|
|
 |
|
NIGERIA Country Profile, The Land and People Area: Population: Capital: Government: Official Language: Main Indigenous Languages: Main Religions: Main Commercial/Industrial Cities: Major Industrial Complexes: Main Ports: Main Airports:
Road Network: Railways: Energy: Currency:
GEOGRAPHY CLIMATE VEGETATION Rainforest There is also the mountain vegetation of the isolated high plateau regions on the far eastern extremes of the country (Jos, Mambilla, Obudu). The savanna, especially Guinea and Sudan, are the major grains, grasses, tubers, vegetable and cotton growing regions. The Tropical evergreen rain forest belt bears timber production and forest development, production of cassava; and plantation growing of fruit trees - citrus, oil palm, cocoa, rubber, among others.
POPULATION & LABOUR FORCE However, the more critical population indices concern
Due to a massive expansion in the education sector in the last two decades, the coloration and quality of the Nigerian work force has changed to include a large corps of highly trained personnel in mechanical, civil, electrical, electronics, chemical and petroleum engineering and biotechnics. There are at present over 30 Federal and State Universities, some of them specialist -Technology and Agriculture. In addition there are at least 20 Federal and State Polytechnics. Over 70,000 graduates in various disciplines from these institutions every year. Disciplines, apart from pure sciences, engineering and technologies, include social sciences, business studies (management, banking and finance), architecture, environment and urban management studies. Also, a sizeable Nigerian population has been and is being trained outside the country, in some of the best colleges in the United States, Canada, United Kingdom, Germany, France, Russia, Japan and China. Every year, about 2,000 of these Nigerians return home to seek employment or accommodation within the economy. For the less skilled and unskilled labour, the country depends on the primary and secondary school systems whose annual enrolments are over 3.5 million and 1.5 million, respectively.
RESOURCES: AGRICULTURAL, MINERAL
AND MARINE Oil and Gas, by value, are the most important minerals. They are exploited and produced in the Niger Delta basin and off-shore on the continental shelf and in the deep-sea of the territorial waters. Nevertheless, there are significant non-oil mineral deposits on land many of which have been identified and evaluated: coal, iron ore, gypsum, kaolin, phosphates, lime -stone, marble, columbine, baryte and gold.
GOVERNMENT Effective participation in governance by all adults is assured through the sharing of powers, revenue and responsibilities between the three tiers of government, i.e. the Federal Government, the State Governments and the various Local and Municipal Councils of the federation. THE ECONOMY Nigeria's economy could be aptly described as most promising. It is a mixed economy and accommodates all corners, individuals, corporate organisations and government agencies, to invest in almost all range of economic activities. Since 1995, the Government has introduced some bold economic measures, which have had a salutary effect on the economy by halting the declining growth in the productive sectors and putting a stop to galloping inflation; they have reduced the debt burden, stabilised the exchange rate of the Naira and corrected the balance of payments disequilibrium. In the 1995 and 1996 budgets, Government put in place some fiscal measures, which addressed the exchange rate regime and the capital flight issue, which hitherto inhibited project planning and execution. The policy of expanded production through guided deregulation paid off in 1996 when the economy recorded a real growth of 3.2% of GDP The rate of inflation declined appreciably from the high seventies to the low twenties. MAIN THRUST OF NIGERIA'S TRADE AND INDUSTRIALISATION POLICY
The Nigerian Enterprises Promotion Acts which hitherto regulated the extent and limits of foreign participation in diverse sectors of the economy were repealed in 1995. The principal laws regulating foreign investments now are, the Nigerian Investment Promotion Commission Decree and the Foreign Exchange (Monitoring and Miscellaneous Provisions) Decree, both enacted in 1995. Given the need to stabilize the banking and finance sectors, and promote confidence in these vital institutions, the Failed Banks (Recovery of Debts) and Financial Malpractices in Banks decrees of 1994 were put in place. The Investment and Securities Decree was also promulgated to update and consolidate capital market laws and regulations into a single code. Under the Privatisation and Commercialisation law of 1988, the government successfully sold its holdings in industrial enterprises and financial institutions, and such divestments were made by way of "Offers for Sale" on the floors of the Exchange, so that ultimate shareholdings in such enterprises could be widespread. However, government retained full control of the public utility service corporations. The 1997 Budget proposed the repeal of all existing laws that inhibit competition in certain sectors of the Nigeria economy. Consequently, with the promulgation of the Public Enterprises Promotion and Commercialisation Decree in 1998, private sector investors (including non-Nigerians) will now be free to participate in and compete with government-owned public utility service corporations in the areas of telecommunications, electricity generation, exploration of petroleum, export refineries, coal and bitumen exploration, hotel and tourism. As a policy objective, the liberalization and deregulation of the exchange control regime is designed to facilitate and enhance trading activities. Items on the import prohibition list have been drastically reduced, with government opting to utilise tariff structures to protect end-user product pricing of local industries and discourage frivolous imports. In 1998, the import prohibition list was reduced to 11 items namely: maize, sorghum, millet, wheat flour, vegetable oils (excluding linseed and castor oils used as industrial raw materials), barytes and bentonites, gypsum, mosquito repellent coils, domestic articles and wares made of plastic materials (excluding babies' feeding bottles), retreaded / used tyres, gaming machines. |
Nigeria's current industrial policy thrust is anchored on a guided
dc-regulation of the economy and Government's dis-engagement from
activities which are private-sector oriented, leaving Government
to play the role of facilitator, concentrating on the provision
of incentives policy and infrastructure that are necessary to enhance
the private sector's role as the engine of growth. The industrial
policy is intended to: