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Critical Analysis Of The Performance Of National Economic Empowerment And Development Strategy Needs On The Nigerian Economy
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CHAPTER ONE
INTRODUCTWION
This chapter is talking all about
(NEEDs). National Economics Empowerment and Development Strategy. NEEDS
is Nigerian’s plan for prosperity. It is a way of letting the
international communities know where Nigeria stands in the region and in
the world and how it wishes to be supported.
NEEDS is the people’s plan. It is up to regular Nigerians as well as government to see that it is implemented.
1.1 Background of Study
Nigeria
is a large nation with a population or about 120 million people made up
of three main ethnic groups: Hausa, Yoruba and Ibo, plus many other
minor tribes. Nigeria gained her independence in 1960 and become a
republic in 1963. Since then, the country has been involved in
development policies as a deliberate and calculated method for
mobilizing her resources with the hope of improving the material
well-being of her citizenry. It is worthy of note that since the
attainment of political independence in 1960, five national development
plans (1962-1968, 1970-74, 1974-80, 1981-85 and 1968-2010) where
launched at different period but without resounding success (Saleman
1998:3).
This situation can be attributed to lack of the main
ingredients required for the success not these developmental, efforts,
which included political stability social, Economic, Educational and
Industrial advancement are lacking in the Nigerian context.
Nigeria
has a large deposit of oil, gas and solid Minerals and skilled
workforce. Apart from these, Nigeria has not been able to effectively
control its endowment to develop the economy sufficiently to improve the
welfare of his people. With a computed population growth rate of 2.8%
and a GDP growth rate of about 2.5% per capital income growth was
negative for the greater part of the 1990s. Nigerians urbanization is
one of the highest in the world, leading to loss of strong labour force
for Agriculture. In addition the rate of job creation has been far less
than the rate of growth of the urban labour force. This connected with
an education system that is not attended to the population of the proper
manpower required to support well growth has led to high levels of
unemployment and underemployment. In Nigeria, oil currently is about 75%
of government speedy growth of the industrial sector led to investment
in some projects which turned out to be “white elephantsâ€.
According
to Akpabash, 2004, Nigeria contributes about 30% of Gross Domestic
Profit but employs only about 3% of the available labour force. The two
reasons for this development is not far fetch firstly, the ability to
design such project was lacking. Secondly, the soft loans required
diminish of oil prices in the early century.
These provide the
background for the new started economy improvement agenda, the Nation
Economics Empowerment and Development Strategy (NEEDS). During the
regime of obasanjo’s, it has also taken other the measures such as the
establishment of an independent corrupt practices commission (ICPC) the
Economic and financial crime commission (EFCC) and due to process office
to screen contracts sooner to execution.
CHAPTER ONE -- [Total Page(s) 3]
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ABSRACT - [ Total Page(s): 1 ]This research work, “Critical analysis of the performance of the National Economics Empowerment and Development Strategy (NEEDS) on the Nigeria Economy, (A Case Study of Enugu State)†seeks to look at the major causes of Nigerians Economic Misfortunes and his is greatly attributable to the poor industrial capacity utilization, massive unemployment and underemployment, high late of inflation, high poverty rate, poor wealth distribution, Mono-cultural economy (oil) high rate of corrupt ... Continue reading---
