Law High School

essay on the diversification of the Nigerian economy :the way forward​

Answers

Answer 1

The Nigerian economy has long been heavily reliant on oil as its primary source of revenue. However, recognizing the vulnerabilities of such a mono-product economy, the Nigerian government has embarked on a determined journey to diversify its economic base. This essay explores the multifaceted aspects of Nigeria's economic diversification, highlighting the challenges, opportunities, and the potential for sustainable development.

Historical Background:

Nigeria's economy witnessed a significant transformation following the discovery of oil in commercial quantities in the 1950s. The subsequent boom in oil exports fueled rapid economic growth but also engendered an overdependence on this finite resource. Over time, fluctuations in global oil prices exposed the Nigerian economy to inherent risks, causing volatility, economic downturns, and hindering long-term development.

Challenges Faced:

The diversification of an economy as resource-dependent as Nigeria's is not without challenges. First and foremost, the overreliance on oil has led to neglect of other sectors, resulting in an underdeveloped infrastructure, weak manufacturing base, and limited agricultural productivity. Additionally, corruption, inadequate policies, and an inconsistent business environment have hindered investment and hindered economic diversification efforts. Nonetheless, the Nigerian government has demonstrated a strong commitment to addressing these challenges.

Opportunities for Diversification:

Nigeria is endowed with a wealth of natural resources, including solid minerals, agriculture, renewable energy, and a growing youth population. These resources offer immense opportunities for diversification. The agricultural sector, for instance, possesses the potential to drive sustainable growth, with vast arable land, favorable climatic conditions, and a growing demand for agricultural products. The solid minerals sector, though largely untapped, holds significant promise, with reserves of gold, tin, limestone, and other valuable resources. Furthermore, the government's focus on renewable energy sources, such as solar and wind power, paves the way for sustainable energy production and export potential.

Policy Reforms and Initiatives:

To foster economic diversification, the Nigerian government has implemented various policy reforms and initiatives. The Economic Recovery and Growth Plan (ERGP) launched in 2017 serves as a roadmap for sustainable development. It emphasizes key sectors such as agriculture, manufacturing, solid minerals, and services. The plan includes measures to improve the ease of doing business, attract foreign direct investment, upgrade infrastructure, enhance agricultural productivity, and promote industrialization. Furthermore, the government has created special economic zones and introduced tax incentives to encourage investments in targeted sectors.

Supporting Entrepreneurship and Innovation:

Entrepreneurship and innovation play pivotal roles in diversifying the Nigerian economy. The government, recognizing this, has implemented measures to support startups, small and medium-sized enterprises (SMEs), and innovation hubs. The Central Bank of Nigeria's intervention funds, such as the Anchor Borrowers' Program and the Creative Industry Financing Initiative, provide access to affordable credit for agricultural and creative industry entrepreneurs. Additionally, various initiatives, such as the Presidential Enabling Business Environment Council and the Technology and Innovation Support Centers, aim to create an enabling environment for entrepreneurship and innovation.

Investment in Human Capital:

The diversification of the Nigerian economy also necessitates investment in human capital. The government has prioritized education and skills development to equip the population with the requisite knowledge and expertise. Initiatives such as the N-Power program, the National Skills Qualification Framework, and the establishment of specialized vocational training centers aim to enhance employability and promote a skilled workforce. By investing in education, research and development, and vocational training, Nigeria can cultivate a knowledge-based economy and create a competitive advantage in the global marketplace.

Conclusion:

The diversification of the Nigerian economy is an essential step toward sustainable development, reducing the nation's vulnerability to external shocks and fostering inclusive growth. While challenges remain, such as corruption, policy implementation, and infrastructure deficits, the Nigerian government's commitment to economic diversification is evident through the implementation of comprehensive policies and initiatives. The opportunities for diversification in Nigeria are vast, ranging from agriculture and solid minerals to renewable energy and technological innovation.

Related Questions

Describe avidar’s experience of his psychological contract with his first employer. How does it compare with the psychological contract he seeks with employees at lob?

Answers

Answer:

Avidar's experience of his psychological contract with his first employer was likely characterized by certain expectations and obligations that both he and the employer had towards each other. It involved the unwritten agreement of what Avidar would contribute to the company in terms of skills, effort, and commitment, and what he would receive in return, such as fair compensation, job security, and opportunities for growth.

However, as Avidar transitions to becoming an employer himself at Lob, his expectations for the psychological contract he seeks with employees may have evolved. As a business owner, he may prioritize creating a positive work environment, promoting work-life balance, and fostering a culture of trust and collaboration. He may also emphasize employee development, recognition, and rewards for high performance.

