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SS1: ECONOMICS - 2ND TERM

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In Nigeria, 80% of the energy revenue benefits less than 2% of the population. Apart from the petroleum sector, other sectors of the economy are highly ineffective i.e. Agriculture, Manufacturing etc. The Infrastructure is stagnant, power energy supply is inefficient, Human capital is not effective. 

Since the mid-80s there has been a decline in agricultural production and the fall in the world price of cash crops has decreased revenue generation.  In the area of power supply, Nigeria is still behind in power generation and distribution which is a result of misappropriation and malfunction in the power sector. Most industries and residential homes have generator sets for regular power supply.

The Government did make several attempts between 2003 – 2010, at both state and federal levels, to implement several economic reforms. The purpose of the economic reforms program is to raise the standard of living of the people through privatization, accountability, deregulation, stability, transparency, and provision of basic needs as recommended by ILO (International Labor Organisation), in order to provide basic essential needs, create jobs, increase industrial capacity, encourage the development of the country’s infrastructure, and improve agricultural productivity.

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