ECONOMIC DEVELOPMENT IN NIGERIA THROUGH THE AGRICULTURAL, MANUFACTURING AND MINING SECTORS: AN ECONOMETRIC APPROACH
By
CHIEKWEIRO
Presented To
Department of Agriculture
ABSTRACT
In the 1960s, Nigeria was on a par, in terms of aspirations to attain a very high level of
economic growth and development, with its fellow-oil producing and exporting countries
such as Malaysia and Indonesia, but has since failed to keep pace with them. Nigeria’s
agricultural, manufacturing and mining and quarrying sectors have played a continuous and
significant role in the development of the country’s economy. The approval of the
millennium development goals (MGDs) by the United Nations General Assembly therefore
raises three pivotal questions for Nigeria. 1) Why is Nigeria still an underdeveloped and lowincome country? 2) What should the country do to make rapid economic and social progress?
and 3) How can it attain a high level of economic development and growth?.
This is the background of this study, which is an empirical investigation into the factors
affecting Nigeria’s bid to achieve sustainable economic growth and development with
particular reference to such sectors as agriculture, manufacturing and mining and quarrying
(solid minerals) over the period of 1970-2005. This involves the analysis of the relevance of
the health care and education sectors and examination of impediments to past economic
development, a development model applicable to Nigeria, the efforts made and the challenges
facing the country in achieving the MDGs, and the role of foreign development partners in
complementing Nigeria’s development efforts.
TABLE OF CONTENTS
ACKNOWLEDGEMENTS- - - - - iv
ABSTRACT - - - - - - .v
LIST OF TABLES - - - - - - - - xiii
LIST OF FIGURES - - - - - - - .xv
LIST OF ABBREVIATIONS AND ACRONYMS - - - - - xvi
CHAPTER ONE: INTRODUCTION- - - - - - - ..1
1. 1 Introduction - - - - - - - - ..1
1. 2 Background to the problem. - - - - - - - .. - - - - - ..3
1. 3 Problem statement - - - - - - ..12
1. 4 Objectives of the study - - - - - - 13
1. 5 Contribution and justification for the study - - - - .15
1. 6 Outline of the study. - - - - - - - 16
CHAPTER TWO: LITERATURE REVIEW OF ECONOMIC DEVELOPMENT:
CONTEMPORAY ISSUES AND THEIR RELEVANCE TO NIGERIA’S
ECONOMY- - - - - - 18
2.1 Introduction - - - - - - .18
2.2 Overview of economic development - - - - - 19
2.2.1 The concept and relevance of economic development - - - - - - ..19
2.2.2 Economic development: the perspective of human development
index (HDI)- - - - - - - .20
2.2.3 Economic development lesson for the developing countries - - - - 22
2.3 Overview of the Nigerian economy - - - - 28
2.3.1 Undiversified economic base of Nigeria - - - - - - 31
2.3.2 Weak manufacturing sector (industry)- - - - - - ..31
2.3.3 The growing incidence of poverty in the Nigerian economy - - - ..32
2.3.4 The impact of external debt burden on Nigerian economy - - .32
2.3.5 Evidence of corruption in the Nigerian economy - - - - - - - 32
2.4 Development prospects of Nigeria - - - - - - 34
2.4.1 Liberalisation of the economy - - - - - - ..34
2.4.2 Restructuring and privatisation programmes in the Nigerian economy - .35
2.4.3 Financial sector liberalisation and policy reforms - - - .36
2.4.4 Attraction of foreign private investment into the agricultural sector - - ..37
2.4.5 Industrialisation policy and incentives for small, medium
and large-scale Enterprises - - - - - - - - - 37
2.4.6 Social and environmental services reforms in Nigerian economy- - - - 38
2.5 Evidence from development models in Asian countries- - .39
2.5 1 The adoption of special economic zones - - - - - - - ..39
2.5.2 Encouragement of private entrepreneurs and institutions - - - - - 40
2.5.3 Adoption of sound macroeconomic policy management - - ..40
2.5.4 Adoption of a labour intensive manufacturing strategy - - - 41
2.5.5 Adoption of strategies to develop human capital - - - - - - 41
2.5.6 Increased productivity and rise in real wages - - - - - 42
2.5.7 Mitigation of corruption in the economies - - - - - ..42
2.6 Overview and lessons from a Malaysian development model - - - - - - ..42
2.7 Development model applicable to Nigeria - - - - - - - ..46
2.7.1 Efficient utilisation of agricultural potentials in the development process- - - - 46
2.7.2 Adoption of attractive manufacturing (industrial) incentives - - - - - ..48
2.
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