In comparison to his experience as an employee, Avidar's sought-after psychological contract at Lob may be focused on building a mutually beneficial relationship where employees feel valued, supported, and motivated to contribute their best. It may involve transparent communication, meaningful work, and opportunities for advancement, as well as a commitment to work towards the collective success of the organization.

Overall, Avidar's experience with his first employer likely shaped his understanding of the psychological contract, and now as an employer himself, he seeks to create a more fulfilling and mutually beneficial agreement with his employees at Lob.

Explanation:



How can public opinion polls impact elections?

Answers

Public opinion polls can impact elections in several ways:

1. Shaping Voter Perceptions: Poll results can influence how voters perceive candidates and issues. Positive or negative polling numbers can create a bandwagon effect, where voters are more likely to support candidates who are perceived as popular or have a higher chance of winning.

2. Influencing Voter Behavior: Polls can affect voter turnout and decisions. If a candidate is shown to be leading by a significant margin, some voters may feel their vote is unnecessary or that the outcome is already determined. On the other hand, close poll results may motivate voters to participate and support their preferred candidate.

3. Guiding Campaign Strategies: Political campaigns often use public opinion polls to shape their strategies. Poll results can inform campaign messaging, advertising, and targeting of specific voter groups. Candidates may adjust their positions or campaign focus based on the issues that resonate with the majority of voters.

4. Media Coverage: Polls can drive media coverage and shape the narrative around an election. News outlets frequently report on poll results, highlighting trends and potential shifts in public opinion. Media coverage can influence public perceptions, sway undecided voters, and contribute to the overall momentum of a campaign.

5. Fundraising and Support: Polls can impact fundraising efforts and support for candidates. Strong polling numbers can attract donors, endorsements, and grassroots support, while weak poll performances may lead to a decline in financial support and backing from influential individuals or organizations.

6. Candidate Viability: Public opinion polls can influence the perceived viability of a candidate. If a candidate consistently polls poorly, it may discourage potential supporters, donors, and party leaders from investing resources in their campaign. Conversely, strong poll performances can bolster a candidate's credibility and attract support.

7. Debate and Issue Focus: Poll results can influence the topics and issues discussed in candidate debates and campaign platforms. Candidates may prioritize or emphasize issues that are popular among voters, as reflected in the polls. This can shape the public discourse and policy priorities during the election.

It is important to note that while public opinion polls can have an impact on elections, they are not infallible and should be interpreted with caution. Polls are snapshots of public opinion at a specific time and can be influenced by factors such as sample selection, question wording, and response biases.
Polls help voters research information about each of the candidates. Polls tell voters the issues that candidates support. Polls identify the top candidates and the media interview those candidates. Polls explain which candidates should win the election.

The market demand for milk and country X is 18 billion gallons per month but the supply is 10 billion gallons per month. What must happen in order to achieve market equilibrium?

Answers

To eliminate the shortage and reach equilibrium, the supply of milk must increase to meet the demand. Therefore, the correct option is A. "The monthly supply of milk must increase by 8 billion gallons".

Increasing the supply will involve producing and providing more milk to the market. In order to achieve market equilibrium in Country X, where the market demand for milk is 18 billion gallons per month, and the supply is currently 10 billion gallons per month, the monthly supply of milk must increase.

Market equilibrium occurs when the quantity demanded by consumers equals the quantity supplied by producers. In this case, the quantity demanded is 18 billion gallons, but the quantity supplied is only 10 billion gallons. This indicates a shortage in the market.

By increasing the monthly supply by 8 billion gallons, the total supply would then match the demand of 18 billion gallons. This would result in a balanced market, where buyers can purchase the quantity of milk they desire, and producers can sell their entire supply. Therefore, the correct answer is option A.

The Question was Incomplete, Find the full content below :

The market demand for milk in Country X is 18 billion gallons per month, but the supply is 10 billion gallons per month. What must happen in

order to achieve market equilibrium?

ОА The monthly supply of milk must increase by 8 billion gallons.

OB. The monthly supply of milk must decrease by 28 billion gallons.

OC. The monthly supply of milk must decrease by 8 billion gallons.

OD. The monthly supply of milk must increase by 28 billion gallons.

know more about quantity here:

https://brainly.com/question/30563868

#SPJ8

how did the global movement Black Lives Matter begin

Answers

Answer:

Explanation:

It began as a response to the acquittal of Trayvon Martin's killer, George Zimmerman, in 2013. Trayvon Martin was an unarmed African American teenager who was fatally shot by Zimmerman, a neighborhood watch volunteer, in Sanford, Florida.

Following the acquittal, Alicia Garza, Patrisse Cullors, and Opal Tometi, three activists and organizers, came together and created the hashtag #BlackLivesMatter on social media. The hashtag quickly gained traction and became a rallying cry to raise awareness about systemic racism, police brutality, and the devaluation of black lives.

