The Significant of It in Education
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- Date Submitted: 11/19/2012 03:31 AM
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Development of information technology in Nigeria Economy
Economy
The major economic indicators are summarized in table 3.1. The most significant economic event in the country is arguably the discovery, in 1956, of crude oil in commercial quantity in the area of the Niger delta. Thereafter, exploration and mining operations, carried out initially by international oil companies such as Shell and BP, were intensified, and the first consignment of crude oil was exported in 1958. In 1976, the Nigerian National Petroleum Company (NNPC) was incorporated to engage in exploration, production, and processing activities side by side with the multinationals. Soon, oil became the nation's principal dollar earner, contributing, since the 1970s, to more than 80 per cent of total export revenue (95.1 per cent in 1984).
Table 3.1. Economic indicators
Area: 924,000 km2
Population (mid-1985): 95,198,000
Average annual growth rate of population: 3%
Labour force (1981): 38,240,000
Scientific & technical manpower (1980): 133,750
GDP (1984): US$61.4 billion
Total export earnings (1983): US$11.654 billion of which, Petroleum: US$9.24 billion
However, with the collapse of the international oil market starting about 1982, the economy entered a period of rapid decline. For example, GDP per capita declined in real terms by more than 27 per cent in the five years 19801985, and export earnings fell to less than half in the same period. The nation is overburdened with a huge international debt, interest payments on which account for as much as 50 per cent of the country's total foreign exchange earnings. The national currency, the Naira, has been devalued by more than 90 per cent since 1980, and inflation is running at the rate of more than 50 per cent per annum. (The value of the Naira is subject to considerable fluctuation; in July 1989, its value in relation to the US dollar was $1.00 = N7.22.)
In 1986, the Babangida administration, in a bid to address the ever-worsening...
Economy
The major economic indicators are summarized in table 3.1. The most significant economic event in the country is arguably the discovery, in 1956, of crude oil in commercial quantity in the area of the Niger delta. Thereafter, exploration and mining operations, carried out initially by international oil companies such as Shell and BP, were intensified, and the first consignment of crude oil was exported in 1958. In 1976, the Nigerian National Petroleum Company (NNPC) was incorporated to engage in exploration, production, and processing activities side by side with the multinationals. Soon, oil became the nation's principal dollar earner, contributing, since the 1970s, to more than 80 per cent of total export revenue (95.1 per cent in 1984).
Table 3.1. Economic indicators
Area: 924,000 km2
Population (mid-1985): 95,198,000
Average annual growth rate of population: 3%
Labour force (1981): 38,240,000
Scientific & technical manpower (1980): 133,750
GDP (1984): US$61.4 billion
Total export earnings (1983): US$11.654 billion of which, Petroleum: US$9.24 billion
However, with the collapse of the international oil market starting about 1982, the economy entered a period of rapid decline. For example, GDP per capita declined in real terms by more than 27 per cent in the five years 19801985, and export earnings fell to less than half in the same period. The nation is overburdened with a huge international debt, interest payments on which account for as much as 50 per cent of the country's total foreign exchange earnings. The national currency, the Naira, has been devalued by more than 90 per cent since 1980, and inflation is running at the rate of more than 50 per cent per annum. (The value of the Naira is subject to considerable fluctuation; in July 1989, its value in relation to the US dollar was $1.00 = N7.22.)
In 1986, the Babangida administration, in a bid to address the ever-worsening...