religions and beliefs. Even though Government has provided the full liberty, encourages all religions and respect every belief, but initially the head of state were Muslim in past. Several Ethnic groups are there in Nigeria, some of the most important Ethnic Groups are: Ibo, Yoruba and Hausa Fulani (D, 2002).

Even though an ambiguous situation prevails in Nigeria regarding 2011 elections, this can influence the progress levels. But it is still suppose to enjoy 6.5% economic growth per year. Nevertheless, it is yet to gain a lot more expansions to encounter the objective of being a part of world's top economies by 2020.Although the rate of economic growth has acquired stability. For the development in economy government has financed along with the world wide recovery plans. Because the liability burden is low on government showing that it is financially strong enough to keep on investing for the development in economy. Production of oil seems to be at top level. Some increase in production of oil and gas has been forecasted throughout the period. However, due to the expansion of deep water oil fields, production of oil and gas is expected to increase. For the long term, a return to less vigorous growth is ...