What issues does article 1 of the constitution deal with

Answers

Article 1 of the United States Constitution primarily deals with the legislative branch of the government, outlining the powers, structure, and functioning of Congress. It establishes the framework for the U.S. Congress, which is composed of two chambers: the House of Representatives and the Senate. The key issues addressed in Article 1 include:

1. Section 1: Legislative Powers: This section vests all legislative powers of the federal government in Congress, comprising the House of Representatives and the Senate.

2. Section 2: House of Representatives: This section defines the qualifications and responsibilities of members of the House of Representatives, including the process of election, the apportionment of representatives based on population, and the authority to initiate revenue-related bills.

3. Section 3: The Senate: This section outlines the qualifications and responsibilities of senators, including the process of election and the equal representation of states in the Senate.

4. Section 4: Elections and Meetings: This section grants the states the power to establish the times, places, and manner of congressional elections, while also requiring Congress to meet at least once a year.

5. Section 5: Rules and Procedures: This section grants each chamber of Congress the power to determine its rules, procedures, and discipline for its members.

6. Section 6: Compensation and Privileges: This section establishes the compensation and privileges of members of Congress, including protection from arrest while attending sessions and freedom of speech.

7. Section 7: Legislative Process: This section outlines the process for passing bills into law, including the requirement of bicameral approval and the presidential veto power.

8. Section 8: Powers of Congress: This section enumerates the specific powers of Congress, including the power to collect taxes, regulate commerce, coin money, establish post offices, declare war, and make laws necessary and proper for carrying out its responsibilities.

9. Section 9: Limits on Congress: This section imposes certain limitations on the powers of Congress, such as prohibiting the suspension of the writ of habeas corpus and the enactment of ex post facto laws.

10. Section 10: Limits on States: This section outlines the restrictions placed on the states, including their ability to enter into treaties, coin money, or engage in war without the consent of Congress.

Overall, Article 1 establishes the structure and authority of the legislative branch, defining its powers, responsibilities, and limitations within the framework of the U.S. government.

Answer:

Article I describes the design of the legislative branch of US Government -- the Congress. Important ideas include the separation of powers between branches of government (checks and balances), the election of Senators and Representatives, the process by which laws are made, and the powers that Congress has.

