Economy
Nigeria, a developing country (still undeveloped in some regions) is known for its self-sufficiency, for it produces enough food to feed its population. Nevertheless, industry became a big part of Nigeria's economy. Nigeria, which had previously been a net exporter of agricultural products, now imports food from other countries. Along with the industries, the petroleum production increased, and a lot of the national resources were more and more concentrated on the new industries at the expense of agriculture.
NIGERIAN PETROLEUM RESOURCES MINISTER, DIEZANI ALISON-MADUEK
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Oil Production has been a major part of Nigeria's economy since the 1960s. The price of oil on the world market was influenced by Nigeria as a leading member of the Organization of Petroleum Exporting Countries (OPEC). A major economic growth led by the oil-rich economy happened in Nigeria during the 1970s. This growth led to Nigeria becoming the thirtieth richest country in the world.
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Aside from the oil and petroleum industries, there are major agricultural products produced in Nigeria such as cocoa, peanuts, oil,rice, millet, corn, cassava, yams, rubber, cattle, sheep, goats, pigs,timber,and fish. Major commercial industries as well such as coal, tin, textiles, footwear, fertilizer,printing, ceramics and steel contribute to its economy.
The division of labor by gender
In Nigeria's society, labor is divided by gender. Not a lot of women are active in the political and professional arenas. In urban areas, many women are involved in the professional workforce though they are greatly outnumbered by their male counterparts. However, women who are professionally employed rarely reach a higher level of management.
Women play important roles in Nigeria's economy. They are often times expected to earn significant portions of the family income. Their farming and selling of homemade products in the local markets ensures the clothing and feeding of their children.
In Nigeria's society, labor is divided by gender. Not a lot of women are active in the political and professional arenas. In urban areas, many women are involved in the professional workforce though they are greatly outnumbered by their male counterparts. However, women who are professionally employed rarely reach a higher level of management.
Women play important roles in Nigeria's economy. They are often times expected to earn significant portions of the family income. Their farming and selling of homemade products in the local markets ensures the clothing and feeding of their children.
Men have a minimum obligation to provide for their children and wives. The division of labor among men and women also exist in the industries. Men cultivate yams while women cultivate beans and cassava.
Nigeria's Economic Indicators
GRAPH OF UNEMPLOYMENT RATE
Nigeria's GDP Annual Growth Rate- In Nigeria, the annual growth rate in GDP (growth domestic product) measures the change in the value of the goods and services produced by the country's economy throughout a year.It currently has a 522 billion GDP.
Income Gap
Nigeria is considered one of the top countries with inequality between men and women in the world. Not only are women confined to specific occupations, they usually only earn about 63% of men's salary. |
Unemployment Rate- In Nigeria, the unemployment rate measures the number of people constantly looking for a job as a percentage of the labor force. This rate grows every year as the graph indicates.
Balance of Trade- Oil and natural gas are the most exported products of Nigeria. These commodities account for more than 95% of Nigeria's total exports. Nigeria's main export partners are: USA (30% of total in 2009), Equatorial Guinea (8%), Brazil (6.6%), France (6%) and India (6%). Nigeria mainly imports industrial supplies (32% of total), transport parts and equipment (23%), capital goods (24%), foods and beverages (11%) and consumer goods. Nigeria's main import partners are China (17% of total), Albania (11.3%), United States (7.5%), France, and Belgium.
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The Index of Economic Freedom is based on 10 freedoms which are property rights, freedom from corruption, fiscal freedom, government spending, business freedom, labor freedom, monetary freedom, trade freedom, investment freedom and financial freedom.
EFW INDEX of Nigeria -Nigeria’s economic freedom score is 54.3, making its economy
the 129th freest in the 2014 Index. Its score reflects deterioration in six of the 10 economic freedoms which are business freedom, freedom from corruption, monetary freedom, investment freedom, financial freedom and labor freedom. Nigeria is ranked 26th out of 46 countries in the Sub-Saharan Africa region and the overall score is below the world average. However, Nigeria has advanced its economic freedom by 7 points, over the 20-year history of the INDEX. |
EFW INDEX of Great Britain- The United Kingdom’s economic freedom score is 74.9, making its economy the 14th freest in the 2014 Index. Its score shows improvements in government spending, labor freedom, trade freedom and monetary freedom. Business freedom, freedom from corruption and fiscal freedom have worsened. The United Kingdom is ranked fifth out of the forty three countries in the Europe region. Unlike Nigeria, the United kingdom's economic freedom weakened by three points, over the 20-year history of the Index. Furthermore, with government debt over 90 percent of the size of the economy, economic fundamentals remain weak.
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Great Britain's Economy
Due to its good standard of living, free society, and technology awareness, the United Kingdom is classed as a developed country. About 25% of Britain's land is suitable for farming and producing crops. Its agriculture is extremely productive. Only 2% of the labor force is needed to produce 60% percent of the country's food needs such as barley, wheat, rapeseed, potatoes, sugar beets, fruits and vegetables. It also has sizable fishing and dairy industries that produce milk, eggs, and cheese.
Britain has relatively few mineral resources; natural gas and oil dominates the production over construction (gypsum, clay, etc.) and industrial (salt, potash, etc.) minerals. The coal deposits of north-central England, Wales, and Scotland, and the iron ore deposits of the Pennines area played an important role in Britain’s development as the world’s first industrial nation.
Just like Nigeria, Great Britain is self-sufficient in petroleum. It has abundant supplies of coal, oil, and natural gas. Also, other mineral resources such as iron ore, tin, limestone, salt, china clay, oil shale, gypsum and lead are abundant.
Manufactured goods, fuel, chemicals, food and beverages, and tobacco are mostly what Great Britain exports. They import manufactured goods, machinery, fuel, and foodstuff. Great Britain's main trading partners are the United States, Germany, France, and the Netherlands, along with the Commonwealth countries ( There are 53 of them from the regions of Africa, Asia, Caribbean and Americas, Europe and Pacific).
United Kingdom- Economic Indicators
Income Gap -
Despite women's important role in the work force, they still only gain about 80% of what men earn in Great Britain.
Despite women's important role in the work force, they still only gain about 80% of what men earn in Great Britain.
UK GDP ANNUAL GROWTH RATE- The Gross Domestic Product Annual Growth Rate in the United Kingdom averaged 2.46 percent from 1956 until 2014, reaching an all time high of 9.80 percent in the first quarter of 1973 and a record low of -5.80 percent in the first quarter of 2009. From 1993 to 2007 the UK has reported an average annual growth rate of 3.3 percent. However, since the recession in 2008 and 2009 the growth has been sluggish and in the last three years averaged a meager 0.9 percent.
Unemployment Rate- In UK, the unemployment rate measures the number of people actively looking for a job as a percentage of the labor force. As the graph shows, this rate has considerably decreased.
Balance of Trade- Since 1998, the United Kingdom has been running consistent trade deficits in order to increase the demand of the consuming goods, decline in manufacturing, appreciation of the GBP and deterioration in oil and gas production. In 2013, the biggest trade deficits were recorded with Germany, China, and the Netherlands. The biggest trade was with the United States, Ireland and United Arab Emirates.