Other Questions
High frequency ringtones, some times called mosquito ring tones, are detectable by teenagers but not adults. Why? They fall below most adults absolute threshold. This is explained by Weber's law. This write down the steps in a heterogenous catalytic reaction moving at a constant speed of 2.05 m/s, the distance between the rails is , and a uniform magnetic field Bis directed into the page. (a) What is the current through the resistor (in A)? (b) If the magnitude of the magnetic field is 3.20 T, what is the length (in m )? 0.74m (c) What is the rate at which energy is delivered to the resistor (in W)? 2.98 (d) What is the mechanical power delivered by the applied constant force (in W)? is in seconds. Calculate the induced emf in the coil at t=5.20 s. Select the correct answer. Which fraction converts to a terminating decimal number? A. 1\6 B. 2\9 C. 3\8 D. 4\7 Determine the transfer function of an RLC series circuit where: R = 1 Q2, L = 10 mH and C = 10 mF. Take as the input the total voltage across the R, the L and the C, and as output the voltage across the C. Write this in the simplified form H(s) = - s+bs+c Calculate the poles of this function. Enter the transfer function using the exponents of the polynomial and the pole command. Check whether the result is the same. Pole positions - calculated: Calculate the damping factor B, the undamped natural frequency coo, the damped frequency and the quantity (the absolute damping) of the circuit. Plot the unit step response and check, roughly, the values of the damped frequency oo, and the quantity (the absolute damping) of the circuit. Calculated values of >the damping factor B: >the damped frequency od: >the undamped natural frequency 00: >the quantity A (the absolute damping): The step response estimated values of >the damped frequency od: >the quantity A (the absolute damping): Calculate the end value of the output voltage and check against the step response. End value - calculated: End value - derived from step response: assignment, you are required to implement the 3-Tier software architecture using Visual C#. You are required to do the following: 1. Create a Windows Forms Application using Visual Studio and C# 2. Create the folder structure (as I showed you in the live session) 3. Create the Data Access Layer files for your project to implement the CRUD operations. Suppose we generate the following linear regression equation and we got the following raw R output:formula = SALARY ~ YEARS_COLLEGE + YEARS_EXPERIENCE - GENDERcoefficients output in R: 14.8 85.5 100.7 32.11- Write the linear regression line equation2- What can you say about the salary comparison between Females and Males? (explain using the linear model results above)NOTE: GENDER = 0 for Male and GENDER = 1 for Female. What is 'self efficacy' and how does it influence us? Question 2 1 pts Dr. Santos is assessing a patient with slurred speech, difficulty walking, and aggressive behavior. Initially when she sees him, she dismisses the behavior by assuming that the patient is just an alcoholic. This illustrates the danger of the: fundamental attribution error. just-world hypothesis. O self-serving bias. false consensus effect. SA student conducts an enzyme experiment revolving around changing the concentration ofsodium chloride, and its effects upon the rate of reaction when applied to the enzyme amylaseand starch in the presence of a pH Buffer of 7. The student obtains a data set based upon thetime taken for the disappearance of starch, associated with a sustained colouration of brownwhen the mixture was added to a spotting tile containing I/KI (iodine in potassium iodide).The student obtains the following results: it took 4 minutes and 32 seconds for the standardsolution of amylase containing 0.5% NaCl to breakdown the starch once the amylase wasadded, 6 minutes and 24 seconds for the standard solution of amylase with 0.4% NaCl, whilstthe 0.3% NaCl and amylase mix took eight minutes and forty seconds to break the starchdown. 0.1% NaCl gave a result of eighteen minutes and 30 seconds, whilst the amylasesolution with 0.2% NaCl took 12 minutes and twenty seconds.The student is informed that as the results reflect the use of the disappearance of substrateand not the production of product, their results must be converted to 1/T (where T=time inconds) for the rate of reaction.a) Help the student by processing the data and producing a suitable table of results.(6 marks)b) From the results produce a suitable graph - in excel (or other suitable package) andinsert the graph here. (You may draw by hand the graph on suitable graph paper andscan and insert as an alternative to the use of excel).(6 marks)c) Give a detailed biological explanation to account for the results obtained.(8 marks)(Total 20 Marks) The Cascade volcanic range in western North America and the Andes volcanic range in the South America have this in common.Both volcanic ranges formed due to hot-spot activitiesBoth volcanic ranges formed as a result of continental-continental plate collisionBoth volcanic ranges formed at the same time however from different tectonic processes.Both volcanic ranges are a result of subduction of an oceanic plate under a continental plate Lessee Company enters into a 6-year finance lease of non-specialized equipment with Lessor Company on January 1. Lessee has agreed to pay $72,800 annually beginning immediately on January 1. The lessor estimates the residual value of the equipment to be $13,000 at lease end, and the lessee guarantees the residual value. The economic life of the asset is 7 years. The lessees incremental borrowing rate is 7% and the lessors implicit rate is not readily determinable by the lessee company.Compute the value of the lease liability for the lessee on January 1, under the following separate scenarios.a. The lessee estimates that the underlying asset will have a fair value of $13,000 at the end of the lease.b. The lessee estimates that the underlying asset will have a fair value of $5,200 at the end of the lease a. A non-current asset, an intangible non-current asset, a class of non-current assets and amortisation of this class of asset. b. The prudence convention applied in valuation of the inventory as required under MFRS 102, Inventories. the following table was given to candace by her teachers day would not find answer to some question help her in completing the table organic layer - O horizon top soil - A horizon sub-soil - B horizon weathered Rock particle - C Horizon Bedrock - R Horizon Relate how graph analytics can be applied within differentbusiness fields (i.e health care). Describe the theory and mechanism of surfactant flooding? What is the rules-relationships continuum? What is thedifference between a rule-oriented litigant and arelationship-oriented one? Elaborate on this. (files "rules") You have been working with a woman for over 3 years on guilt associated with havingaborted a pregnancy. The client experiences crying spells whenever the anniversary of theabortion is approaching. You and the client have a good counselling relationship and youreally like her. However, there are no indications that the grief is being resolved.1. What counselling principles come to mind as you read this case?2. What are the appropriate actions you should take in this situation? Charlie, an old friend and client, who is an everyday Texan with a traditional family, comes to you and asks you for an update on the possible changes of the estate taxes, as currently proposed. His combined wealth, community and separate, is approximately $7 million, which includes at least $3 million in real estate and $2 million in a family business that is a sole proprietorship (Schedule C 1040). Assume the rest to be in stocks and retirement accounts. DO NOT consider gift taxes and their possible changes. You are to prepare a quality client letter to him of (say) no more than two pages explaining the currently proposed changes and their possible impact upon him and his family. He only wants impacts to him as an individual, not as a corporation or other entity. Yes, you may have touched on some of this in answers before, but here you are addressing a paying (and frightened) client. And dont forget, he is a friend as well as a very important client. Clarity matters. And remember that proposals may and likely will change. This letter is to be based on TODAYs understanding. pls help this is so confusing i dont know what to do